Say what you like about Goldman Sachs, but it has two definite things going for it – people still want to work there and those who make it through the hallowed doors tend to like it once they’re in and stick around (average tenure for senior employees is nine years). Last year, it had 97,600 applications for analyst and associate level positions and only offered positions to 3% of them.43,000 graduates competed for just 1,900 analyst positions.
Why is this? Some would point to brainwashing that breeds loyalty to the ‘firm’ over everything else, others would mention the big pay packets, collegiate working environment and copious array of perks like tai-chi club, Crack Pie in its extensive in-house cafeteria in New York and the now-famous charity scavenger hunt.
A new piece of research titled, ominously, Problematizing Goldman Sachs: indoctrination, paradigm shift and revolving doors, by Yoann Bazin at ISTEC in Paris, looks at the ‘intense socialisation’ encountered by every new employee by scrutinising the ‘insider’ accounts of former employees (including Greg Smith’s book released in 2012, which Goldman has worked hard to discredit). The ultimate aim of the research is to suggest that former Goldman Sachs employees have potentially too close ties to financial regulators (since so many go on to work for them).
However, it also provides a handy guide into what it takes to carve a successful career at the bank. This isn’t groundbreaking or new to those in the know, but it’s interesting to collate the most salient points, together with some others that we’ve gained from other sources, in one place.
1. You must adopt a uniform
Expensive suits should not be flashy. At all times where quality attire, but this should be “dark suits, white shirt, neutral ties and short hair”. Presumably this is the male uniform.
2. Fitness first
Flabbiness is a sign of weakness, perhaps. “Goldman Sachs employees are expected to be in shape and practice sports with colleagues,” says the research.
3. Everything is career-related
Invited on a stag weekend in Las Vegas with colleagues? Lucky you, this means you have been accepted into the fabric of the firm, but there are still “stakes at play” that could affect your career during a seemingly innocent social occasion. Similarly, a casual inter-office ping pong game is an opportunity for career advancement, says the research. Once you’re up to speed on Goldman’s cultural values you must “spontaneously know how to behave inside and outside the firm.”
4. It’s all about the team
Most investment banks will espouse the need for team work, particularly to their junior recruits, but this is particularly the case at Goldman where it is “central to the induction process”. In the 62 pages of information and anecdotes submitted to Forbes magazine’s Great Places to Work rankings by Goldman employees this year, the word “team” was used 188 times…
5. But it’s still survival of the fittest
Goldman’s ‘360 degree’ annual appraisal process, often an opportunity to big oneself up, allows the bank to divide its employees into quartiles by performance, with the bottom 10% usually fired before Christmas. Sharpen your elbows.
6. Having an advocate will ensure this is unlikely to happen, though
New employees are “actively encouraged to follow mentors and culture carriers”. In other words, an advocate in the company is essential.
7. Rising stars are rock stars
Goldman values a “cult of performance” whereby rising stars within the firm are idolised and praised for their “excellent relationships with clients, accurate analysis and strength of conviction”.
8. But don’t shout about it
Despite the aforementioned tendency to brag in appraisal scenarios, generally egocentrism and bravado are viewed as “major flaws” at Goldman. Instead, you must present yourself as “austere and efficient”.
9. The job is the centre of your new universe
This is not down to the pressure and the long hours expected of Goldman employees, but instead because your “network now revolves around the job”. Friends and family “cannot understand why and what you’re experiencing”.
10. The intense competition is ultimately rewarding
Goldman Sachs bankers are the most satisfied of any investment banking employees, according to a 2013 study by UBS analysts on corporate culture. Goldman employs competitive high-achievers and encourages them to do what comes naturally, thereby creating a “virtuous cycle, both reinforcing employees’ competitive spirits and endorsing a positive perception of the firm”.
Related articles:
Why individual managers are still driving women out of investment banking
Invaluable advice for bankers in their 30s, from bankers in their 40s
The ideal background for working at Goldman Sachs
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