What I Learned from Goldman Sachs

It’s been exactly one week since my last day at Goldman Sachs (6/18/2021). After spending some time to gather my thoughts, it’s truly inspiring to look back and soak in all the memories, challenges, and experiences that I’ve had alongside each of my colleagues. GS is truly one of a kind and I couldn’t think of a better way to start my career.

After every major position comes to an end, I try to compile a list of what I learned during my tenure. At least for me, it acts as a time capsule to preserve my thoughts, feelings, and lessons that I took away from my involvement.

Network

Networking is one of those things that everyone tells you to do, but nobody tells you how. It’s a confusing proposition and one that takes time to learn. I’m certainly no expert, but there are strategies I used to better grow my network within the firm.

1.) Building relationships with your peers

• At least at Goldman, most hiring was done in classes consisting of about 5-10 people, depending on the cycle. Fostering relationships with your peers is crucial for development within the firm. Not only does it allow for everyone to learn and solve problems together, but it also keeps you intertwined in the day-to-day movements and tasks of others. If you don’t have regular talks with your peers, you’re at high risk of being overlooked when new responsibilities are up for grabs. Also, upper-level management will constantly ask your peers how you are performing. Employees first in line for promotion are almost always the ones with strong reviews from their peers.

2.) Find key touchpoints within your organization

• This might be a managing director’s assistant, someone who helped with your onboarding, an individual within human resources, or even technology teams. It’s critical to not overlook these folks as they can play a crucial role in your understanding of office politics. In most, cases these people are very well connected to the decision-makers within your office and can offer invaluable insights and access to almost anyone. On the tech front, nothing is worse than having your technology issues go unnoticed. If you have a deep relationship with people who can help get you access to a new tool or download the latest gadget, it will make your life much easier.

3.) Maintain a relationship with your manager

• Having a great relationship with your direct manager is of vast importance. Your direct manager is the main person who will impact your vertical trajectory within the firm. Always have regular catch-ups and be sure to discuss your short, medium, and long-term goals. Keep your manager aware of anything troubling you and always be sure to ask for candid feedback.

4.) Upper-level management

• Higher-level vice presidents, managing directors, and even partners are not to be thought of as “out of reach”. In most cases, I’ve found all senior management to be wonderful sources for firm strategy and insight that is hard to get through the grapevine. When meeting with these folks, don’t discuss the nitty-gritty daily tasks. Instead, focus on the overall team goals, progress, and vision of the branch that they oversee. Share with them your long-term career goals- they will almost always be able to help you strategize or open any necessary doors.

Communicate Concisely and Often

Communication is a learned skill. Most people have no problem writing an elaborate email that thoroughly explains a project or engaging in a long, drawn-out meeting.

1.) Economy of words

• Think about saying the most possible, but with the least amount of fluff. Sometimes a simple yes/no will work fine. The majority of people are so busy that they don’t have time to search for your answer in a paragraph riddled with non-critical information.

2.) Bullet points are your friend

• Always try to summarize the main points into an easily digestible format. This greatly improves responses and shows management that you understand the key points to the given task.

3.) Post people on your progress

• If the task is critical, post key updates to the party that sent you the request. Ensure they know an ETA and that you are actively working on the request. If the task is not immediate, post the party that you understand the task and will have it back within the appropriate timeline.

Attention to Detail

Unlike college, where a 95% accuracy is passing with flying colors, in the professional world you must strive for 100% accuracy. In my seat, if we were off by even 1-2% it could cost the team millions of dollars.

1.) Always tie out your work

• Build out automations and/or manual checks to tie out any output before sending it externally.

2.) Ask yourself if the final output makes sense

• Sometimes we get so involved in a task that we don’t even have a fundamental understanding of what we’re trying to do. Ensure that you are clear on the directional change. For example, if you’re showing the monthly P&L on a subset of the business, ensure that the directional change is in line with expectations. Sometimes all your calculations can be correct, but you forgot to update one filter.

3.) Sweat the little things

• Things like formatting, presentation, and clearly delivering on what was assigned is a great way to show you care. Don’t get in the habit of presenting sloppy work just because you can send it over 10 minutes earlier.

Seek Feedback

Always be sure to ask for feedback after a task is complete. Not only will this help you build a relationship, but it will also help you streamline future efforts.

1.) Ask to review the output together

• This is a great way to get inside someone else’s head. When they are reviewing your work, ask what key items they are looking for. Did you spend 80% of your time on something they are not even looking at?

2.) Ensure that the formatting exceeds expectations

• Be sure to ask about personal formatting preferences- some people like to see documents a certain way. Figure out the best way to properly present a document and stick to that way going forward.

Admit Mistakes

This is one of the most important signs of integrity. You must admit mistakes immediately when they arise.

1.) Don’t beat around the bush

• Everyone makes mistakes. Don’t try to justify a mistake by coming up with some elaborate explanation on why you did it wrong. Admit that your thinking was flawed and move on.

2.) Never, ever lie

• This is an immediate road to ruin and a path that will only lead to trouble. Even if something is wrong and it will be a huge black eye, always make sure to take it on the chin and let all parties involved be aware of the mistake.

