David Solomon, CEO, Goldman Sachs, speaks at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020.
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Internships at Goldman Sachs offices in the US have started this week, according to the global investment bank.
According to a spokeswoman for the New York-based bank, about 3,700 people have won a coveted spot in the company’s internship program from a record 236,000 applicants. That’s an acceptance rate of 1.57%.
Goldman says it has recruited students from 607 schools around the world, up 100 from last year, as it relies on software like video platform HireVue to cast a wider net.
With an unprecedented confluence of geopolitical events and a possible recession on the horizon, it’s a particularly strained time to break into the workforce. (Successful interns are typically offered two-year analyst positions after graduation.)
On this subject, CEO David Solomon had some advice for his interns.
Here’s a key excerpt from the email he sent out to new interns on Thursday:
Every year when our interns start their summer program I am asked how to make the best use of your time with the company so I would like to give you some additional advice.
- Take the long look. You’re going to have a great summer, but there’s no question that some days will be challenging. There will be bumps in the road. The most important thing is to keep going – and enjoy the ride.
- to be an entrepreneur. Look for ways you can make a contribution, no matter how small. Regularly asking your team how you can get involved is the quickest way to learn more about the law firm and our business.
- Embrace evolution. As individuals and as a company, we know we cannot stand still. But as important as it is to change, it is also important to stay true to what makes you who you are. For Goldman Sachs, this means embodying our core values of customer service, excellence, partnership and integrity as we expand into new cities, establish new businesses and find new and unique ways to serve our clients and customers.
- Remember to listen. This is how I define a successful meeting: The customer speaks and I listen and ask questions. Try to get the most important insights from the conversation. And always end with gratitude for people’s time. Ultimately, your goal is to let that person know that you really heard them.
- Make time for your passions. It’s no secret that I have a hobby alongside work – music requires different mental muscles than I use during the workday. Make time to do things you want to do because they stimulate and excite you. Your passions give you the fuel you need to stay motivated.
You’ll also quickly find that our employees are excited about your insights as you are the future of our company – so get involved as much as you can in the coming weeks and actively share your perspectives with your teams. I’ve always said that the best thing about our company is our people, and that includes the talented group of interns that join us every summer – all of you. Have a great summer.
David