A record 360,000 students applied for a Goldman Sachs internship this year—and fewer than 1% were accepted

In 2017, Allison Berger was excited to join Goldman Sachs’s 10-week summer internship program. Berger said she “worked on many important and complex problems” that summer, which helped her secure a full-time analyst position with Goldman’s investment banking division. Nearly a decade later, Berger is a Goldman vice president for global banking and markets.

“I’ve had amazing opportunities here. So many mentors here are women. My male colleagues have also always been incredibly supportive,” said Berger, adding that the skillset she gained early in her career gave her flexibility to thrive in different parts of the bank.

Berger’s experience is a common one at Goldman, which is considered one of the world’s leading investment banks. Every summer Goldman hires about 2,500 to 3,000 summer interns who are assigned to various divisions including investment banking, engineering, and sales. The Goldman internship is considered a feeder to getting a permanent job at the investment bank; a majority of summer interns typically get hired as full-time analysts.

Candidates, however, face lots of competition for the summer positions. For the 2025 internship class, the bank received more than 360,000 applications, a 15% increase from 2024’s program and up 300% since 2018 when David Solomon became CEO. In fact, it’s harder to snag a Goldman summer internship than it is to get into Harvard, one of the most selective universities. For the Class of 2025, Harvard accepted 2.58% of applicants, while candidates for Goldman’s 2025 summer internship class had a 0.7% chance at getting picked.

“We view the campus pipeline as a critical element of the future leadership of the firm. The Goldman Sachs internship provides students with the opportunity to roll up their sleeves and contribute directly to client projects, collaborate directly with global colleagues and develop the skills to build a successful and lasting career,” said Jacqueline Arthur, global head of human capital management and corporate & workplace solutions at Goldman.

Roughly one-third of Goldman’s most recent partner class started as summer interns. Some current powerful Goldman executives who began as interns include Marc Nachmann, global head of asset & wealth management; Kim Posnett, global co-head of investment banking; Kunal Shah, co-head of Goldman Sachs International and co-head of fixed income, currency and commodities or FICC; and Carey Halio, global treasurer and a member of GS’s management committee. 

Having Goldman on a resume can also lead to impactful careers outside the bank in finance, private equity, or nearly any other field. Prominent examples include Amanda Baldwin, CEO of hair care brand Olaplex (Goldman intern class of 1999) and Red Lobster CEO Damola Adamolekun (2009 and 2010). Then there is Jon Winkelried, the CEO of private equity firm TPG, who also started off as a Goldman summer intern. 

Goldman on college campuses

Goldman takes campus recruiting seriously. Throughout the school year, Goldman’s management committee, led by CEO David Solomon, typically visits colleges around the country to inform candidates about the opportunities. The investment bank hired from more than 475 schools for its 2024 internship class, down from over 500 colleges for the prior year. 

Goldman targets Ivy League schools but also many other universities. Earlier this year, Solomon visited several schools in Texas including Southern Methodist University, Texas Christian University, The University of Texas at Dallas and Paul Quinn College.

This year’s crop of interns began working at Goldman earlier this month as part of the 2025 summer class. The investment bank is currently recruiting for the Class of 2026. Candidates typically apply in their sophomore year for internships that take place in the summer between their junior and senior years. 

Notably, Goldman interns receive the same salary as junior analysts ($110,000 to $125,000 for investment research analysts in New York City), though that amount is prorated for the summer and there are no bonuses. 

The competition for a Goldman internship is open to candidates around the world and, while it may seem that those with a major in finance or economics may have an edge, that’s not necessarily so, Arthur said. Goldman looks for qualities like great communicators or students with a diversity of experiences, she said. The investment bank seeks interns that are “open to evolving and making an impact” and who are also not afraid to fail, she said. “They should be able to take risks,” she said.

Berger recommends that candidates take the time to learn and understand investment banking and Goldman, and whether that “fits in with your personal career skills,” she said. 

It also doesn’t hurt, of course, for applicants to have a sincere interest in being part of Goldman, Arthur said. “Have authentic passion,” she said.

This story was originally featured on Fortune.com