Goldman Sachs Private Wealth Management

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Anonymous User
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Goldman Sachs Private Wealth Management

Postby Anonymous User » Tue Nov 15, 2011 3:47 pm

Hey, I was just wondering what people know about Goldman's private wealth management division and how hard it is to get hired? I have a meeting with them tomorrow and just want to have some idea of what it is going in (I have a vague idea but more insight would be appreciated)

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Bronte
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Re: Goldman Sachs Private Wealth Management

Postby Bronte » Tue Nov 15, 2011 3:55 pm

They manage financial portfolios for wealthy individuals. Wealth management is one of the less coveted finance jobs, but it's still GS.

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Re: Goldman Sachs Private Wealth Management

Postby Anonymous User » Tue Nov 15, 2011 3:56 pm

Finance background Bro?

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Re: Goldman Sachs Private Wealth Management

Postby Anonymous User » Tue Nov 15, 2011 3:59 pm

Anonymous User wrote:Finance background Bro?


Unfortunately no, which why I think I may already be pwned, I was trying to figure out if a business background was a pre requisite

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Bronte
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Re: Goldman Sachs Private Wealth Management

Postby Bronte » Tue Nov 15, 2011 4:03 pm

Anonymous User wrote:
Anonymous User wrote:Finance background Bro?


Unfortunately no, which why I think I may already be pwned, I was trying to figure out if a business background was a pre requisite


It's not required. You have the interview. Take a shot.

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Re: Goldman Sachs Private Wealth Management

Postby Anonymous User » Tue Nov 15, 2011 4:14 pm

Bronte wrote:
Anonymous User wrote:
Anonymous User wrote:Finance background Bro?


Unfortunately no, which why I think I may already be pwned, I was trying to figure out if a business background was a pre requisite


It's not required. You have the interview. Take a shot.


thanks, good to know

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Re: Goldman Sachs Private Wealth Management

Postby Anonymous User » Tue Nov 15, 2011 4:43 pm

I have no financial background and was offered a position after interviewing last year. Obviously it helps but not a requirement. I didn't take the job so that's all I can contribute to this.

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Re: Goldman Sachs Private Wealth Management

Postby Anonymous User » Tue Nov 15, 2011 4:52 pm

I think if you google around a little bit, you'll find people talking about their interviews and some of the harder questions they were asked.

LawIdiot86
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Re: Goldman Sachs Private Wealth Management

Postby LawIdiot86 » Tue Nov 15, 2011 5:26 pm

Anonymous User wrote:Hey, I was just wondering what people know about Goldman's private wealth management division and how hard it is to get hired? I have a meeting with them tomorrow and just want to have some idea of what it is going in (I have a vague idea but more insight would be appreciated)

Through your school or on your own? If on your own, through the recruiting website or a contact? Thanks

005618502
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Re: Goldman Sachs Private Wealth Management

Postby 005618502 » Tue Nov 15, 2011 6:21 pm

What does this job entail? I am assuming you are not in LS? or are you?
What is the pay like for one of these positions?

Good luck!

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Re: Goldman Sachs Private Wealth Management

Postby Anonymous User » Tue Nov 15, 2011 10:17 pm

Is it possible to get a summer analyst position with a 3.7 gpa (undergrad) as a sociology major?

Sorry, I'm not in law school yet but am thinking about it. I just thought perhaps working before law school will help.

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Bronte
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Re: Goldman Sachs Private Wealth Management

Postby Bronte » Tue Nov 15, 2011 10:22 pm

Anonymous User wrote:Is it possible to get a summer analyst position with a 3.7 gpa (undergrad) as a sociology major?

Sorry, I'm not in law school yet but am thinking about it. I just thought perhaps working before law school will help.


For "bulge bracket" banks like Goldman it's going to depend on the school you go to. From what I've been told, if you're a liberal arts major, they're going to want you to be from a top undergrad, like Harvard or Princeton. If you're an economics major, they probably go lower. They also take a group of finance and accounting students form the top of the class at regular state business schools.

And it's a good idea for you to take some time off before LS either way.

Edit: this is all second hand information, except the last part.

run26.2
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Re: Goldman Sachs Private Wealth Management

Postby run26.2 » Tue Nov 15, 2011 10:32 pm

AssumptionRequired wrote:What does this job entail? I am assuming you are not in LS? or are you?
What is the pay like for one of these positions?

Good luck!

It is a combination of sales and relationship management. Basically, you are responsible for handling clients' intergenerational wealth.

GS routinely recruits individuals out of law school. There is a base pay for the first couple of years, after which you work on commission.

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Re: Goldman Sachs Private Wealth Management

Postby Anonymous User » Tue Nov 15, 2011 10:34 pm

run26.2 wrote:
AssumptionRequired wrote:What does this job entail? I am assuming you are not in LS? or are you?
What is the pay like for one of these positions?

Good luck!

It is a combination of sales and relationship management. Basically, you are responsible for handling clients' intergenerational wealth.

GS routinely recruits individuals out of law school. There is a base pay for the first couple of years, after which you work on commission.



Is anyone able to point me to info on what attorneys at Goldman Sachs do? I assume it's similar to what attorneys in corporate and finance practices would do, but I cannot find actual info on it. Trying to do a cover letter and want to make sure I get it right. Thanks!

run26.2
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Re: Goldman Sachs Private Wealth Management

Postby run26.2 » Tue Nov 15, 2011 10:40 pm

Anonymous User wrote:
run26.2 wrote:
AssumptionRequired wrote:What does this job entail? I am assuming you are not in LS? or are you?
What is the pay like for one of these positions?

Good luck!

It is a combination of sales and relationship management. Basically, you are responsible for handling clients' intergenerational wealth.

GS routinely recruits individuals out of law school. There is a base pay for the first couple of years, after which you work on commission.



Is anyone able to point me to info on what attorneys at Goldman Sachs do? I assume it's similar to what attorneys in corporate and finance practices would do, but I cannot find actual info on it. Trying to do a cover letter and want to make sure I get it right. Thanks!

The ones in their private wealth management do the same as the MBAs do, at least starting out.
If you have specific questions, PM me.
Last edited by run26.2 on Tue Nov 15, 2011 10:41 pm, edited 1 time in total.

Anonymous User
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Re: Goldman Sachs Private Wealth Management

Postby Anonymous User » Tue Nov 15, 2011 10:41 pm

Bronte wrote:
Anonymous User wrote:Is it possible to get a summer analyst position with a 3.7 gpa (undergrad) as a sociology major?

Sorry, I'm not in law school yet but am thinking about it. I just thought perhaps working before law school will help.


For "bulge bracket" banks like Goldman it's going to depend on the school you go to. From what I've been told, if you're a liberal arts major, they're going to want you to be from a top undergrad, like Harvard or Princeton. If you're an economics major, they probably go lower. They also take a group of finance and accounting students form the top of the class at regular state business schools.

And it's a good idea for you to take some time off before LS either way.

Edit: this is all second hand information, except the last part.


I attend one of the top public universities (e.g. Berkley, UVa, UMich)

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Bronte
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Re: Goldman Sachs Private Wealth Management

Postby Bronte » Tue Nov 15, 2011 10:44 pm

Anonymous User wrote:
run26.2 wrote:
AssumptionRequired wrote:What does this job entail? I am assuming you are not in LS? or are you?
What is the pay like for one of these positions?

Good luck!

It is a combination of sales and relationship management. Basically, you are responsible for handling clients' intergenerational wealth.

GS routinely recruits individuals out of law school. There is a base pay for the first couple of years, after which you work on commission.



Is anyone able to point me to info on what attorneys at Goldman Sachs do? I assume it's similar to what attorneys in corporate and finance practices would do, but I cannot find actual info on it. Trying to do a cover letter and want to make sure I get it right. Thanks!


