A record number of college students have applied for Goldman Sachs’ upcoming summer internships, according to the firm. This comes despite reports last year of oppressive working conditions and failing employee health, which many speculated would cause the industry to lose its appeal to young workers.
However, this year 236,000 students from around the world, including 79,000 in the Americas, have filed applications for the program, which is known to be a talent pipeline for the financial industry, Goldman told CNBC. Often, interns who can survive the rigorous summer stint will have a choice of two-year analyst positions following graduation. The number of analyst applications for the upcoming class has also increased, by about 27%, according to Goldman data. Analyst positions, in turn, have a history of leading to competitive jobs within private equity, venture capital, hedge funds, and fintech startups.
The Wall Street boom of 2021 led to reports of 100-hour work weeks and declining mental and physical health among bankers, but also to widespread raises and bigger bonuses. These monetary perks seem to have drawn more applicants to Goldman and its fellow investment banks.
Goldman accepts 1.5% of internship applicants, who are typically high-performing students entering their senior year, according to company data. The firm places them in its various divisions, including investment banking, trading, asset management, research, strategy, and wealth management. This summer, the program will begin on-site in early June.
“Bringing our people together is core to our apprenticeship culture and client-centric business, especially as an employer of choice for young people in the beginning stage of their career,” Vicki Tung, Goldman’s Global Head of Talent Acquisition, said in a statement. Goldman CEO David Solomon has long been a proponent of returning to office life so that junior workers can learn closely from those around them.