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留学参考:What Goldman Sachs Seeks In MBA Hires (PART1)  

2016-11-24 23:52:33|  分类: DIY留学综合信息 |  标签: |举报 |字号 订阅

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留学参考:What Goldman Sachs Seeks In MBA Hires (PART1)

 


BY: JEFF SCHMITT ON JANUARY 31, 2016

 

 

Everyone has an opinion about Goldman Sachs. From baristas to bankers, the company is a Rorschach for how you view the financial industry. Whether you’re a populist or a plutocrat, there’s one thing that everyone can agree upon: Goldman Sachs is the best-of-the-best in banking.

When companies grow large and wield influence, they naturally become targets. They’re consigned to conspiracy lore and caricatured by their industry’s worst excesses. Every mistake is magnified and every outreach greeted with suspicion.  Soon enough, the reputation becomes the reality – to those on the outside, at least. And Goldman Sachs is continuously swimming upstream in this regard. The firm consistently ranks among the most attractive and respected employers by outlets ranging from Fortune to Universum toWorking Mother. Despite this, for example, it is sometimes viewed as a firm that caters exclusively to quants.

FIRM SEEKS STUDENTS WITH DIVERSE BACKGROUNDS WHO CAN MAKE AN EARLY IMPACT

“The reality of it is that we actually have a pretty strong appetite for non-traditional backgrounds,” says Michael Desmarais, a managing director at Goldman Sachs and their firm’s global head of talent acquisition, in an exclusive interview with Poets&Quants. “[That’s] because we really look to all of our recruiting efforts, including those for MBAs, to bring in a diverse set of experiences to the firm. We feel that diversity of thought within the backgrounds that we hire is what helps us best serve our clients. We’re a global firm and we need to think broadly.”

In fact, the so-called “profile” of a Goldman Sachs hire may be altogether different than what most expect. “One of the things that is interesting,” adds Desmarais, “is that a majority of our MBA hires are career switchers, so they’re coming from a different industry altogether.”

In a firm like Goldman Sachs – with 34,000 employees and over $7 billion dollars in quarterly revenue – MBAs might assume that they’d be just another number. In reality, according to Desmarais, the firm offers an entrepreneurial culture where they’re given a voice and expected to make an impact once you join. “Goldman Sachs is a firm that’s focused on meritocracy,” Desmarais explains, “meaning if you’ve shown an aptitude and an interest, you’re provided very early on with development opportunities regardless of your tenure or title.”

HEAVY INVESTMENT FROM MANAGEMENT COUPLED WITH EXPOSURE TO A VARIETY OF INDUSTRIES

And Goldman Sachs regards its new hires as the lifeblood and future of the firm. An interesting statistic Desmarais points to, “is that a majority of our managing directors and partners start at the firm as analysts and associates. So we pride ourselves in our investment in the junior population.” Not only that, you could argue that Goldman Sachs offers similar career prospects as blue chip consulting firms, with the firm’s reputation, rigor, resources, and network offering unbeatable off-ramp opportunities.

“They’re going to develop a skill set that’s really well-rounded,” Desmarais adds. “We operate, obviously, in the financial services industry. But our client base is any industry imaginable. So people will get opportunities for exposure across a broad range of industries.”

And forget the stereotype of banking as all work and no play, a collection of blue shoes who work around-the-clock. Goldman Sachs was the first firm to offer protected Saturdays to junior bankers. Year-after-year, Vault ranks the firm among the top banks for green initiatives and philanthropy, not to mention diversity for minorities, women, the disabled, and the LGBT community. What’s more, the firm has poured heavy resources into benefits like child care and elder care to better free up their employees and help them minimize painful tradeoffs.

“We recognize that over the life cycle of a career,” Desmarais emphasizes, “[that] employees’ needs are going to change. We continue to focus on providing different services that will help integrate personal priorities and professional responsibilities really across every stage of one’s career.”

EXPECTS UPTICK IN HIRING IN 2016

The firm hires most of its MBAs into its Investment Banking Division and Private Wealth Management, but there are opportunities throughout the firm for those with an MBA.  “We use our summer internship program as a feeder for our full time positions, where MBAs come in at the associate level.  This year we’ve seen a slight increase in the number of interns we expect for 2016, and are targeting an increase for full time hires as well.  The majority of our summer interns receive offers for full time jobs,” Desmarais says.

Desmarais himself joined Goldman Sachs in 2002, drawn to the “bright” and “passionate” people that he partnered with when he worked at a different firm. After getting his BA in Accounting from Stonehill College in 1988 he began his career in public accounting at KPMG and earned his CPA.  He subsequently spent nine years in executive search at Vedior Professional Services. Recently, Poets&Quants sat down with Desmarais to learn more about Goldman Sachs’ MBA hiring. How can you get a leg up on other candidates vying for a job at the firm? What are some of the unique benefits that Goldman Sachs offers MBAs? And how can graduates position themselves for success early in their tenure at the firm? Check out our Q&A with Desmarais to learn the answers.

What does Goldman Sachs look for in a resume and background that many candidates might not consider?

One of the things that candidates may assume when they’re applying is that we have a large focus on direct finance experience and qualifications. The reality is that we actually have a pretty strong appetite for non-traditional backgrounds. [That’s] because we really look to all of our recruiting efforts, including those for MBAs, to bring in a diverse set of experiences to the firm. We feel that diversity of thought within the backgrounds that we hire is what helps us best serve our clients. We’re a global firm and we need to think broadly.

As a result, we need to make sure [that] we are attracting a broad set of skills. What is really important to us is that candidates are able to discuss the skills that they have developed either in their previous careers or through their academic studies and how those skills translate into adding value to our organization and our clients.

 

When reviewing resumes, we certainly will look at experiences and career tracks as well as different decisions that people have made. But we’re also going to look to things that show signs of somebody who is self-motivated; someone who shows the ability to think creatively; [and] able to come up with innovative and commercial ideas. We also look for examples of persistence and resiliency. Another thing that is important to us – and maybe this is determined through the resume or later in the interview process – is understanding the level of client skills candidates possess because they will need a level of maturity and sophistication to interact with and solve some pretty difficult problems for our clients. Articulating that skill to the interviewer is important.

And last, but certainly not least, we probe for examples of [candidates] exercising good judgment and very high integrity. 

What kinds of skills does Goldman Sachs anticipate needing in the coming years that you may not possess enough of now (Languages, Technical Skills, etc.)? 

Because of our recruiting approach, we look across a broad continuum of skills. We have been hiring for several years from many different backgrounds and skill sets at the graduate level. That can include consulting or engineering skills. We hire people from the military. We hire computer scientists and we certainly hire our fair share of entrepreneurs. We hire medical doctors and Ph.Ds. We feel that the associate class, as a whole, has to represent the skill sets that contribute to how we do business.  We continue to try to hire reflective of the industries that we serve and the business that we’re in, to ensure that we have that background and subject matter expertise that we can offer to our clients.

In addition, we do a lot of hiring on campus at an undergraduate level, which I know is not the purpose of this interview, but one of the things that’s important [is that] we bring MBAs in at our associate level and our undergrads come in and advance to an associate level. So the skills that are important to us are those that are going to be additive to the existing population of the class that they’re going to join that were hired at the undergraduate level. It’s really just bringing those aggregative skills that are going to complete the picture so we have that available to us. 

What advice would you give to students who have their hearts set on working for you? How can they enhance their job prospects?

We really do interview and select all of our hires one person at a time. One of the things that we really look for in successful candidates [is the ability] to articulate their personal story about why they’re interested in a career here – what they feel that they can learn and what they feel they can contribute to our firm.

We hire, as I described, from a diverse set of skills. But candidates must have more than a passing interest in our industry. We want to understand, what about their personal story and experiences translate to that? And what’s prompted their interest? We look for candidates to have an opinion and be prepared to have a discussion about industry trends or current market events. What that conveys is that they have that intellectual curiosity about our industry and our firm. If they’re familiar with what’s happening in the world around them as it relates to the financial services world, that’s going to convey to us a real genuine and sincere interest in Goldman Sachs.

