Goldman Sachs India Jobs, Salary, and Internship Guide

1x1.trans Goldman Sachs India Jobs, Salary, and Internship Guide

If there is any company, which is associated with top of the line salary, work life, social prestige, then a job in Goldman Sachs India is probably it.

Since there are only few companies in the world which can match Goldman Sachs India for what it offers, hence the company also is very selective in taking people whom it deems fit to bestow with a reward of being a Goldman Sachs employee.

In India Goldman Sachs offers the following lines of services:

  • Investment Banking
  • Investment Research
  • Broking
  • Information Technology
  • Knowledge Process Outsourcing

Goldman Sachs operates out of two locations in India; with the Front office work i.e. Investment Banking, Broking and Investment Research related work being done from the Mumbai Office and the Back office work in the fields of Information Technology and Knowledge Process Outsourcing being done primarily from Bangalore location.

In India, there are two primary modes of entry into Goldman Sachs for fresh pass outs from college. They being

  • Summer Analysts
  • Analyst

Summer Analyst Internship

A Goldman Sachs summer analyst internship program gives you the opportunity to learn about the financial services industry by working alongside some of the best names in the field. The advantage of interning with Goldman Sachs is that the interns are involved in practical projects that have a real impact on the firm in their own small way.

Eligibility criteria

Goldman Sachs summer analyst role is intended for candidates currently pursuing a university degree. The internship is usually taken during the penultimate year of study.

For you to be eligible for a Goldman Sachs India internship, you as a candidate need to possess excellent academic records and more than just “interest” in the financial markets. Please note that although technically all are eligible, but the bottom line is that unless you are from the top of the line colleges like IITs, Select NITs, and IIMs, your chances are slim. It is not easy for these top of the line Indian institutes too as they have to take, head on competition from Ivy league college graduates like Harvard and Stanford.

An emerging market experience is as relevant to their CV as a developed market experience is relevant to Indian candidates.

Recruitment Process

The recruitment dates are decided basis the placement season at particular schools. With Goldman being Goldman, it is either day zero or day one.

The on campus recruitment process can be broadly segregated into two parts:

At the initial screening level, candidates are shortlisted on primary selection criterion like academic score and depending on which department of Goldman is hiring additional requirements of written test or group discussion may also be there.

The selected candidates go through further rounds (a minimum of two) of personal interviews.

What does one do in the eight weeks?

As mentioned earlier, the summer internship is an eight week program designed to give you a very good idea of the day-today activities of one of the company’s divisions. The program is initiated with a firm wide orientation where you will learn about the culture, benefits and responsibilities of being an employee of Goldman Sachs.

You will also receive the necessary department-specific training designed to help you do your assigned task in your department.

After completion of training, you will receive real duties that will allow you to have a perspective of what is expected out of you in terms of results and under what circumstances you are required to perform. Thus, for eight weeks you will have the same workload and expectations that a full-time Goldman Sachs employee may have. Also, this is an opportunity to impress your guide and people above the guide with your capabilities. In all probability if your summer internship has gone well, then chances are that you may be invited back to join a full time position as part of the new analyst program.

New Analyst

If you get a call to join Goldman Sachs India as part of their “New Analyst Program” then you can give yourself a celebratory pat on the back, after all not many get through it. Once in, you will learn about the business line in which you could be working at least for some years if not make a career out of it.

Who can apply

This program is technically open to final year graduate and post graduate level students. This program takes in people from both the summer internship program as well as from those campuses where candidates were not part of the summer internship program. The rigor would be even more than what a summer intern may have to face.

Recruitment process

Similar to the summer internship process the recruitment dates are in line with placement season at particular schools. The broad criteria for selection are also similar to the one made in summer internships.

What may get asked at the interview?

The interview process can be broadly divided into Technical and Behavioral:

Technical

Technical skills are tested to evaluate your understanding of the basics of finance. Most of the questions asked should be easy to answer if your understanding of basics of finance is good. For example, how would a given transaction impact the statement of accounts i.e. the income statement, balance sheet and cash flow statement.

