Working at Goldman Sachs Worse than Foster Care...

The life of an Analyst on Wall Street is one of extreme long hours and drudgery for the lowest position in high finance. It definitely isn't glamourous.
Apparently, millennials working at Goldman Sachs aren't too happy about the expectations for one of the most coveted jobs a college graduate can get. I guess this generation of grads isn't as robust. When I graduated from college 25 years ago, some of the Wall Street banks put number of hours typically worked in the recruiting brochure like it was a badge of honor. It was more like being realistic as to this is what you are signing up for...

Last week, Goldman as trending as a survey among 13 analysts on working conditions in the investment banking division leaked. The analysts were consistently working near 100 hour work weeks. One analyst infamously said they grew up in a foster care and Goldman was worse. Another said their body physically hurt and they are in a dark place mentally.

The analyst were pleading to cap hours at 80 hours a week and to protect their Saturdays as the only day off.

Analyst typically make a base salary of $65k IRRC and year end bonuses are typically another $60-$100k. These positions are for newly minted college graduates. They largely are putting together the pitchbooks and doing financial models for the big M&A deals and IPOs. They normally only stay at the bank two or three years and go off to top business schools or maybe into private equity or other finance jobs that have more sane work life balance after getting the resume boost of having Goldman on their resume. On an hourly basis, they are basically making minimum wage and have no life to speak of....

Anyway, figured I created a post as I was surprised this didn't pop up on the board.

Goldman CEO responds to inhumane workplace survey

The question is how much would you be willing to work for top notch training and a shot at future riches? What is more important to you? A life or money?

a reply to: Edumakated

New grads expect corner offices, premium salaries with no experience.

It's happening in my career field also.

It's why I don't want to hire anyone under 50.

a reply to: DBCowboy

I can't think of a career field where that doesn't happen...

Kids fresh off the college campus want to be making the big bucks, without doing the grunt work that gets them to that point.

It's hardly a new phenomenon.

I'm sure kids joining the Roman legions wanted to be a Centurion straight away, too.

a reply to: Edumakated

My dad graduated high school...well,, he dropped out,,, then got drafted, went to Korea and was involved in a bunch of nasty crap. Saw and did some nasty things...

The moral of the story?

Don’t work for Goldman Sachs..
They didn’t draft you.

Goldman Sachs sounds like working for the USPS.
They want you to dedicate your entire life to it with no time off.
I finally gave them the big F You after the mandatory 7 days a week, 12 hours a day caused by the pandemic.
I have a life to live and it’s not at the post office.

48 Just finished my masters degree in a career field I don't work in yet, but hope to break into it this summer.

While I would prefer not to take a pay cut, the new career field will see a substantially higher top end and not break my body nearly as much as where I work at currently.

If my options are take a pay cut and be making more in 2 years with hard work I will do so rather than sit at a ceiling I cant get through doing a job I have grown to hate and will make it harder on me to be their for my son.

If those knuckle heads at GS hang tough and make a good impression they will be making stupid money later on, if they cant see that then... god help them because the private sector wont.

originally posted by: DBCowboy
a reply to: Edumakated

New grads expect corner offices, premium salaries with no experience.

It's happening in my career field also.

It's why I don't want to hire anyone under 50.

I worked at a university in the UK for a few years and one of the more depressing things (there were many) was the number of students who, on graduating, exclaim "I'm never gonna have to work again" and actually believe it.

I wouldn’t be complaining if someone was offering me 60,000 a year (potentially 120-160,000) for an entry level position.

Then again i would never work for these soulless vultures to begin with.

It has always been this way, and to their credit the higher ups work pretty similar hours. It’s no easy task robbing the world after all.

Less hours would mean less pay. They pay that much because they want the best and it is a tough, demanding line of work.

a reply to: RazorV66

Jeez....sounds like the carpenters union.
Only they drop you right before your benefits kick in.
After months of hanging siding in 15 below temps on a 90ft snorkel lift.
Loved those guys

100 hour weeks is 14.7 hours work every single day, no holidays. 17.3 hours a day If they get Saturday off, ungrateful wretches the lot of em.....but if these people are complaining about having to work 80-100 hours every TWO weeks like regular people do then I dunno they are lazy I guess.

