Roughly 3,700 people won a coveted spot in the company’s internship program out of a record 236,000 who applied, according to a spokeswoman for the New York-based bank. That’s a 1.57% acceptance rate.

‘Be an entrepreneur,’ says Goldman Sachs CEO David Solomon to summer interns.

Internships began this week at Goldman Sachs’ US offices, according to the global financial firm.

According to a spokesman for the New York-based bank, roughly 3,700 persons were chosen from a record 236,000 applicants for a coveted seat in the company’s internship programme. That’s a rate of acceptance of 1.57 percent.

Goldman says it recruited students from 607 schools around the world this year, up 100 from the previous year, thanks to software like video platform HireVue.

It’s an unusually perilous time to be entering the job, given the unprecedented combination of geopolitical events and the possibility of a recession on the horizon. (After graduation, successful interns are usually granted two-year analyst employment.)

CEO David Solomon had some suggestions for his interns on the subject.

Here’s a quote from the email he sent out to new interns on Thursday:

“Year after year as our interns begin the summer program, I’m asked how you can get the most out of your time at the firm, so I’d like to share some additional advice.

  • Take the long view. You’re going to have a great summer, but there’s no question some days will be challenging. There will be bumps in the road. The important thing is to keep going—and to enjoy the ride.   
  • Be an entrepreneur. Be on the lookout for any way you can contribute—no matter how small. Asking your team regularly how you can pitch in is often the quickest way to learn more about the firm and our business.
  • Embrace evolution. As individuals and as a firm, we know that we can’t stay still. But, as important as it is to change, it is also critical to stay true to what makes you, you. For Goldman Sachs, that means embodying our core values of client service, excellence, partnership and integrity, as we expand to new cities, stand up new businesses and find new and unique ways to serve our clients and customers.
  • Remember to listen. This is how I define a successful meeting: the client talks, and I listen and ask questions. Try to get the main takeaways from the conversation. And always end with gratitude for people’s time. Ultimately, your goal is to let that person know you really heard them.
  • Carve out time for your passions. It is no secret that I have a hobby outside of work – music requires different mental muscles than I use during the work day. Make time to do things that you want to do because they stimulate and excite you. Your passions give you the fuel you need to stay motivated.

You’ll also quickly learn that our people are eager to hear your insights because you are the future of our firm – so get involved in as much as you can over the next few weeks and actively share your perspectives with your teams. I’ve always said the best thing about our firm is our people, and that includes the talented group of interns who join us each summer – all of you. Have a great summer.”

David

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