☰ Menu eFinancialCareers

Is it easier to get a job at Goldman Sachs than at Morgan Stanley?

Spot the bank with the comparatively high acceptance rate

Spot the bank with the comparatively high acceptance rate

To be very clear: neither Goldman Sachs nor Morgan Stanley are anything near a sure-thing when you submit your CV to them for a graduate job. Earlier this year, Goldman Sachs said it received 43,000 applications for its 2014 analyst (ie. entry-level) positions. And now Morgan Stanley has let it be known that it got a huge 90,000 applications for its summer analyst (ie. university summer internship) programme.

Goldman said it accepted 4% of its 43,000 analyst applicants, Morgan Stanley said it accepted 2% of its 90,000 summer analyst applicants. If you apply to either bank, you are overwhelmingly likely to be rejected.

However, there’s more to Goldman and Morgan Stanley’s figures than the revelation that you have a statistically very small chance of getting a job at a top bank. The banks’ acceptance rates also imply that:

1. Goldman Sachs might be an easier place to get a job than Morgan Stanley.

Superficially, acceptance rates at Goldman appear to be twice those at Morgan Stanley. Although this needs to be qualified by the fact that Goldman’s figures are for full time and intern applications and Morgan Stanley’s are just for interns. When Goldman gave its intern acceptance rate alone last year, it was also just 2%.

2. Banking internships might be harder to get than full time positions.

Both Morgan Stanley and Goldman’s figures suggest the intern acceptance rate alone is especially low. However, it would be wrong to assume that you should skip the internship and go straight for a full time application – as we’ve said on many, many occasions, most of the graduates banks hire into full time jobs nowadays have a heap of internships behind them. Maybe that’s why they accept more full time graduate applicants – the intern application is the initial screening. And if you get an internship, chances are you’ll get hired. Last year, Goldman Sachs and Morgan that they make full time offers to 60-70% and 65-75% of their interns respectively.

3. It might not actually be any easier to get a graduate job in wealth management than in investment banking.

Morgan Stanley’s 2% acceptance rate applies across the organization, including wealth management and institutional services (ie. the investment bank). So either, a stupidly, stupidly low acceptance rate at the investment bank is offset by a marginally higher (but still low) acceptance rate at the investment bank, or they’re both impossible to get into…

Either way, if you want to work for Goldman Sachs or Morgan Stanley, you’ve got to really want it. If you don’t really want it, maybe you should try the European Central Bank? The acceptance rate there is more like 7%, which makes it look almost easy to get into by comparison.

Related articles:

How to get a graduate job at JPMorgan, by the bank’s EMEA head of campus recruitment for banking and markets

What it really takes to get your first job at Goldman Sachs

These are the sorts of people who are summer analysts at GS, JPM and Deutsche this year

 

 

Comments (2)

Comments
  1. With this level of detail orientation, the author would have had difficulties getting accepted at any of these two banks…

    The 90k for MS is for both analysts and associates as far as the Bloomberg sources says, the 43K for GS only for analysts. The article compares apples to oranges.

    Also, sources are incorrectly cited. The article reads “Morgan Stanley said it accepted 2% of its 90,000 summer analyst applicants”, however, Bloomberg only quotes MS saying that “more than 1,000 people, or roughly 80% who received offers” accepted. This suggests a number significantly less than the 1,800 people implied by the 2% quoted by this article. I assume that is why Bloomberg in its article says “less than 2%”.

    Finally, though referring to a different year, the 65-70% offer rate for MS quoted in this article neglects the 80% offer rate mentioned in the original article, which is the correct figure in the context of 90,000 applicants….

  2. The 90,000 for MS is for both analysts and associates as far as the Bloomberg source says, the 43,000 for GS only for analysts. The article compares apples to oranges.

    Also, sources are incorrectly cited. The article reads “Morgan Stanley said it accepted 2% of its 90,000 summer analyst applicants”, however, Bloomberg only quotes MS saying that “more than 1,000 people, or roughly 80% who received offers” accepted. This suggests a number significantly less than the 1,800 people implied by the 2% quoted by this article. I assume that is why Bloomberg in its article says “less than 2%”.

    Finally, though referring to a different year, the 65-70% offer rate for MS quoted in this article contradicts the 80% offer rate mentioned in the Bloomberg article, which is the correct figure in the context of 90,000 applicants….

The comment is under moderation. It will appear shortly.

React

Screen Name

Email

Consult our community guidelines here