Goldman Sachs gets bailed out all the time on government dole maybe they should try being fiscally responsible for once.

a reply to: Edumakated

originally posted by: Mandroid7
a reply to: RazorV66

Jeez....sounds like the carpenters union.
Only they drop you right before your benefits kick in.
After months of hanging siding in 15 below temps on a 90ft snorkel lift.
Loved those guys

Basically the only way the post office lets you go is if you steal mail or packages or throw mail away.
I’ve seen one clown that got in at least 5 accidents with mail trucks, all his fault and still kept his job.
If you are a good worker, you are #ed....the harder you work, the more work they give you because they have to cover all the work that the slack asses won’t do.
They operate on the archaic seniority system.

Working that kind of hours you would think someone would do the math. That not much to destroy your life for.

a reply to: Edumakated

Well , Working at Goldman Sachs is better than being a Puppet Governor of a High Taxed East Coast State ...


Signed , Da Murph......

While in the service I spent a lot of time overseas in a lot of different places. My deployments were more like luxurious TDY’s. One of the perks of being aircrew in the Air Force. While exploring the world abroad, I discovered just how awful the American workplace is for the American worker. This 40 hour a week, 5 days a week for 52 weeks a year crap is a hot pile of garbage.

I’m a strong advocate for more humane working conditions for Americans. We’ve got one life to live and it shouldn’t be slaving away for a company that will let you go at the turn of a dime to meet their ever changing needs. The mental health of this country is crumbling and our grind it out work ethic is a big reason why. With that said...if you accept a job you have got to know exactly what it entails and what you’re expected to do. And accepting that job whether you like it or not is on you. We are not void of personal responsibility no matter what your workforce demographic.

It gets better as you move up, but not much better....

The reason people do it is the training and opportunity. When I came out of college, I looked at it like a doctor might view residency (which also has stupid long hours). You have two to three years and then you can either move up or write a ticket somewhere else. The training is invaluable. Just suck it up and get your ticket punched.

The typical hierarchy is:

Analyst: New college grads. Stay two or three years. Make $125-$200 after bonuses
Associate: MBA hires. Generally make $300-$450k after bonuses. Hours only slightly better than analysts.
Vice President: Few years experience. Make $500-$1 million or more. Still probably working 60-80 hours a week.
Managing Director: Make $2 to $5 million.
Partner: Usually start at $5 million.

You just have to decide if sacrificing 2 or 3 years of your life is worth the training. Go into knowing you won't have a social life and have realistic expectations. I think some might be going into it thinking they were going to be living a glam life, not realizing it sucks.

originally posted by: Assassin82
While in the service I spent a lot of time overseas in a lot of different places. My deployments were more like luxurious TDY’s. One of the perks of being aircrew in the Air Force. While exploring the world abroad, I discovered just how awful the American workplace is for the American worker. This 40 hour a week, 5 days a week for 52 weeks a year crap is a hot pile of garbage.

I’m a strong advocate for more humane working conditions for Americans. We’ve got one life to live and it shouldn’t be slaving away for a company that will let you go at the turn of a dime to meet their ever changing needs. The mental health of this country is crumbling and our grind it out work ethic is a big reason why. With that said...if you accept a job you have got to know exactly what it entails and what you’re expected to do. And accepting that job whether you like it or not is on you. We are not void of personal responsibility no matter what your workforce demographic.

I do think culturally Americans lost sight of what is important. I think it is a function of our capitalist nature. You hustle hard for an opportunity to move up. Those willing to work the hardest win. Companies can milk this to their advantage but it also what makes America and American companies so successful.

It is a balance. I don't know anyone who is successful who works a 40 hour week. If you want to make good money, you have to grind it out. However, you need that balance. I've done pretty well, by most standards. I could probably be doing better but I don't think I am willing to make the lifestyle sacrifice. The money simply isn't that important to me. Being able to spend more time with family is...

