Goldman Sachs is the Poster Boy of the US investment banking industry because of its unique approach to the market. Though it is an Investment bank, its bulk revenue comes from sales and trading, while only 14.4% of revenue comes from investment banking. Let’s know about Goldman Sachs Signing Bonus.
Goldman Sachs is the world’s second-largest investment bank in terms of revenue. Headquartered in New York City at 200 west street, Lower Manhattan. The company operates its branches in all the major financial hubs worldwide. It was ranked #40 in fortune-best workplaces in New York in 2020. A Goldman Sachs employee works three times more than an average US worker, but they still find it a great place to work due to the great paycheck and the work culture that drives you to be efficient.
So, if you are looking forward to working in the investment banking industry then, Goldman Sachs offers you not just a great platform but also wonderful benefits and a signing bonus along with its Brand name.
What is your Signing bonus?
A signing bonus is a reward or incentive that a company offers prospective employees when they join the company. It can be in the form of one-time lump sum cash or stock options. This signing bonus can be as much as 5%-10% of an employee’s first-year base pay. It is usually paid with your first month’s salary.
Signing bonus at Goldman Sachs
Goldman Sachs is known for hiring young graduates who are high on energy and potential. The best way to attract the talented ones is by offering a great deal in signing bonus. At Goldman, mostly graduates join as Analysts, and your signing bonus can be anywhere between $10k-$100k, depending upon your skills and talent, and the position you have applied for because signing bonus is like an incentive trap for those employees who have many options available but, the firm wants them for themselves.
A signing bonus is not available for every Goldman employee, but most of the fresh graduates are offered a signing bonus of around $10k-$20k, and the experienced recruits can expect an even higher signing bonus.
Most of the time employees are bound with confidentiality agreements when it comes to signing bonuses, hence giving an exact figure for every position is not possible, but you will be paid a signing bonus as per your credibility and the employee compensation policies.
- Salaries and Compensation at Goldman Sachs annually
- Analyst – $68,023+Annual bonus= Around $85k
- Senior Analyst- $85,980+Annual bonus
- Associate- $114,817+Annual bonus
- Assistant vice president- $157,040+Annual bonus
- Vice president – $162,535+Annual bonus
- Finance vice president- $224,640+Annual bonus
The salaries and compensation mentioned above are the average figures and the actual salaries might slightly differ. The Annual bonus depends on the performance of an employee and the company’s compensation policies along with your job profile. Goldman Sachs promotes growth, so if you are an efficient employee, then you can expect regular promotions and high compensation and, with 6-7 years of experience, you can even be the vice president.
The Recent Trends in Signing bonus
The Coronavirus Pandemic has changed the employment scenario in many industries. The lockdown and work-from-home opportunity has provided people with opportunities to retrospect in their lives. The market is bouncing back, and the companies require professional workers. Hence signing bonuses are slowly becoming a norm to attract the talented workforce in almost every industry.
According to the US government, around 10 million new jobs are vacant after the economy reopened, and there are still travel restrictions on workers from other countries, hence there is demand in the workforce. Goldman Sachs is now offering as much as $100,000 plus bonuses annually to first-year associates in the US.
Why do businesses offer a high signing bonus?
Goldman Sachs does not offer the highest salary in the Investment banking industry, although it’s the world’s second-largest Investment bank. Its workforce consists of highly talented individuals, and a sure way to do this is to offer better compensation and signing bonuses. Hence a company offers signing bonus for-
- To tackle competition- Sometimes an employee is in demand by many recruiters due to their skills, hence to attract unique talents a signing bonus is offered.
- To compensate for your old job benefits.
- To make sure that the employee stays longer with the company
- To compensate if the overall salary is low.
Should you go for a signing bonus at Goldman Sachs?
A signing bonus comes with terms and conditions, sometimes you are required to return your signing bonus if you decide to leave the company earlier. Hence, if you are joining Goldman to gain experience and then leave the firm then, do not take a signing bonus without properly going through the terms and conditions.
Employers also offer signing bonuses so that they need not hike your salary, so if you already have a high-paying job then joining Goldman Sachs for experience and enhancing your resume is still worth it.
Frequently asked questions
- What is a signing bonus for an employee with 3 years of experience at Goldman Sachs?
A- If you have experience of three years then you will be joining the firm as an associate and you can expect around $20k-$30k joining bonus.
- What is the signing bonus for an intern at Goldman Sachs?
A- Goldman Sachs does hire summer interns and they are paid stipends and not signing bonuses. Signing bonus privileges are available only for skillful full-time company employees.
