Goldman Sachs just revealed a fascinating stat about the people they recruit
For many young professionals in finance, Goldman Sachs (GS) is the most-desired place to work on Wall Street.
And as you can imagine, many people apply for jobs there and many are rejected.
"In 2015, we extended offers to 4% of applicants for open positions," wrote CEO Lloyd Blankfein and COO Gary Cohn in the firm's annual letter to shareholders.
What's fascinating, however, is that not all of those 4% will accept Goldman's offer.
"[M]ore than 80% of those offered roles chose to join the firm," Blankfein and Cohn added.
To put it another way, around 20% of applicants who are offered jobs at Goldman Sachs turn Goldman Sachs down. That's pretty stunning, especially to those who desperately want to have Goldman Sachs on their CV.
Obviously, people aren't always applying for jobs at just one place. Many of Goldman's applicants are probably applying for jobs at hedge funds, big tech companies, or other places they deem more desirable than Goldman.
"As we compete for talent not only with other financial firms, but also across other industries, particularly in technology, we strive to remain a place where top talent aspires to work," Blankfein and Cohn said.
interesting take on some of the human capital ideas we went over in class
ReplyDeletePerhaps that 20% could include people that do not want to move to Wall Street to work or maybe another job that they were offered is in a place close to where they live now so they don't have to move.
ReplyDeleteMy intuition, Brad, is that if they applied to work at Goldman Sachs in the first place, since it is relatively well-known that it is nearly impossible to get into, they actually want the job. I really find this scary because if you consider that only 4% of applicants get in you have to come to the realization that we are probably not going to be among those who do get in. With such a low acceptance rate and a globally renowned reputation, they can probably be very selective with the IV schools pool of eligible candidates.
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