Also they should come work the flight line if they think those hours suck, now imagine working longer hours outside in the heat of summer or during blizzards, and ice storms for a lot less money and benefits.

When I started working in the commercial fishing industry back in the mid 80's, I started, as you might imagine, right at the very bottom.

There were two "choice" spots-the slime line, which is self explanatory, and down in the hold of the fishing boats bringing in the product... Neither were exactly pleasant. Long hours. Sometimes in freezing cold salt water--for those who don't know, the point at which salt water freezes is uncomfortably lower than fresh water (uncirculated it's around 28 to 29 degrees F, circulated, it can be much lower than that). Dirty, slimy fish innards, along with the blood.

It's not a job for the weak willed. Short days were 12-14 hours. Long ones could be 20 to 22 hours--just enough time to go shower, or catch a quick power nap. Days off? What are those??? You get a day off when the season ends. Cod season could run from January to late April/early May. By then, Salmon season is beginning to ramp up. June through late September. Then late Cod season, or Pollock season opens, Late September through early November. In between those, or running concurrently with them, were the various old style fishing derbies. Herring. Halibut. During a derby, you go out and catch as much as your boat can safely, or unsafely in many cases, carry.

Imagine, if you will, the amount of back breaking labor involved with 14-15 million pounds of Cod waiting to be processed, and a dozen or more boats with several hundred thousand pounds of halibut, or herring, waiting to be off loaded and processed... Nightmarish isn't too strong a term. But it's what's involved in bringing fish to your local super market.

So for about a month, month and a half, there's little active processing going on...but machinery has to be repaired, or replaced--new processing equipment for new ventures needs installing. All the product needs to be shipped out to make room for new product. But those are shorter days, sometimes as few as ten hours, or even shockingly, 8 hours.

Time enough to heal up. Catch up on the sleep. Actually get out and about somewhere other than your bunk, and the work place...

I did that for about two years, working my ass off, learning other things so that when opportunity arose to move up, I could.

When I left the industry, I was making considerably more than the workers on the lines. But the stress level remained about the same--though not in nature. I was, instead, dealing with buyers who thought nothing of calling me, or my people, to the phone in the middle of my night...

I still got to work in the ankle deep salt water, and the 0 degree storage freezers, and in the -35, or colder, IQF freezers. But then I could go up to my warm, relatively speaking, office and do several more hours, usually over 8 or nine in addition to the hours spent on the production floor doing paperwork or dealing with those buyers sitting in their offices in Oslo, or Tokyo, London, where ever.

Oddly enough, I wouldn't trade those days for anything. I learned what a days work really is. Even now, some twenty years after I left the industry...an 8 hour day seems short to me.

I know what those sorts of hours can do to a person, but it's part and partial to learning the trade from the bottom up. You start at the bottom, and learn and work your way up.

While I understand it, my sympathy is somewhat limited. You want to work in that business...that's part of it.

a reply to: Edumakated

Investment banks aren't known for their empathy for others or their generosity.. they're known for the exact opposite and that's what these analysts signed up for (shrugs)

When I started my career over a decade ago, I consistently worked 100-hour weeks as an entry-level project manager at a non-profit to make let's say just under $45K per year ($50K if you include benefits). It was unsustainable even though I believed in the cause, but I knew what I signed up for and eventually went to a startup with better hours & pay.

My point is, I'm not at all shocked investment banks treat analysts like that but at the same time the analysts could always work for less slimy employers and sacrifice some of their salary if Goldman Sachs' work demands are unrealistic

a reply to: Edumakated

Nobody at the end of life wished they worked more hours.. quite the opposite.
We Americans equate insane hours and decent pay to a good life. We have our priorities wrong.

Having grown up mostly in Europe I understand what living a life truly means, and it ain’t working more!
Eat slower, spend more time with family, get outside, buy the flowers, walk your dog.

I am by no means saying be lazy, but a 40 hr work week should NOT be considered lazy.