Goldman Sachs has big plans for its technology (engineering) division. Engineers already account for around 25 percent of the firm’s headcount, and as Goldman moves to become more of a “platform business,” this proportion is likely to increase. As a sign of things to come, for example, 48 percent of the 2,160 openings for experienced hires at the firm are currently in the engineering division.
Many of Goldman’s technology hires come in at the graduate trainee level, and around 40 percent of Goldman’s recruits majored in STEM (Science, Technology, Engineering and Mathematics) subjects. The graduate recruitment team is therefore tasked with scouring the world for the best recruits. Last January, Goldman increased the pay for its first-year technologists with postgraduate qualifications in London to £98,000 in an attempt to make its recruiters’ jobs easier.
Which schools does Goldman hire its graduate technologists from? In London, existing staff are drawn from usual suspects such as London’s Imperial College, UCL, the University of Bath, and Cambridge University. In the U.S., preferred schools include New York University, Rutgers, UPenn, Cornell and Berkeley. A high proportion of Goldman’s U.S. engineering trainees completed their first degrees overseas before studying for a masters and then joining the firm on an H-1B visa. Goldman pays H-1B visa analysts’ salaries of around $100,000 in NYC, but as little as $50,000 in Dallas and Salt Lake City, where tech staff are typically based.
As demand for entry-level technologists increases, there are signs that Goldman is casting its technology hiring net wider than before. This year, Goldman’s engineering recruiters have visited a variety of schools in Germany, including RWTH Aachen University, Rheinisch-Westfälische Technische Hochschule (RWTH), Berlin, Technische Fachhochschule Berlin (TFH), Dresden, Technische Universität Dresden, Freiberg (Sachsen), Technische Universität Bergakademie, Friedrich Alexander Universitat, Karlsruhe, Fachhochschule Karlsruhe, and the Hochschule für Technik at the University of Stuggart. In other words, German technologists are on the hiring map.
The firm is also looking for engineering students in Africa, with recruitment events in Ghana and Nigeria. The firm ran its first African engineering recruitment initiative in 2017, and earlier this year hosted a program for 60 students from Ghana and 73 from Nigeria. A similar event is being repeated in February 2020. Many previous participants have joined Goldman full-time.
Even as Goldman expands its engineering recruitment net, it can’t visit every school. Increasingly, though, this doesn’t matter. These days, the firm identifies top technologists using HackerRank; it’s running two virtual HackerRank preparatory sessions on December 18th and 19th to help engineering students at all schools get ahead.
A modified version of this article originally appeared in eFinancialCareers.