I've seen once or twice on this forum that GS NatRes is pretty brutal, but without any context. Is it really that bad? Culture-wise or just pure work? Are dealflow and/or exit opps okay at the least? I talked with an alum there the other week and they said they really enjoyed the group
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Depends. NY or Houston?
NY
-Dealflow is good, this makes the hours bad, culture is eh
-Exits are top notch within the space, but if you want generalist pe you will probably need to look downstream at MM funds
In general, I would avoid unless you have a true interest in NatRes. If you're just looking for generalist exit ops, you'll find more success in M&A/coverage even at "lower" banks, and you'll have less hours and be able to walk away with higher compensation.
Not OP but when I spoke with juniors and seniors in the group, everyone seemed very genuine and wanted to be a resource to help. What have you heard/experienced about the culture?
In terms of "prestige" how would it be compared to other Natural Resource groups?
Most are great, but you will work with a few bad apples as is the same in most groups across the street. What makes things hard is the pure number of hours you have to stay in the office. When it's 3am and have more work to crank out, you're not thinking about the "culture". As for your second question, I would say Barclays/JPM edge out GS but it really depends on context.
Quick linkedin search shows multiple associates at MFs that were from Goldman NatRes in NYC
Unfortunately there is a lot of incorrect information on this thread.
The group is one of the weaker coverage groups at GS, in terms of deal flow, reputation and culture, though the culture is still better than industrials. That being said, you're still at GS, even the 'bad' groups do deals and the same is the case in terms of exits. Will you get the same placements as TMT / FIG, no probably not. But you'll get good looks from funds both industry specific and generalist, and that would include UMM and MFs as well. I wouldn't underestimate the value of GS IB, irrespective of the group.
As far as the industry, the group at GS similar to JPM covers both natural resources (oil + gas east coast and metals and mining) as well as power. At JPM analysts work on 1 or the other; my understanding at GS is that at a senior level it is specialized but at a junior level you work across both. That being said, in all groups you tend to keep working with teams you work well with, so I would imagine even analysts spend more time on 1 sub-sector vs. others.
I would separate out league tables and "prestige" because they take a long time to match up. In terms of league tables GS is usually top 3 on both the power side as well as the resources side but they don't dominate the sectors by any means. The only group with consistent better exits in the industry is MS's P/U group, GS would be a close 2nd. If you have offers from multiple of these industry groups (not sure how that would be possible given how groups recruit), I would go to GS in a heartbeat over Barclays, JPM, Citi, etc. I know a number of people in all of these groups and the exits are not remotely comparable.
Thank you for the very informative comment! I am interning with the GS Nat Res this summer in NY and wanted to ask what you know about their "reputation and culture"? I am not personally interested in exits
Also, do you think it is a weaker coverage group because of the industry? I'd imagine there is more deal activity and larger deals in sectors like TMT, HC, etc compared to P/U, renewables, or metals/mining
You being in the group will be able to get a much better sense on culture, compared with my information, which is mainly 2nd hand from analysts who have previously spent time in the group. The best 'culture' groups at GS are known to be healthcare/consumer and TMT, industrials is known to be especially tough.
In terms of the relatively weaker exits / reputation, I think it is a combination of 1. GS not dominating this sector the way it does in other sectors and 2. It being a relatively specialized sector. Important to note, it is a relatively weaker group. Still a strong group both exits wise for analysts and in league tables.
Speaking with first hand knowledge - only inaccuracy in this (perhaps due to stale or slightly outdated info) is that NY no longer covers oil and gas at the junior level. That is all Houston now.
Spoke with a few in the group. They actually do some midstream and work with HOU office for guidance. That is not often though and of course HOU will deal with almost all O&G
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How does GS Nat Res compare to GS REGL?
I don't know much about REGL at GS, but those groups in general tend to be more specialized and thus the exits are more industry specific. That comment applies for GS as well as all other banks.
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