Goldman Sachs is one of the most prestigious names on Wall Street. Each year, over 300,000 candidates apply for internships and full-time roles. With an acceptance rate below 1% for its internships, and an even smaller fraction making it to full-time roles we’ve done the research to break down what it takes to land a role at Goldman.
This week, we explore the path to securing a job at Goldman Sachs and how CEO David Solomon defied rejection to rise to the top:
💼 The odds of joining Goldman Sachs
🏦 Why Goldman is so prestigious
🎓 How David Solomon became CEO after rejection
— Investor Briefcase Team
Breaking into Goldman Sachs is notoriously difficult. Last year the firm received 315,000 applications for internships accepting just 0.8%, with full-time positions being equally competitive. With such high competition for a single role, why do so many chase the opportunity of working at Goldman?
Beyond the prestige of its name, first-year analysts earn a base salary of $110,000. After two to three years the likely promotion is an associate role, with compensation that starts at $150,000 with performance bonuses adding another 6-figures. Attractive salaries combined with exit opportunities to private equity, hedge funds, or executive roles make Goldman a hot commodity to work for.
“This year, we have about 2,700 undergraduates who are starting their careers here. We only accept the most talented candidates.”
Despite the rewards, the workload is intense. Analysts often work 80 to 100 hours a week, tackling high-pressure projects under tight deadlines. Progression beyond associate is equally as challenging as getting the role. Fewer than 0.5% of Goldman’s 46,000 employees reach partner.
In 2024, only 95 employees were promoted to partner, joining Wall Street’s most exclusive group of finance professionals. Now that you know what you are getting yourself into, let’s discuss what it really takes to get hired by Goldman.
Goldman Sachs hires from both target and non-target schools, but the odds are significantly higher for candidates from target universities. Around 70% of hires come from top universities, which are Ivy League schools and other elite programs. Non-target applicants make up about 30% but often face greater challenges in standing out.
The hiring process typically lasts six to eight weeks and includes multiple interviews. These assess technical skills, market knowledge, problem-solving ability, and communication. Being an expert on the technical questions is a must and involves knowing how to structure valuations and create financial models such as a discounted cash flow and leveraged buyout model. If you are curious about the questions asked here is a resource, that covers this in more detail: Goldman Sachs Interview Guide
“Goldman hires people who are technically strong and can handle pressure, but they also need to fit into our high-performance culture”
For those who pass the first set of interviews, the internship is a critical entry point. A standout performance during Goldman’s summer analyst program will likely lead to a full-time offer, bypassing some of the intense competition for direct hires.
To succeed, candidates need to bring more than academic credentials. Goldman looks for individuals with technical expertise and the ability to perform under pressure with intense work hours.
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Like many of the applicants David Solomon’s journey to becoming CEO of Goldman Sachs began with rejection. After graduating from Hamilton College, he applied to the firm for an analyst role and was rejected. Instead of giving up, Solomon started his career at Irving Trust before moving to Drexel Burnham and Bear Stearns.
“Rejection isn’t failure. It’s an opportunity to adapt and keep moving forward”
Eventually his reputation in leveraged finance and client relationships caught the attention of Goldman Sachs, leading to his recruitment as a partner in 1999 which was 14 years after his initial rejection.
In 2006, Solomon became Co-Head of the Investment Banking Division, a role he held for a decade and which proved his reputation as a key individual within the firm. His ascent continued as he was named President and Co-Chief Operating Officer in 2017, eventually leading to his appointment as CEO in 2018.
While it involved a high-stakes game of making the right career moves and working intensely to build his reputation the story of his rejection to becoming CEO shows that even setbacks can become stepping stones to success.
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