Monday, June 6, 2016
Goldman Sachs was flooded by 250,000 job applications from millennials
Goldman Sachs this year received more student and graduate job applications from aspiring bankers than it could ever employ at one time.
The investment bank told theFinancial Times that it received more than 250,000 job applications for 2016 summer positions, a 40% increase from 2012.
The vast majority of the applications were most likely from millennials — those ages 18 to 34 — because of the number of applicants for summer jobs and new analyst positions.
Goldman said 223,849 undergraduates applied for summer jobs and new analyst positions in 2016, up 46% from 2012. Those studying for or completing their MBAs applied for jobs on the next wrung of the ladder as associates, accounting for 30,542 applications, a 15% rise from four years ago.
Goldman did not give the FT application numbers from before the onset of the financial crisis of 2007-2008.
Other Wall Street titans gave some job-application figures in the FT report, though the numbers given were not as detailed as those of Goldman Sachs:
Bank of America Merrill Lynch — Only 3% of applicants for its investment-banking division were offered a job.
Citigroup — Only 2.7% of job applicants for analysts and associate positions in its investment-banking division got a job offer.
Deutsche Bank — Deutsche hired 9% more interns than a year ago after receiving a 14% increase in applications globally for its investment-banking division.
JPMorgan — Only 2% of job applicants for its investment-banking division would be offered a job. It received 40% more graduate applications for this unit than in 2014.
Morgan Stanley — It receives about 8,000 applications for just over 100 positions each year.
It is perhaps unsurprising why so many students have flooded Goldman with job applications. A November survey by Emolument, which collects data on pay, showed that Goldman Sachs was the No. 1 bank students wanted to work for.