You may have to answer harder questions so that the interviewer can assess your understanding of financial concepts, but also to evaluate your reaction to pressure cooker situations.

It would be wise to admit ignorance and then try to show an approach about how you are going to solve the issue at hand. This approach is likely to create a positive influence in the minds of the interviewers.

A possible way to prepare well would be to form small groups and conduct mock interviews with focus on technical. This activity would help you save time and be prepared when an actual interview comes.

If being interviewed for the investment banking division then spend some time on the “pitch book” which investment bankers prepare. Try and understand what goes into a pitch book and why are they placed in a set manner.

Behavioral

Once satisfied with your technical abilities the next round would be behavioral. Because this additional line of an interview is that in general investment banks are tough places to be in and in Goldman Sachs, it is even tougher. Thus in addition to technical there will be situation-based questions to test your cultural fitment.

A simple point to remember when answering any behavioral question is that there is no right or wrong answer. The interviewer is asking these questions with a view to gain insight into your thought process. Also, remember that demonstration of clear logical thinking would be your biggest asset not only at the interviews but also in your career there.

Additionally, be very strong on ethics as that’s another area where investment bankers have had a tough time lately.

The analyst experience

Goldman Sachs India prides itself on providing the analysts with the necessary tools for professional growth and career advancement. Once inducted, you will gain the skills and knowledge needed to execute the duties assigned. This is done through an effectively unlimited access to training programs.

Once inducted the analyst goes into training at what is called the Goldman Sachs University to help you do the best at each stage of your career.

Goldman Sachs University is assigned to train you on division-specific or department-specific training.

The training would be on an ongoing basis, based on specific skill needs and interests, to enhance your professional development at the workplace.

The analyst experience also includes creating opportunities to connect with people who can help in your career progression. At Goldman, you are encouraged to create your network and interact with partners across divisions and regions.

Ongoing career growth

Throughout the analyst years, you would be expected to take on ongoing developmental assignments and exposure to multiple disciplines that would be in addition to your day-to-day responsibilities. Since Goldman Sachs has a relatively flatter structure, hence the career path is more multidimensional

Feedback

Analysts are formally evaluated at the firm’s annual appraisal process called “Performance Review Process”, which in essence is a one hundred and eighty degree appraisal including peers, managers and internal business partners’ with whom you have interacted. You will also be participating in a “Personal Development Planning” process, in line with the kind of feedback and your individual interests, the feedback would help you in establishing career goals and identify developmental opportunities within Goldman Sachs India.

To conclude, I can say that if you tick the right boxes i.e. academic excellence, sound knowledge of business concepts, the ability to deliver under high pressure and have a logical thought process, you can look forward to one of the most rewarding careers in financial services industry, which may not have many equals in today’s day and age.
I hope that this piece helps all aspirants to one of the best jobs that financial services can offer.

Goldman Sachs India Salary Survey from Glassdoor India:

1x1.trans Goldman Sachs India Jobs, Salary, and Internship Guide 

Top 12 Courses in Finance in India

1x1.trans Top 12 Courses in Finance in India

 To start with, anybody who attempts to create a list, any list is always on a slippery wicket.

First, any list does involve a certain bit of subjectivity and thus it will never be perfect. Despite all this one must attempt to create a list.

After all, a list helps us in the simplest way to know why we decide to take a certain action.

When I began creating the list of top courses in finance available in India I thought of keeping the big daddy i.e. the MBA in Finance out of the list.

After all, we all know what an MBA in finance can do for us.

But, I didn’t want to exclude it for the sake of it as I know the popularity of the course.

Keeping this in mind I’m going ahead with a list of top finance courses available in India which would help you to make good of your passion.

I have broadly divided the courses into the following sections:

  • MBA
  • Statutory Courses
  • Specialized courses

1. MBA

Probably the most obvious choice for anybody who wishes to make a career in financial services is to do an MBA in finance.

