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留学参考:What Goldman Sachs Seeks In MBA Hires (PART2)  

2016-11-24 23:56:07|  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 (PART2)

 


BY: JEFF SCHMITT ON JANUARY 31, 2016

 

 

Could you give us an overview of your MBA recruiting and interview process? What are the steps that students should expect? How can they make a good impression and stay on your radar? 

The September timeframe, in general, is when our recruiting process starts for MBAs. One of the strategies we developed about two years ago is an on-campus team that we have dedicated to these universities called our University Relations Team. This team consists of Goldman Sachs professionals who develop relationships with students, faculty, and administration. And they really serve as the conduit to MBA students and all of the Goldman Sachs opportunities and the people who work [here]. Our University Relations team is on campus for the majority of the year, not just recruiting season.

University Relations recruiters become familiar with the MBA student population. They work with the students in order to narrow down their main area of interests, whether it’s geographic location, a specific business they’re interested in, etc. Then, they connect MBA students based on that information with the right people within our various divisions. This may be specific recruiters for a division as well as professionals who work in a division to understand more about the business that they’ve expressed interest in.

It is important for MBAs is to make sure that they are having those conversations. The more that they can learn about the people who work at Goldman Sachs, the easier they’ll find it is to make their decisions about the direction that they want to pursue.

We recognize that this process is as much about us evaluating their skills as candidates evaluating the prospect of a career at Goldman. So we really strive to be as transparent and accessible as possible about not only the available opportunities, but also the prospects of career growth and development.

Our first touch point for MBAs may even occur before their first semester. We partner with organizations such as Forte, Toigo and others. We attend their conferences before the school year kicks off and offer programming in the spring timeframe for accepted MBA students to learn about Goldman Sachs. So even before they matriculate to their MBA programs, they’ve had an opportunity to learn about us.

After visiting campuses in the fall and with the contact that they can have with our University Relations team, we will host firm-wide information sessions, divisional specific information sessions, and networking events on campus. We really take the opportunity to explore and talk to students who are on campus. The purpose of this is to get people to know what our firm is all about and we think it is a really valuable opportunity to get students to interact with the people of Goldman Sachs.

Moving on to the winter timeframe, we’ll go into our first round interviews. Our first round interview process helps measure aptitude and potential and interest in the firm overall. Our second rounds typically consist of three 30-minute interviews at our offices and that would be to really help us align the skills and interests that we’ve identified with opportunities we have within our business.

Overall, students who make the best impression are those who are going to take the time to meet with our Goldman professionals who are on campus and tell us about their interests in having career with us. We really value getting to know recruits and learning how they can contribute to our culture and our firm.

What types of onboarding, training and ongoing support do you provide to incoming MBAs?

Goldman Sachs University, which we refer to as GSU, is our internal training and development function. They offer courses at every stage of your career. MBA recruitment and development are areas that get a substantial amount of focus and investment from our senior leadership. As such, all new hires get a lot of focus from an onboarding standpoint. Onboarding starts with orientation. That focuses on our culture, [along with] the benefits and responsibilities of being part of Goldman Sachs.

We have culture based programing such as GS Symposium. Along with our firm-wide associate orientation these are some examples of formal training programs. That’s where everybody starts. From there, MBAs will go through divisional-specific training programs that are designed to develop technical understanding around products and markets. And this is also an important component of onboarding.

As they build their career at Goldman Sachs, they’ll benefit from a variety of continuing education programs that are offered by GSU. These programs can focus on a number of different areas. Just to name a few: Leadership, diversity and inclusion, and other relevant professional skill programs. Overall, our professional development curriculum is designed to build a well-rounded financial knowledge base over time.

Every industry comes with its stereotypes. For example, in the wake of the 2008 financial crisis, financials have been portrayed by the media and political class in a less than favorable light. When it comes to Goldman Sachs – and your industry as a whole – what are some of the biggest misconceptions that students may have?

We realize that during the financial crisis that because we don’t have a large retail presence, many people didn’t understand the business of Goldman Sachs. And we hadn’t done a good enough job of informing them on what we do and the role that we play in the economy. By helping our clients achieve their goals, an example would be helping a large company think about whether to acquire or divest a business. Our market-making ability helps our institutional clients transact or providing investment management services. All of those activities enable growth of assets, businesses, and economies. I think what we’ve done a lot differently now is that we’ve spelled all of that out in our digital content and through our on campus programming. And if you look at our website today, there are many real life examples of activities that we are engaged in that touch the lives of individuals by virtue of what we’re doing on the institutional side.

