Lately junior bankers at Goldman Sachs have been very vocal about their many issues with their employer, from creating a PowerPoint presentation highlighting the absurdity of their 95-hour workweek to complaining publicly about their distaste for CEO David Solomon’s return-to-office plans.
All this press hasn’t been scaring off the next generation of investment bankers though. In fact, Goldman Sachs internship applications have reached record levels, according to CNBC’s insider source.
Goldman reported receiving 236,000 applicants for its competitive internship program, 79,000 of which were from prospective workers in the Americas. That’s about a 16% increase from last year.
With increased applications, these already competitive internships have the potential to become even more cutthroat. According to CNBC’s source, the acceptance rate of Goldman internships is only 1.5%. Last year, Goldman Sachs accepted 2,900 students to their internship program.
The financial industry has been enjoying a boom lately, as bonuses averaged around $257,500 in 2022, according to New York state comptroller Thomas P. DiNapoli. Prestigious programs like the one offered by Goldman give students and graduates the chance to break into a high-pressure but high-pay field.
These internships are also known for competitive compensation. According to Insider, the lucky ones who land an internship at Goldman can earn up to $85,000 annually, prorated during the 10-week program.
Goldman’s internship program will be 100% in-person this summer. Potential interns don’t seem to mind, though, as eager undergraduates and graduates compete to fill the spot that junior bankers and other employees are threatening to vacate.
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