4. Goldman Sachs

Undergrad Internships

Internship hiring for 2008 is not complete

Undergrad internships (paid and unpaid)

2008: 1,019 (to date)

2007: 1,098

2006: 911

100% of internships are paid, 0% are unpaid.

2007 interns came from the following classes...

1% Freshman

1% Sophomores

15% Juniors

83% Seniors

...and from the following majors:

34% Business

15% Computer Science

19% Economics

9% Engineering

9% Liberal Arts

2% Math

1% Science

6% Undeclared

5% Media, health, education

There is an official summer internship program

Average summer program: 10 weeks

Minimum: 8 weeks

Maximum: 10 weeks

Average hourly wage: $28.85*

Interns are paid on a lump sum basis.

Average total intern compensation: $11,538

79% of eligible 2007 interns received full-time job offers

83% of interns with offers accepted

Notes: Summer intern compensation varies by division. Average hourly wage and total compensation is based on typical $60,000 per year analyst compensation pro-rated for a 10-week internship.

Applicants & New Hires

Recruited on 121 undergrad campuses in 2007-08.
Made job offers on 110 undergrad campuses.

Applicants for entry-level jobs

2008: 23,499 (to date)

2007: 15,024

2006: 11,431

Entry-level hiring

Entry-level hiring is complete for 2008.

New hires in:

2008: 929 (to date)

2007: 898

2006: 663

Entry-level hires who were undergrad interns

2008: 55% (to date)

2007: 49%

2006: 51%

Most important characteristics for new hires:

2 Leadership Skills

3 Work Experience

1* Academic achievement

Goldman thinks that College GPA is a very important characteristic, but considers overall "academic achievement" more important than just GPA.

2007 entry-level hires came from the following majors:

33% Business

17% Computer Science

18% Economics

4% Engineering

10% Liberal Arts

3% Math

6% Science

6% Undeclared

3 Hotel management, digital media design, marketing, media studies, real estate management, and health management% Other

...and are:

8% African American

7% Hispanic American

32% Asian American

2% Other

49% Total minorities

40% Female

Salary & Benefits

Entry-level hires since Jan. 1, 2008 (to date)

Average base salary:
$60,000 to $64,999

0% earn less than $35,000

0% earn $35,000 to $39,999

0% earn $40,000 to $44,999

0% earn $45,000 to $49,999

0% earn $50,000 to $54,999

18% earn $55,000 to $59,999

82% earn $60,000 to $64,999

0% earn $65,000 to $69,999

0% earn $70,000 to $74,999

0% earn $75,000 and above

Bonuses, Overtime & Perks

0% received signing bonuses

Average signing bonus: NA

99% received performance bonuses in their first year on job

Average performance bonus, 2007: NA

20% of 2007 entry-level hires eligible for overtime

80% of 2007 entry-level hires not eligible for overtime

Reimburse employees for education expenses? Yes

Do employees become eligible immediately? Yes

Maximum annual education reimbursement: NA*

Full grad school sponsorship for jr. level employees? Yes*

Partial grad school sponsorship for jr. level employees? Yes

Time Off

Total paid vacation days

Vacation days during first year: 15

Vacation days after one year: 15

Vacation days after three years: 15

Vacation days after five years: 20

Vacation days after 10 years: 20

Total paid holidays: 9

Paid time off for religious observances and/or floating holidays:

Floating holidays/religious observance days off per year: 3

Paid sick/personal days allowed in first year: 8

Flextime is an option for entry-level employees

Health Benefits

Do entry-level hires have access to health plan? Yes

Employees pay part of the cost? Yes

Does health plan provide dental coverage? Yes

Extra charge for dental coverage? No

Does health plan provide vision coverage? Yes

Extra charge for vision coverage? Yes

Are same sex partners permitted as dependents? Yes

Pension and Profit-sharing

Do entry-level hires have access to 401(k)? Entry-level hires are given access to a 401(K) savings plan

Max. company match as a percentage of salary: 4%

Min. employee set-aside as a percentage of salary to receive max. co. match: 4%

401(k) Details: Company match is capped at $9,200 for 2008 and does not include supplemental contributions that ensure a minimum company contribution of $6,000 for all eligible employees.

