According to Business Insider, Goldman Sachs and JP Morgan saw a record number of intern applicants for the Summer of 2024. According to BI, 0.9% of applicants at Goldman Sachs will make the cut, a new record low. 1435 Capital Management does not compete in the same capacity (we don’t recruit from colleges), but we have similar acceptance rate. We project a 1.1% acceptance rate for this summer. In contrast, Harvard’s acceptance rate is approximately 3.6%.
The other important distinction is, 1435 Capital is a venture capital firm and Goldman Sachs and JP Morgan are both investment banks. Wall Street internships are a proven path to a career as an investment banker or trader and competition for these positions have increased in recent years. As a frame of reference, ten years ago, Goldman’s acceptance rate for their internship was nearly 5%. 2024 marks the first year where the acceptance rate for interns has fallen below 1%. Earlier in the week, JP Morgan’s head of asset and wealth management division cited that the bank’s volume of internship applications was “mindblowing” and received nearly 493,000 applications for 4,000 slots, also representing an acceptance rate of under 1%.
With that said, we are still going through secondary screenings of applicants and will be in touch with the few that will make it through to the final round of screening in the coming week.
Article from Business Insider: https://www.businessinsider.com/goldman-internship-just-got-harder-summer-analyst-acceptance-rate-2024