Today is the day that Goldman Sachs announces its managing directors. This is already causing some excitement. The Wall Street Journal says today is called ‘Enhancement Day’ at Goldman, although it’s not clear whether this is the WSJ’s moniker or Goldman’s own.
This is what you need to know:
1. 266 people were promoted last year. More will be promoted this year (says the WSJ).
2. Goldman won’t be promoting any MDs next year, making this year’s promotions an especially important event.
3. Most of the MDs will be men. Last year 75% were.
4. If you work at Goldman, your chances of being made an MD are stupidly small. There are 12,000 executive directors (the level below MD) at Goldman Sachs according to the WSJ. If Goldman promotes 300 people this year, that makes a success rate of…2.5%.
5. Sometimes Goldman does hire MDs from outside the firm though.
6. If you’re an MD at Goldman Sachs, you will allegedly earn an average of £682k ($1m).
7. MDs at Goldman Sachs are chosen as a result of a lengthy process known as ‘cross-ruffing’ in which partners and MDs across the firm are canvassed for their opinions on you.
8. The man in charge of the MD selection process is Michael Sherwood, head of Goldman Sachs International, who is based in the London office. This is where we suggest you try finding Michael Sherwood at weekends.