Want a summer internship at Goldman Sachs? You will, unfortunately, be lucky.
In today's presentation at the Sanford Bernstein conference in New York, Goldman Sachs chief operating officer Gary Cohn said Goldman received 17,000 applications for its 'summer analyst' positions this year. It only made offers to 350 people.
That's 45 people per role, or little more than a 2% success rate.
Getting a summer internship is just the start. Having landed a summer role, you will then need to convert it into a full time job. At most banks, only 50% of summer interns receive full time offers. If you're applying for a summer internship at Goldman Sachs, you probably therefore have a 1% chance of working for the firm when you graduate.
There may, however, be mitigating factors. Some people may apply more than once: