Skip to main content

20 Year-Old* Hedge Fund Summer Intern Wouldn't Lower Himself To Working At Goldman Sachs If His Life Depended On It

Oh. No. He. Di'int.
  • Author:
  • Updated:

Is working as a junior banker-- whether at JP Morgan, Citi or Goldman Sachs-- a soul-sucking enterprise? Between the hundred-hour work weeks, the verbal abuse, and the intimate relationship one is all but forced to enter with Excel, does it often make people wonder "What am I doing with my life?" Can it at times be completely and totally mind-numbing? Depending on your disposition, the answers to all of these questions could very well be yes.

Still, it's fun to watch a first year summer intern at a hedge fund, riding high from his 5 weeks on the buy-side, declare a position as an analyst at Goldman Sachs so far beneath him that he wouldn't take the gig if you paid him, as working alongside individuals with such puny brains would physically pain him.

Business Insider spoke to some of these young people and learned why banks like Goldman Sachs have become a "backup plan" for them. "A monkey could do the job" of a junior banker, said one Ivy League student who's currently interning at a hedge fund. At investment banks, interns tend to be Excel jockeys, filling in spreadsheets, creating PowerPoints, and generally doing less fulfilling work. At hedge funds, on the other hand, the interns said they have a bit more responsibility to make real decisions about investments...The buy-side interns we spoke to agreed that "banking isn't the most intellectually stimulating job." And, they said, anyone who's gunning for a career on the buy-side would be "taking it slow" by first spending two years at a bank.

HEDGE FUND INTERN: A 'monkey' could be a junior banker at a place like Goldman Sachs [BI]



A Million Angels Smile Upon Goldman Sachs Summer Interns

An unprecedented act of generosity has taken place.

Bonus Watch '15: Summer Interns

Banking interns in Europe and some lucky ones in the U.S. are getting paaaaid (more money than they expected).

Goldman Sachs Beats Throngs Of College Kids Off With A Stick

Are you among the people who mistakenly believe working for Goldman Sachs has lost its luster? That the youth of America no longer spend nights dreaming about what it'd be like to bask in the glow of Lloyd Blankfein? That a guy who couldn't tie his shoes 'til he was 22 was able to ruin the picture they had their minds of what it would be like to one day, if they worked really hard, have Gary Cohn hike up one leg, plant his foot on a their desk, his thigh close to their face, and ask how markets were doing? Then you don't have a clue. Goldman’s program has grown so big that the firm has to break their start date into two groups. This week welcomed the lucky few selected for “revenue” businesses, like investment banking and trading. Next week brings “services” workers, COO Gary Cohn said at a conference Thursday. Vampire squids, Greg Smith and Delaware judges can’t keep the applicants away. “Our application pool this year was greater than it ever has been,” Cohn said. Goldman Sachs Still Hot With The Youths [Deal Journal] Related: Goldman Sachs President Gary Cohn Likes To Speak To Employees On A Grundle-To-Face Basis