Some of the misconceptions that I think exist though – and I’m still fascinated by this because we do try to make an effort to explain this – is that everyone we hire has to come from a financial background. In the areas where we bring MBAs into the firm, we certainly have our fair share of professionals with finance backgrounds. However, many who come in through the MBA programs come from other industries…One of the things that is interesting is that a majority of our MBA hires are career switchers, so they’re coming from a different industry altogether.

The second thing I would say is a misconception is that, whether [the perception stems from] the industry or the firm itself, it is very cutthroat. I can only speak for Goldman Sachs because that’s where I work, but at Goldman Sachs there is a lot of support, especially for our junior professionals. We have a collaborative, team-oriented culture. And, as I mentioned, it’s a flat organization.

 

The final thing I’d say is that the work that we do is not contained to any one particular segment of an industry. The work that you do here does have a global impact. It can impact the economy on a global basis. We’re not contained or restricted to one industry just because we happen to be in the financial services industry. For example, we worked with a company called Mobileye which discovered a way to bring artificial intelligence to automotive safety. Goldman Sachs saw the potential early on, helping them raise capital through a strategic investment and later, the largest IPO for an Israeli Company in the U.S.

[One more thing]: There are a lot of technical aspects of our industry. Because it’s technical doesn’t mean it’s opaque…but it’s not an industry that is intuitive to most people. What some don’t understand is that the work done here impacts their lives in a lot of different ways they don’t attribute to our industry.  For example, when DC Water needed to finance its Clean Rivers Project, Goldman Sachs helped structure a first-of-its-kind financing solution. The DC Clean Rivers Project will help restore and protect the ecosystems and biodiversity in and around the waterways of Washington D.C. To help finance the project, DC Water worked with Goldman Sachs to identify a truly innovative solution—the Century “Green” Bond—which raised $350 million. DC Water became the first municipal water utility to issue a bond that would mature in 100 years, and the first company to issue a Green Bond with an independent opinion in the U.S. market, which was particularly appealing to sustainably-oriented investors.

What are your expectations for entry level MBAs? What are your most successful new hires doing to hit the ground running and quickly add value? 

I think the people who integrate most successfully are those who have had proven experience in working collaboratively in a team environment. They are self-starters and they are passionate about what they’re doing. They should have a desire to innovate and the ability to thrive in a fast-paced and a continuously-changing environment. They have to possess that agility and nimbleness. Our culture is, I believe, one of the things that really differentiate us. The expectation of all new joiners is that they are going to contribute right away. By contribute, we mean thought leadership as well as putting in the hard work.

Those who are successful are the ones who possess those attributes. Because they have the opportunity to have a voice early on in their career – and if they’re thoughtful about how they use that – they’re going to be very successful.

Banking, fair or not, has a reputation for being a deeply competitive, around-the-clock enterprise. At the same time, the Millennial generation has been increasingly drawn to work where they feel that they can make an impact, do good, and find balance in their lives. If you were recruiting a highly talented MBA who prioritizes making a difference and helping others, how would you show them that working for Goldman Sachs enables them to do exactly that?

I’m glad that you’re asking that question because personally this is one of the things I’m most proud of as having been a Goldman employee for the last 14 years. Goldman Sachs is deeply involved in the communities in which we work and the values of community involvement and philanthropy are knitted into the fabric of our culture.

An example would be annually, we run a program called Community Teamworks and this will be entering its 20th year, so it’s not something that we just started doing. Our Community Teamworks program is a day of community service that every Goldman employee takes as a paid day off to go give back to our communities. As a global company, as you can imagine, we have a pretty broad reach with the ability to do that and participation in this program is close to 100%. That’s a program we’re really proud of.

In addition to that, we have some other programs like 10,000 Small Businesses, which gives business education and access to capital to small business owners in the United States.  We’ve had 5,700 small business owners who’ve graduated from that program who are learning how they can grow their businesses and create jobs, which stimulates the economy.  Many Goldman Sachs professionals volunteer their time and skills to help mentor these entrepreneurs. Similarly our employees volunteer with our global 10,000 Women program.