When he referred to hiring law students, I don't think he was referring to hiring them as attorneys. I would tend to think Goldman mostly hires attorneys for its general counsel's office from the junior associate classes at top New York law firms. Anyway, the general counsel's office at Goldman does what the general counsel's office at any financial institution does. They manage the legal risks, realized and unrealized, of the firm. This ranges from designing and maintaining internal compliance policies to comanaging legal disputes with outside counsel. A big part of their job is to reduce the exposure of the firm to lawsuits by the federal government and investors.

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IAFG
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Re: Goldman Sachs Private Wealth Management

Postby IAFG » Tue Nov 15, 2011 10:44 pm

Anonymous User wrote:
I attend one of the top public universities (e.g. Berkley, UVa, UMich)

They're really only looking to hire from schools they recruit from, according to my friend who did PWM last summer. I recommend that you go talk to career services about whether they do.

Anonymous User
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Re: Goldman Sachs Private Wealth Management

Postby Anonymous User » Tue Nov 15, 2011 10:46 pm

IAFG wrote:
Anonymous User wrote:
I attend one of the top public universities (e.g. Berkley, UVa, UMich)

They're really only looking to hire from schools they recruit from, according to my friend who did PWM last summer. I recommend that you go talk to career services about whether they do.


Thank you.

ruski
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Re: Goldman Sachs Private Wealth Management

Postby ruski » Tue Nov 15, 2011 10:47 pm

pwm is not that prestigious and not that competitive to get into as an intern. they are also the only division that doesn't pay their interns (not sure about GS, but i know that at citi, ubs, and merrill, none of the pwm interns got paid yet all the others in banking/trading/even operations did).

if you can get an internship within another division even at a lower recognized BB that would be better. if not the GS name will still carry you far (relatively speaking, compared to someone at some no name bank). esp for law school they won't really care what division u were in, they will just be impressed with the brand name.

Anonymous User
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Re: Goldman Sachs Private Wealth Management

Postby Anonymous User » Tue Nov 15, 2011 10:49 pm

I think it's pretty telling that they came to my school (CCN) quite a while after the OCI law-firm hiring season had ended. I don't know anybody who actually had a biglaw offer try for an interview. I understand it to be kind of joke position to go into if you're coming from an elite law school.

ruski
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Re: Goldman Sachs Private Wealth Management

Postby ruski » Tue Nov 15, 2011 10:54 pm

pwm is not really where the best and the brightest go. its a sales job. the best students go for more guaranteed success via banking or trading. pwm is pretty much a commission job. if you're good at bringing in clients then sure you can be a millionaire, if not you won't make anything. its pure sales.

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Veyron
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Re: Goldman Sachs Private Wealth Management

Postby Veyron » Tue Nov 15, 2011 10:55 pm

IAFG wrote:
Anonymous User wrote:
I attend one of the top public universities (e.g. Berkley, UVa, UMich)

They're really only looking to hire from schools they recruit from, according to my friend who did PWM last summer. I recommend that you go talk to career services about whether they do.


UVA is a target, at least it used to be. Probably more for Darden than anything else tho.

run26.2
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Re: Goldman Sachs Private Wealth Management

Postby run26.2 » Tue Nov 15, 2011 10:57 pm

ruski wrote:pwm is not really where the best and the brightest go. its a sales job. the best students go for more guaranteed success via banking or trading. pwm is pretty much a commission job. if you're good at bringing in clients then sure you can be a millionaire, if not you won't make anything. its pure sales.

TBF, if you're good at it, you can make a lot of money and you don't work very hard. Not many are that good at it though.

Anonymous User
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Re: Goldman Sachs Private Wealth Management

Postby Anonymous User » Tue Nov 15, 2011 10:58 pm

ruski wrote:pwm is not really where the best and the brightest go.


Completely agree. Typical conversation:

X: I worked at Goldman Sachs over the summer.
Y: Oh wow! How was that?
X: It was pretty cool. I was in private wealth management.
Y: oh............
X: ................ did I mention that I worked at Goldman Sachs?




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