The advantage that an MBA has over any other format is that it allows you a good all round exposure to various aspects of finance, whether it’s accounting, cost accounting, financial modeling, statistics and so on.

Additionally if you choose your minors well, you can have exposure to fields like marketing, behavioral science, human resources etc. Thus giving you the best possible chance for growth in the financial services industry.

However, be warned, that a lot of your ability to jumpstart may be dependent on a combination of economic factors, the strength of your placement cell, your alumni and also your independent ability to network.

If you wish to be on the global stage then do remember that MBAs from Harvard, Stanford, and INSEAD have to do their bit of hunting as well. Even the hallowed IIMs do not officially guarantee you a placement.

Statutory Courses

The Statutory courses are the ones which have been created by acts of parliament and hence create binding obligations under certain circumstances. Under statutory courses we can include the following

2. Chartered Accountant

Probably the most well-known statutory course, this course was created as a result of the enactment of the Chartered Accountants Act in 1949.

The course involves a combination of theory and more importantly practical training which run synchronously to provide student with the necessary wherewithal required of a professional accountant.

A good grounding in this profession creates opportunities few courses can match.

Chartered Accountancy allows you to have rewarding careers in consultancy, audit practice, investment banking, and information technology to name a few.

The profession allows you probably the best chance in finance to create a location independent career. You can find successful chartered accountants in many small towns where a lot many other professions may not flourish.

The chartered accountancy course also opens the doors for an international career. An Indian CA after clearing certain local papers can easily practice in countries like United Kingdom and Australia to name a few. Additionally, with the increasing introduction of International Financial Reporting Standards (IFRS) if you become a chartered accountant then world is your oyster.

3. Cost Accountant

This course came into being as a result of the Cost and Works Accountants Act, 1959. The act regulates the profession of cost and management accountancy.

A Cost and Management Accountant (CMA) is a person who performs services which involve accounting for cost of manufacturing an item, pricing the goods and services produced verification or certification of taxation, especially with respect to indirect taxation.

Unlike pure accounting professionals say chartered accountants, the demand for a cost accountant is a cross organization phenomenon. The marketing department needs you in preparing quotations for tender responses; the production department needs you to make better decisions on a profitable product mix, the purchase department wouldn’t move without the cost accountants advice for taking the make or buy decisions and in top management you play a critical role in identifying business risks and their mitigation.

To use a cricket analogyyou would be the all-rounder in the team.

4. The Company Secretary

The course was a result of the Company Secretaries Act 1980.

The Company Secretary is primarily the mediator between the management and the organization’s board of directors.

Company secretaries are involved in creating policies for the company, maintaining legal records, taking care of public issues, managing mergers and acquisitions related activities. Additionally they liaise as agents of the company while negotiating with a number of government authorities.

A Company secretary has a positive chance of being employed with management consulting firms, banks, corporates and regulatory bodies besides having an option to practice independently.

You as a company secretary are also a sought after professional for positions abroad with multi-national companies. There is a burgeoning demand for Company Secretaries in the UK, the USA, and many other countries in the western world.

With the appropriate set of knowledge and skills, you as a company secretary can look forward to a rewarding career.

5. Actuary

If you are an actuary then your job would be to assess the financial impact of risk and uncertainty.

Actuaries assess the financial security systems, keeping a hawk’s eye on their complexity, the mathematics involved in the same and their mechanisms.

Actuaries try to use mathematics to evaluate the probability of events and minimize the impacts of financial losses associated with an event which is not only uncertain but is undesirable.

Many events like death cannot be avoided, however as an actuary your job is to do the needful to minimize their financial impact if as and when they occur. These risks have the possibility of impacting both sides of the balance sheet. Thus you would be required to have the requisite skills in asset management, liability management, and valuation skills.