One other thing that I’d say is important is technical knowledge. We, of course, look for candidates who’ve done their homework about the firm. But we’re really going to look deeper than just how technically proficient they are in addition to understanding how someone’s collective experiences and personal interests are going to be an asset to our business.

Recruiting can be a two-way street. What has Goldman Sachs done to make itself more appealing to MBA candidates? (i.e. new initiatives being rolled out)

I think you’re absolutely right. MBAs have a lot of options. We certainly recognize that. To be an attractive destination to MBAs, we have to offer optionality, balance, and show that any role they’re coming into will [give them] an ability to make an impact in their careers, both on a work level and on a personal level. They want creative and interesting work. And they’re going to want transparency regarding career trajectory.

So there’s been a number of different things and newer areas of focus [here]. But I’d like to start by saying that we really feel that the value proposition that we have to offer is true to our firm and our beliefs. That hasn’t necessarily changed. What has changed is the way we educate and speak to our opportunities. We do provide an entrepreneurial environment. And we ask people to contribute very early on in their career. They have a voice and they can make an impact very early on. They need to be nimble and they need to be adaptable. But our expectation is that they will contribute.

They’re going to develop a skill set that’s really well-rounded. We operate, obviously, in the financial services industry. But our client base is any industry imaginable. So people will get opportunities for exposure across a broad range of industries.

One of the other things that is very important and on people’s minds more recently is [that] this is a pretty demanding career choice and environment. But I don’t know if it differs that much in terms of demands on one’s time than any other option that an MBA is going to have available to them. Some interesting changes that we have made [recently] have really been around work-life integration. Specifically, we recognize that over the life cycle of a career, employees’ needs are going to change. We continue to focus on providing different services that will help integrate personal priorities and professional responsibilities across every stage of one’s career.

One example of that for junior employees at our analyst and associate level [is that] we pioneered an effort to enhance the experience of our junior banker population. This is the concept of the protected weekends, so from 9 p.m. on Friday to 9 a.m. on Sunday, they’re out of the office. More importantly, they know they have that time in advance that they can prepare for and use as personal time.

As people continue along in their career, for those beginning a family, we offer services like on-site childbirth and labor classes. We have an Expecting Parent Coordinator who is available to help with maternity leave transitions and educate employees about our other offerings. For those employees who are returning parents, coming back to work after having a child, we have on-site and near-site backup child care. For those employees who may be responsible for care of an elderly parent or family member, we have a full suite of offerings through our Critical Health Solutions program. It provides services to help employees advocate for their health needs and make informed and timely decisions. These are areas that we’ve really put a lot of attention to more recently

In addition to that, we have a robust training curriculum. And we also offer all of our MBAs mentorship and the opportunity to join a variety of different affinity networks at the firm.

If an MBA was weighing an offer from Goldman Sachs and another firm, what would give you the edge?

Goldman Sachs is a firm that’s focused on meritocracy. Meaning if you’ve shown an aptitude and an interest, you’re provided very early on with development opportunities regardless of your tenure or title. An interesting statistic is that a majority of our managing directors and partners start at the firm as analysts and associates. So we pride ourselves in our investment in the junior population. Culturally, it is viewed by our senior leadership as a really important part of sustaining our culture, the importance of developing our junior population and recognizing that the individuals who come in at the MBA level (and at the undergraduate level) are the future leaders of the firm. That’s something that we think is important and something that’s pretty valuable as you’re beginning your career.

Goldman Sachs also has a long-standing business model that’s been proven successful. I would say this: At Goldman Sachs, the nature of our work really does put us at the intersection of innovation and access to the capital that makes that innovation globally scalable. If that type of work is something that’s exciting and of interest, those are the types of people that do very well here.

 

 

以上内容摘自:

http://poetsandquants.com/2016/01/31/draft-what-goldman-sachs-seeks-in-mba-hires/ 

 

 

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