Inside Goldman Sachs' coveted summer internship for aspiring investment bankers, where there's no such thing as 'busy work.'
"I could leave at 6:00 p.m. for a group-sponsored event, it could be 8 after dinner, it could be later. It always varies, so never a specific time."
"People, when they come here for the summer, they're working on real clients on real projects, and their role on the team is a real role,"said Friedland, who has been at Goldman for about 25 years."We don't make up work for people to do to keep them busy. We don't have somebody sit next to somebody and shadow and observe them." "One, that's how people figure it out. That's how we figure out if they're good at it. But two, we need them.
Added Friedland,"They do a lot of financial analysis. They help make pitch books or client presentations or offering memorandums, if we're selling a company, or IPO documents. They're producing and helping to produce a lot of that." "It's an apprenticeship culture, so they want to teach you. They don't expect you to know everything when you get here," she said."To be successful, you just need to be super willing to engage with that. And you get what you put in. If you put in that enthusiasm, put in that hard work and show that you're really a curious thinker, you will get rewarded and you'll have an amazing experience.
"To have someone who's in your corner and you feel like has your best interest at heart, I think, is really lucky," she said."It's a common thing here toFriedland interned at Goldman in the late 90s while getting his MBA at Columbia. Back then, the internship was 12 weeks long. "When I first started, just gathering information and summarizing and presenting the information for clients was value-add.
"The honest truth is, we've got capacity for everybody," he said."We don't come in and say, okay there's 24 of you, there's room for 15, and draw a hard line. People don't think it's true, but it is true."
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