An actuary is expected to have the analytical skills, business knowledge and understanding of human behavior which is required to design and manage programs that assess and control risk. If you are an actuary then you would be most likely employed in the Insurance industry but also in corporate houses like Reliance which issues 100 year or perpetual bonds. The profession is governed by the Actuaries act of 2006.

Specialized courses

Specialized courses are the ones where a certain skill set is developed for an industry

6. Chartered Financial Analyst

The Chartered Financial Analyst degree is one of the toughest to crack but probably one of the most rewarding certifications to have.

In fact in the financial services world, the CFA charter holder is one of the few courses which give an MBA-Finance a serious run for money.

If you are a CFA charter holder then you are one of the most valued people in any organization. You are looked up to for your insights backed by analytical inputs.

This certification is extremely useful if you want to make a career in equity research, investment banking or fund management.

However if you choose to pursue this course there is one piece of advice: Start early (Soon after you graduate or along with your MBA), because it takes almost 3 years of dedication and not many are able to crack it for reasons which vary from work pressure, family commitments to sheer boredom of studying for three years.

7. The Certified Financial Planner

If you wish to make a career out of wealth management then being a CFP is almost a must have.

This course gives you in depth training in various aspects of personal finance like tax planning, insurance planning, state planning etc.

You can consider the certified financial planner to be like the general practitioner MBBS.

You as a CFP are the best bet that people have in managing their growing wealth.

You as a CFP would be sought after in banks, wealth management companies, insurance companies, mutual fund and other financial intermediaries.

In India there is a dearth of good financial planners. As per some market estimates, India needs close to 50,000 financial planners and not even 10% has been met.

The CFP certification is valid in 23 countries in the world including Australia, UK etc. Financial Planning Standards Board (FPSB) India is the authorized regulatory body for this course in India.

8. Economics

Yes that economics degree is also a good bet for making a career in financial services. After all, it’s the economists who create all the policies which determines whether the country grows or flounders.

Economists are valued in the financial services industry for predicting impact of policies that may impact business performance and make informed decisions on how policies would move and how the business should react to the changing policies.

If you chose to become an economist then the financial services world would look to you just like many people look to astrologers, i.e. to understand complex inputs and give guidance on how to use the available resources for creating valuable outputs.

Thus give serious thought to that offer from LSE or near home the Delhi School of Economics.

9. Statistics

A statistician is responsible for the collection, assessment, explanation and presentation of quantitative data.

You as a statistician provide insights, commendations, and advice on policy and strategy to clients within and outside your organization.

You as a statistician are responsible for monitoring data collection and using modeling techniques, both mathematical and statistical. You would also be expected to present your findings along with providing strategic advice on how best to use the results.

Thus do give an honest shot at clearing the M Stats exam at the Indian Statistical Institute.

10. Chartered Alternate Investment Analyst

The CAIA Charter is the globally recognized credential for professionals managing, analyzing, distributing, or regulating alternative investments.

The CAIA Charter designation is the highest standard of achievement in alternative investment education and provides deep knowledge, demonstrated expertise, and global credibility in alternatives.

11. Financial Risk Manager

Since 2008, the element of risk management has come to the fore like anything.

If you were to choose to become a Financial Risk Manager then you would be expected to manage risk that accompanies any investments and would like to broaden their knowledge for the same.

This course is suitable for people seeking employment in risk management in banks, corporates, non-banking financial firms and corporate houses.

This course helps people in their early stages by exposing them to the breadth of the curriculum covering major strategic aspects of risk management;on the other hand the course helps established professional keep up with the latest trends.

12. Financial Modeling and Investment Banking Programs

Financial Modeling skills are must for equity research and investment banking careers.

If you want to make a career in financial research, equity research, investment banking, and other core finance areas, then having MBA or CFA degrees alone won’t help.

You need to learn skills that are required to do the actual work on the job.

You can learn the skills by online or classroom programs.

As per my experience and interaction with students, Indian students prefer classroom programs.

Have I Missed Anything?…

I have covered almost all the courses in finance available in India.

Please let me know if I missed any course or you want to know something specific.