3.) Don’t wait

• The moment you identify a mistake, be sure to let everyone involved know. Sometimes it’s a simple fix, but other times there might be external clients involved. If you wait and delay the inevitable, it will only get worse for you and your team.

Stay Humble

In a place like Goldman, there is always someone who knows more than you. Goldman, for lack of a better term, is the big leagues. There are individuals from the top universities in the world, partners and managing directors with 30+ years of experience, and everyone is trying to climb the corporate ladder.

1.) Learn from everyone…

• Never underestimate what someone can teach you. Even if they are talking about a task that you can do in your sleep, it’s great to see the thought process of different folks. Always ask how they are thinking about a task rather than just watching them complete it. Ask them what assumptions are key.

2.) …Including people more junior

• As mentioned above, Goldman is home to some of the most brilliant minds in the world. Sometimes the person coming out of college can open your eyes to a better way of completing a task. Always leverage these newcomers for potential breakthroughs and new insights.

Understand the WHY

It’s easy, especially when you first start in a new role, to only focus on achieving the desired results. Understanding the reason you are doing something is very important.

1.) Team

• Ask yourself how this task fits into the overall goal of the team. Maybe it is super apparent, but in some cases you’ll find that unless you ask you’re not really sure why you’re being requested to do something.

2.) Overall business

• Understand the part your team plays in the overall business. Depending on your seat, what are the downstream impacts of your work? How does the task you’re working on impact the P&L?

3.) Macro factors that play an impact

• Chances are, there are many external factors that impact your business. Understand those factors and pay close attention to how those change. Ask senior leaders how these changes impact the day-to-day. See what kind of assumptions change under certain market conditions.

Ask for Responsibility- Don’t Assume it will be Given

This is somewhat in line with our other themes from above, but still worth reiterating. Especially in a culture where you are not constantly micro-managed, it’s important to let managers know that you are available to take on more responsibility.

1.) Ask

• Many managers and upper-level decision-makers are very busy day-to-day. If you don’t make them aware that you are willing to take on a larger role, they might pass you up (even if you are a high performer).

2.) Ensure you have the bandwidth

• The worst thing to do is ask for more responsibility and not have the bandwidth to actually complete the task. Make sure you understand how much time the task will take and what sort of skills are required.

3.) Understand how the new task will fit into the overall goal of the firm

• Sometimes with new tasks, it’s easy to focus only on the output. Be sure to understand how your new responsibility benefits your team.

Set Goals

Goal setting is helpful to make sure you don’t get too caught up in the day-to-day. Set clear and manageable goals with key indicators for success.

1.) Short-term goals

• I like to refer to these as goals that you can complete within one or two quarters. A few examples can be learning a new task or process of the business, establishing a connection with a co-worker, or learning about an interesting subset of the industry.

2.) Medium-term goals

• I’ll typically view these types of goals on a one year timeline. Maybe this is learning an entirely new skill or a dashboard to better automate the business. Try to identify the processes you can automate and/or the biggest time sucks for your team. If you’re able to improve efficiency on your team, you will almost always be greatly rewarded.

3.) Long-term goals

• Long-term goals are usually a three to five-year idea of where you want to be. These are my favorite types of goals, but also the ones that take the most amount of planning. Try to involve others in your long-term goal and be sure that you always have it in the back of your mind. If you’re thinking about a new role within the firm, ask others who have made a similar transition. In almost all cases, achieving your long-term goal will involve an entire tribe of people to help you along the way.

4.) Reviewing your goals with your manager, mentor, and peers

• As mentioned above, it’s important to have a tribe of people who know your goals. They can help point you in the right direction and course correct if need be.

It’s All About the Team

Never throw another team member under the bus. You need to be able to rely on each other through thick and thin. If you can’t trust the people on your team, you will only have long term issues.

1.) When mistakes do happen

• When a mistake does occur, always be sure to first approach the individual involved privately- don’t blow them up on an email chain with 40 other people.

2.) Keep team morale high

• Ensure that the people on your team are okay- 70 and 80 hour work weeks can drag people down. Schedule regular talks to make sure there is nothing bothering them and, if there is, always do your best to help.

3.) Get in the habit of “checking out”

• Although 90% of the time there will be nothing you can help with at EOD. If you do log out before another team member, get in the habit of asking how you can help. There might not always be an immediate task, but it will go a long way in making sure that everyone feels noticed and appreciated.

Enjoy the Chaos

At the end of the day, you’re going to be spending a lot of time under stress and overworked. Try to enjoy these times. When you look back on the struggle associated with the role, it’s alarming how much you learned and contributed to the success of your team.

1.) It’s all going to be OK

• Especially at a place like Goldman, where every move you make is carefully examined for flaws and errors, it’s easy to find yourself in a rut. Understand that these trials and tribulations will not last forever and the self-doubt will subside.

2.) Never give up

• It’s cliché I know, but some of the largest growth opportunities come from the 3 am tie-outs. Every ounce of your body is telling you to just go to bed, but you know if you do the task won’t get completed. Listen to music, do jumping jacks, or drink a coffee- just don’t quit.

3.) You’re not alone

• Chances are you’re not the first person ever feeling discouraged or overwhelmed and you certainly won’t be the last. Ask your peer group how they are feeling, share with them your struggles, and take solace in the fact that you are on this journey together.