Become ED/VP Front Office GS 22.05.2023 12:53
Pracownik
The biggest GS problem is that there is no meritocracy. Having worked in IB for more than 15years, I’ve seen tremendous injustices in terms of promotions, pay, and culture. Goldman is now difference.
HR tends to recruit mix of brilliant people, which we can divided into 2 categories:
- superbly educated and mediocre ones too (mostly with bought MBAs, not even target, expensive ones, as we are seeing many random, non-name candidates).Being superb, CFA, Phd technical is a deep liability because you’re expected to stay quiet and just churn out work. Point to notice in Poland those requirements are among the lowest in whole GS - due to back office role and salaries (GS admits Poland is cost saving office) where ED = more like manager in London, not more than this...supervisor graduates comparing CVs.
- Administrators, sliders based on bosses liking than skills. Conversely, the people who are incapable of producing quality work are assigned “softer jobs” such as going to meetings, presenting to higher ups, and eventually managing others. Sooner or later all the “smart” people end up reporting to people who don’t understand the business but are good at sucking up to their boss. Those mainly have MBAs expert of nothing!
I don’t have an axe to grind, and actually think this culture has helped my career. In fact it is a great place to learn and grow if you have luck to deal with 1st category! Provided exit opportunities (if you are not too old(bias) Hedge Funds etc in my case, Smart people but very cut through sometimes too.
Nevertheless I can call myself a lucky person as managed to land my role pretty easily within the FO last year although:
- My background by any means wasn’t an obvious choice for FO as former generic Firmops so OP experience, never involved in pitching before, not like most colleagues coming firm Risk or Finance etc
- I’m unique as I didn’t have any expensive target Ivy(US)/Russel Group(UK) diploma,in fact I have graduated mediocre accounting major in one of Easter European Unis, not even the most competitive major to start with, so it isn’t true that only those break in, it is possible even in FO!
- I’m not qualified – neither FCA, FRM, ACCA etc, in fact Analyst I managed tend to be more technical as far my operation 15YeO goes.
- I did one of the budget friendliest(budget&language barrier)non-target London’s MBA – costed £16k ca., most colleagues have LSE (costed £110-140£k eMBA) etc in comparison, due to problems with communication I was also forced to use help copywriters to achieve my final result no suprise other banks don't care about MBAs at all!
- My communication skills although average as I have never studied English language as my 1st foreign language, nor my Polish accent luckily hasn’t impacted chances. Know sectors at FS are very biased in London.
In other words not only geniuses get ED roles but also like my case process masters as I was lucky to work on process in competitive bank they wanted.
- CHEAT TRICK - I have completed one of the cheapest (due to budget limitation and language barrier) non-target (as some called it Micky Mouse MBA) London’s MBA with added in package CMI low grade certification, not examinable,nb really recognize across the industry – costed about +£16k, which was later luckily merged with City Uni giving label boost a bit. Main requirement was pass basic IELTS test not like in more professional MBA programmes (GMAT).Due to problems with communication I was also forced to use extensive help copywriters to achieve my final result. One of advantages MBA over restrict self-study qualification as many people and alumni was doing the same, due to work commitments etc.
- Finally if I were a men probably not meeting diversity targets (GS it is no surprise aims to increase % women at all cost)
Policy vs Reality
“The firm is committed to providing equal employment opportunity (EEO) to all qualified persons ... law, including race, nationality, sex, gender, religion...”
I’m keep telling friends that in this business and such completive environment, there is no space for too old, too experienced candidates as they tend to create leaderships challenges and raising questions about operational sense and ways of doing things. When speed and accuracy are the most important in this role alongside soft skills managed highly skilled professionals. I personally tend to recruit only young candidates, who are willing to make extra effort, work long hours and do not challenge supervisors causing unnecessary fractions.
Integrity and ethics: Neither GS not my previous bank wouldn’t probably mind if I will admit that I’ve spent prior few years clamming social housing benefits as well, living with my further family in their council flat and still work as AVP in investment bank.I simply exploited a system gaps.
To summarize I’m not exactly a raw model for junior colleagues better qualified and technically skilled but who cares!