- Goldman Sachs has launched a new four-year, degree apprenticeship scheme.
- Applicants will combine a paid job on the trading floor with a degree in Applied Finance.
- It's aimed at improving social mobility. The bank will cover fees and relocation costs.
Wall Street giant Goldman Sachs has unveiled a new apprenticeship scheme aimed at giving students from low-income backgrounds the opportunity to earn a degree while working towards a career on the trading floor.
Goldman Sachs' Global Markets Degree Apprenticeship scheme — which opened for applications on Monday — offers apprentices the chance to earn a degree in Applied Finance while working a full time job at its London offices.
Apprentices will work five days a week on the trading floor in return for a competitive salary and bonuses, and complete their studies in two stints every semester, The Guardian newspaper reported.
The move comes with banks under pressure to improve their levels of diversity amid an increasingly competitive labor market. A 2020 report by the City of London Corporation found that nine in 10 senior roles were held by someone from a higher socio-economic background.
Under the Goldman scheme, which is initially open to 10 students, the bank will pay for relocation costs, equipment and tuition fees.
The four year apprenticeship, offered in conjunction with Queen Mary University of London, will start in September 2022. Applications close on Feb 27th, 2022.
Daniel Freckleton, a managing director in global markets at Goldman Sachs told The Guardian that the scheme was aimed at attracting students from as diverse a talent-pool as possible, which included socio-economic background.
"Unfortunately, we're currently missing out on a lot of this talent, either because students are put off by the traditional recruitment process, the financial barriers of university study, or simply because they are not aware of the kinds of jobs that Goldman has to offer them," he said.
Other well-known investment banks have also used apprenticeship schemes to widen their recruitment pools.
In October 2020, JP Morgan launched a similar scheme that sees apprentices combine a front office investment banking role with a degree in applied finance from the University of Exeter.
Swiss banking giant UBS currently offers an apprenticeship programme, also in conjunction with the University of Exeter. Goldman Sachs also has a degree apprenticeship within its engineering division.
In July Standard Chartered launched a scheme that removed the requirement for applicants to have a degree.
In principle, degree apprenticeships — which enable students to combine work with full-time study — can be a very good way of improving social mobility, said Charlie Bell, senior consultant for labour market intelligence at JISC, which provides research into higher education. However, he said in practice it can be different.
"Because they're a good option and offer work experience alongside getting paid rather than paying fees, what's happened is that well connected people have gone on to them, more than the less well connected people from less socially mobile backgrounds," he said.
He said that Goldman Sachs will have to ensure it takes active steps to ensure that its intake is diverse, which includes looking at the context within which a person achieved good grades.
Candidates should demonstrate that they're committed to growing and learning
Goldman Sachs is known for its traditionally long interview process — which has been known to consist of between six and 20 interviews depending on the seniority of the role. The bank has recently considered shortening the process.
Recruiters say that the bank values candidates who are curious and can demonstrate they're committed to "growing and learning".
Showing your technical and social skills as well as having something to "show your passion" outside of work can help you stand out, they say.
Insider has reached out to Goldman Sachs for an interview.
Dit artikel is oorspronkelijk verschenen op z24.nl