Goldman Sachs new graduate hourly wage is the same as Starbucks manager? A survey of 2,500 people reveals the actual working conditions of Wall Street companies

It wasn’t until March 2021 that a newly graduated analyst at Goldman Sachs caught the public eye by exposing harsh working conditions at the company. The company’s CEO David Solomon promised to improve the working environment, butApparently, the employees have continued to work 100 hours a week since then.

New analysts at Goldman Sachs work an average of 98 hours a week, according to a new survey of more than 2,500 new graduates in the financial industry by recruiting firm Odyssey Search Partners. It became clear that there is

That’s 18 hours more than the survey’s average of 80 hours per week. in short,The working environment remains the same as it was in 2021 when young employees filed complaints.

Insider has estimated how much young Goldman Sachs talent is getting. That turned out to be $22 an hour, assuming two weeks of vacation and not including bonuses.Young bankers who have achieved brilliant results in the field of M&A and IPO earn almost the same compensation as Starbucks store managers.That’s the calculation.

When Insider emailed the findings to a Goldman Sachs spokesperson, they said, “The data don’t match what we know.” The company declined to share the results of an internal survey of junior bankers’ working hours.

Odyssey conducts this survey every year, and in 2022 it was conducted from September to November of about 2,500 newly graduated analysts working for more than 50 investment banking companies in the United States. The survey asks about things like how much you make, what you like (or dislike) about your job, what employee perks are available, and more.

Of course, the findings are not definitive, as different teams within the same company have vastly different experiences. Nonetheless, it is undoubtedly a valuable resource that gives a glimpse into the life of a 22-year-old young man working on Wall Street.

Below are some of the most interesting slides from the survey obtained by Insider. Why the work environment remains harsh even though M&A and IPOs are not booming? What part of the job do analysts find attractive (or dissatisfied) with? Which company’s employees are satisfied with their compensation? You can catch a glimpse of why.

Surveyed by analysts from various investment banks

graph

Odyssey’s research divides investment banks into three categories (pictured above). The target of this survey is mainly analysts who have completed an internship at a company in the summer of 2021, graduated from university in 2022, and started working as a full-time employee from the summer.

The pie chart above shows where 2,500 new analysts work. About 44% work for “bulge brackets,” 18% work for “top boutiques,” and 38% work for “others” (middle market and smaller boutiques). including).

Goldman has the longest working hours in a bulge bracket

Source: BusinessInsider

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