In addition to the programs that have been designed to give back to the community, the work that an MBA hire does on a day-to-day basis contributes to the growth of the overall economy. For example, the firm’s total capital investment of over $300 million dollars provided financing for developers in the New Orleans area to help rebuild after Hurricane Katrina. An MBA might help structure a deal there to build affordable housing or retail to provide fresh food to the city. Another example of a client project that we certainly had recent MBA hires work on was the financing of Levi Stadium in Santa Clara. That helped further economic development in that area, first off by creating construction jobs and providing employment opportunities for the foreseeable future.

Those are some of the large scale projects, real work, that again may not be intuitive to think, ‘Oh, Goldman Sachs was involved in that.’ But those are things that not only improve and make an impact today, but continue to pay dividends for years to come. As an MBA hire, you have a chance to be part of that positive forward progress.

At business schools like Harvard and Columbia, the appeal of investment banking has been declining. Some attribute this to the increasing allure of Silicon Valley (along with areas like entrepreneurship, technology, and sustainable enterprise). Do you see financial recruiting of MBA graduates ever bouncing back to pre-2009 levels?

We have seen a steady increase over the past several years of interest within our industry. You mentioned earlier that there are competitive pressures from a number of competitors outside of directly financial services. Post financial crisis, I think it took a period of time for us to make sure that the narrative around careers at Goldman Sachs was a narrative that was accurate, but we have seen an uptick in applications post financial crisis.

The number of candidates who have applied has continued to increase. And we certainly have far more qualified candidates than we can actually accommodate with full-time roles or internships. We’re looking to make sure that this interest continues on the upside and continues to increase.

What excites you personally about working for Goldman Sachs? 

What excites me about working here is the people that I work with. And it was actually the principal driving reason to get me to come here. I had worked with Goldman Sachs externally before I joined the firm. Coming in here, one of the things that really attracted me was that I’d get to work with very bright people who were driven, motivated, and very passionate about what they do.

Part of what makes that special is the fact that so many people here have a passion for what they do for work, for the collective benefit of Goldman Sachs and for our clients as opposed to being focused on the individual benefits. Being in an environment like that, for me, has been the opportunity to continue to become better at my profession, to continue to learn and to improve. When your teammates are performing at a high level, it inspires you to do the same thing.

That is what initially attracted me to come here. 14 years later, I honestly don’t think that I’ve ever been disappointed from that initial driving force. The only thing that has probably changed after 14 years is when I first started here, I was learning every single day from those senior to me. As I’ve grown my career within the firm, now I learn a lot more from those junior to me.

Still, it’s the opportunity to work with really bright, driven people who share a common goal.

Any thing else that you’d like to add for our readers?

Something that I think is important to highlight: We have a number of strategies to help identify top MBA talent, but we also have a number of strategies to identify MBA talent from under-represented candidate populations. This strategy includes a number of different events and conferences that we host either at our office or in partnership with external organizations or scholarships we offer to top students from underrepresented backgrounds.

One event that would be an example of that would be our MBA Camp. This is for underrepresented students. It’s a one day program that we hold in the spring (pre-MBA) and it really helps us explain the opportunities that exist at the firm. The students meet with senior leaders, [who] discuss their career paths at the firm. And students also have an opportunity to network with Goldman Sachs professionals.

Another program that we have is the MBA Women’s Summit. This is for first-year female MBA students and they are invited here for a two day conference at our headquarters at 200 West Street. The event begins with dinner for students and Goldman Sachs professionals. The next day, we have senior leaders speak on a variety of firm initiatives. We try to educate people on the firm that way. From there, the attendees break out into sessions that are focused on things like interview preparation for businesses that they’ve identified interest in. We try to give them the right direction on things to focus on.

We hold a Veterans Career Summit that’s similar to the other two programs I just spoke to. They’re open to first year MBAs who are returning veterans and have military experience. Finally, we have our Pride Summit, which is also similar to those other programs in terms of the networking and the informational aspect of the program. It focuses on first-year MBA students who identify themselves as LGBT.

Last point I’d note that we do offer an MBA Fellowship, which is a scholarship that’s offered to underrepresented students and female students who’ve accepted a summer associate offer with the firm. We’ve really tried to move the needle on attracting underrepresented groups to our industry.

 

 

以上内容摘自:

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

 

 

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