It's not at all easy to get an internship in an investment bank. It's even harder to get an internship at Goldman Sachs or JPMorgan.
CNBC reported yesterday that 236,000 people applied for internships globally at Goldman Sachs this year, and that the bank had an acceptance rate of 1.5% - meaning that it's hiring 3,540 interns in total this year. This is a significant increase on the 2,900 interns Goldman hired in 2021.
Goldman's internship applications are up 17% on 2021 according to Business Insider. This implies that Goldman had around 202,000 intern applications last year and an acceptance rate of 1.4%. If anything, then, Goldman Sachs internships have become a little bit easier to get into.
Goldman's current batch of intern applications cover all its jobs, including in roles like operations in the middle and back office. It's typically much harder to get a front office job in an area like M&A. Last year, JPMorgan said it had 50,000 applications for 400 jobs in its investment banking division, an acceptance rate of 0.8%.
This year, JPMorgan says it had 270,855 applications for 4,604 internships globally, an acceptance rate of 1.7%.
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