NEWSFLASH: Working at Goldman Sachs is hard.
This is according to a recent survey of Goldman Sachs junior analysts. I won’t go through the entire survey, but the following slide basically sums up the findings. Junior analysts work about 100 hours a week and don’t sleep. As you can guess, these working conditions have had a big impact on their social lives, health and well-being.
Are you surprised? I’m not.
This is Goldman Sachs. The premiere shop in one of the toughest industries, investment banking. Despite grueling working conditions, the company has fresh grads clamoring to work there. A two-year analyst stint at Goldman can set up a 22 year old grad for life. It’s a stamp of approval and proof someone has the stamina and intellect to do anything. This is why Goldman Sachs has no shortage of eager applicants.
What do analysts at Goldman Sachs make?
Junior analysts are paid well. According to data from Wall Street Oasis, Goldman pays its first-year investment-banking analysts an average of $123,500 a year, including base salary and bonuses.
A 22 year old kid isn’t going to make that kind of money somewhere else.
Starting at $100k+, if one continues down the path they would easily net $500k annually within a few years.
All of this information is well documented.
If you join the army don’t be shocked when you’re asked to wear a uniform.
Any business student applying to the analyst program at Goldman Sachs (or any i-bank, for that matter) should know what they’re getting into. These aren’t drunks crimped at naval ports to become crewmen on ships. These Goldman analysts voluntarily chose to fill out an application form, interview and sign on the dotted line. They are also smart, connected and educated. They knew.
And guess what? If it sucks so badly, they can quit. This is a free society.
Despite the working conditions of every investment bank being common knowledge within b-school hallways, every once in a while the press gets ahold of news like this:
Well, this isn’t news. The world of investment banking (and many other professions) has always been extremely intense and demanding. 100 hour weeks are the norm – especially when you’re green.
I know I couldn’t handle it and would hate it. I don’t believe in sacrificing my life for money. I’d trade my time for passion, but producing the next corporate spin-off, while interesting, isn’t my idea of pleasure. I’d prefer to limit that kind of shit to 10 hours a day max. Others have a different life plan, and that’s OK.
That’s why I never worked in i-banking. It’s also why I never joined the navy.