Are entry-level hires eligible for company funded pension? No

Are entry-level hires eligible for profit-sharing program? Yes

Other Benefits

Does company match employee charitable gifts? Yes

Does company pay relocation expenses? Yes

Max. annual relocation expenses? $10,000

Employee Discounts on the following:

Car rentals

Gym memberships

Cell phone service

Insurance

Cultural events

Publications

Retail, travel, hotels

Notes: Educational reimbursement is limited to 8 credits per semester and 40 credits per year; there is no dollar limit.

Graduate program costs are not generally covered at 100%, but are covered under the tuition reimbursement plan. A firm-sponsored fellowship that will cover 100% of an Executive MBA for select employees.

Work Environment

Average entry-level work week: 65 hours

Does average vary by business unit, department? Yes

Entry-level hire work locations...

40% in open work stations

60% in cubicles

0% in shared offices

0% in private offices

0% have no company-supplied work space

Typical dress code

Business Casual

Business

Organization sponsors employee volunteer opportunities*

Does organization have fitness facilities on site? Most locations

Notes: Goldman's Community TeamWorks program gives employees one day off each year to volunteer in team-based projects coordinated with local nonprofit organizations.

Training Programs

The organization has a formal orientation program for new hires

Program length: 30 days

Orientation includes the following:

Computer training

Guest speakers

Diversity exercises

Team building activities

Facilities tour

Benefits overview

Products & markets training and business process skills.

$3,880 average spent on training, per new hire, in 2007

There is a formal leadership or management training program that lasts less than a year:

Program Name: GS introductory leadership program

How do new employees enter the program? Recommended/Sponsored*

If not hired directly into program, when are most new hires first considered eligible? Other (explain below)

No specific tenure required

1*-week training program

After completion of program, what percentage of employees receive a raise? NA*

How much is the typical raise: NA

There is not a formal leadership program for entry-level hires that lasts a year or more.

How do new employees enter the program?

If not hired directly into the program, when are most new hires first considered eligible?

Is program rotational?

If so, how many locations or business units does the employee spend time at?

Minimum rotations:

Maximum rotations:

Length of program, in weeks:

Minimum: weeks

Maximum: weeks

After completion, what percentage of employees receive a raise?:

How much is the typical raise:

Does company have formal mentorship program? Yes

100*% of entry-level hires participate

7* days of additional training expected

Notes: Admission to the Introductory Leadership Program varies by division. Most divisions recommend/sponsor while others admit people automatically.

Program length measured in hours,not weeks. Annual participation is 5 hrs.of formal coursework.

No automatic raise is given solely on completion of the program. Compensation is reviewed annually and based on employee performance.

Mentorship participation is for investment banking division, which had the most entry-level hires in 2007. Each new analyst is paired with a managing director career counselor.

Recommended training policy is based on hours, not days. Most divisions require minimum of 10 hrs. of training (goal of 20 hours per year). An average course is 3 hours.

Getting Ahead

Three-year retention rate: 58*%

Five-year retention rate: 38%

How are raises determined?

Performance

When are most entry-level hires eligible for their first raise?

One-year anniversary

How are promotions determined?

Performance

When are entry-level hires eligible for first promotion?

One-year anniversary

Evaluations

Frequency of evaluations

Twice a year

Most important characteristics for entry-level hires:

3 Analytical Skills

1 Learning Ability

2 Teamwork

Min. tenure in years required for job change: 1.5

Transfer rules: Current manager must be made aware of employees interest in new positiion and kept informed of the interview progress and if an offer is made.

Long-Term Prospects

Does position of vice president exist at this organization? No

If not, is there a comparable title? Managing Director

No. of employees who hold VP or similar title: 947

No. of employees with VP or similar title with 20 years plus seniority: 152

Age of youngest employee with VP or similar title: 30*

Seniority of youngest employee with VP or similar title in years: 9

Notes: 3 and 5 year retention rates exclude entry-level hires who are part of 2-3 year analyst programs.

Two employees tie for the youngest vice president; both are 30 years old. One has been with the firm for 9 years and the other has been with the firm for 8 years.