Is it true that investment bankers from Goldman Sachs make over $20 million dollars in bonuses alone? How?

Question

Do you think it is fair that investment bankers who work for Goldman Sachs are making millions of dollars this year in bonuses alone? (Some workers will make $20 million dollars alone this year)

Now that you know how much money investment bankers from Goldman Sachs will make this year, why do people think that the way to financial success is by becoming a doctor only?

Why do hard working surgeons make only $300,000 a year but investment bankers from Goldman Sachs make ten times that much in bonuses? (Yes, I sound pretty desperate but I need to know this too)

Do you know anyone who is an investment banker from Goldman Sachs or in any other company that makes $20 million+ in bonus money this year alone?

Can you tell me what college level courses I need to take to become an investment banker and maybe go work at Goldman Sachs?

How many years does it take to become an investment banker?

Again, please list all courses.

Final question: How do you get hired to work at Goldman Sachs?

Answer 1

There is no magic list of courses that will guarantee you the knowledge to get hired by Goldman Sachs. It doesn't work that way. I spent 16 years at top firms like Goldman and made a ton of money. You sound young, and sincere, so let me explain how this works:

1. Work like crazy to get into a great university. Not community college, and not a state school. You need an ivy league school, or Northwestern, Stanford, Rice, Berkeley, etc. I mean a REALLY top tier school. This is because thousands of supersmart, aggressive, very hardworking young folks from around the world are constantly banging on the doors of firms like Goldman Sachs trying to get jobs. If your education doesn't compare favorably, you won't be considered. If you are not already enrolled at Harvard, don't worry, you can overcome that -- just read the remaining things on this list and be sure that you blow them away.

2. Get very, very serious about your schoolwork. Firms like Goldman can afford to be very picky, and they hire only the best and brightest. Your transcript better prove you are one of them, or you won't even get an interview. You don't have to be Einstein -- you can get top grades by simply working your butt off.

3. Become a well rounded person. Good grades from a top school aren't enough. Keep current on world events. Understand the economy. Play sports. Play in a band. Act in a play. Learn about wine. Be involved in a variety of activities beyond academics. When you get that interview with Goldman, they're going to want to see that you are a fascinating, engaging person. Someone who has interesting stories to tell. Someone who has something to teach them. Someone they want to hang out with. The boss wants to know that if he takes you to lunch with a wealthy client, you'll be able to participate in the conversation and speak intelligently on a wide variety of topics.

4. Understand how business works. Subscribe to the Wall Street Journal and read at least the front page every day. Understand how companies market, sell, and produce goods. Understand finance and accounting. Understand how companies buy raw materials, find employees, borrow money, go public, manage their cash, etc. If you want to work for an investment banking firm like Goldman, you must understand exactly what those companies do for their clients. An MBA will really help you here.

5. Find a mentor. Somewhere in your extended network, there is someone who has been successful in business. It might be a family member, a professor, a former employer. Maybe they even worked in one of the big firms like Goldman. Call them. Ask them for advice. Tell them what you are trying to achieve and ask for their guidance. If they are well-connected, they might even provide you the most valuable help of all: an introduction to someone at a big firm. This is the absolute best way to get your foot in the door.

If you don't get a job at Goldman, RELAX! Each of the steps above will lead you to money, even if it's not at Goldman. For example, if you work hard and get into a top school, many of your fellow students will have rich parents, CEO fathers, Senator uncles, etc. By the time you graduate, you will be "connected", and you will personally know influential people who can do favors for you and help you on your way to greatness.

But here is the most important part. DO NOT CONFUSE MONEY WITH HAPPINESS. I personally followed all the steps above, I worked for the big firms, and I am financially secure. But I'm really the type who would be more comfortable as a carpenter, or an artist, or a teacher -- not a captain of industry. So all those steps were unnatural to me, and I had to work hard to make them happen. Then I worked even harder for 16 years in jobs I didn't love. Ok, I made some money. But I'm also 40, balding, unmarried, burned out on work, and probably a little boring because I spent all those years focusing on dry work stuff. I decided I wanted money, so I set a course to get it. But if I could do it over again, first I'd figure out what I love most, then I'd go do it with a vengance -- regardless of the money.

If you sincerely have a passion for investment banking, go for it. But if you simply lust for money, think carefully. Would you marry someone you didn't love? No, you'd become miserable and regretful. The same thing will happen if you choose a career you don't love. Good luck finding the answer and making it happen!

Answer 2

2

Answer 3

Only a very, very stupid "hard working surgeon" makes only $300,000 a year; unless you are wasteful, it's hard to spend more than $100,000 a year on living, so your surgeon should have $200,000 a year to invest. If you are smart enough to slice people, you should be smart enough to invest well.

If you study math, statistics, economics, history, psychology, business administration & politics, and you do really well in all of them, you may be able to get an entry-level job with a brokerage like Goldman-Sachs.

It isn't a "universal truth" by any means, but people who study hard & work hard generally make more money than people who are bitter about what other people are able to earn.

Good luck!

Answer 4

It's called free enterprise. It is what made America great and it will continue to keep her great. If we ever do away with allowing people to make what the market will pay then we will collapse as the Soviet Union did.

Answer 5

Well, you probably have to know someone on the inside to get a job there. So major in finance in college, try to go to college in New York, and meet as many people as possible.

Answer 6

I couldn't agree more with Larry M's answer!!!!

Answer 7

Earn it, you have to earn such a job though working through tons of other companies.

Answer 8

NO