Goldman Sachs reaches record breaking number of student applications for this summer

Before you go, we thought you'd like these...
Before you go close icon
Goldman Sachs draws 250k student job applications

The rumors of big banks turning off new grads and hopeful applicants due to their rigorous nature and notoriously difficult hours and practices seem to be false.

Goldman Sachs reported to the Financial Times that they've received nearly 250,000 summer applications this year.

That's thousands of candidates more than the bank could ever hope to employ.

The quarter of a million applications this summer was divided amongst around 223,000 undergrads that were applying for summer internships and new analyst positions (up about 46 percent since 2012) and about 30,000 MBAs applying for summer jobs and new associate positions (up about 15 percent).

This trend of increased applicants can be seen across many big banks on Wall Street, as a direct result of companies introducing and implementing more lenient and employee-friendly policies to rid themselves of the reputation of overworking employees, especially summer interns and entry-level analysts.

SEE ALSO: Citigroup just changed the game with this unbelievable work perk for millennials

Bernie Toole, head of Investment Banking at Selby Jennings, a recruiting group, explains:

"Before [big banks] used to churn analysts, now they are trying to attract and retain them by introducing a more positive culture, with perks and more flexible working practices."

Goldman reported that it hired around 9,700 employees across all levels last year.

JPMorgan and Deutsche Bank each also reported an increase in applicants, 40 percent for JPMorgan since 2014 and about 14 percent globally for Deutsche Bank.

Now, take a look at the top 10 highest paying companies this year:

11 PHOTOS
10 highest paying companies of 2016
See Gallery
Goldman Sachs reaches record breaking number of student applications for this summer

10. Cadence Design Systems
Median Total Compensation: $150,010
Median Base Salary: $140,000
Industry: Technology

Photo credit: Facebook

9. Guidewire 
Median Total Compensation: $150,020
Median Base Salary: $135,000 
Industry: Technology

Photo credit: Facebook

8. Boston Consulting Group 
Median Total Compensation: $150,020
Median Base Salary: $147,000 
Industry: Consulting

Photo credit: Facebook

7. Amazon Lab126
Median Total Compensation: $150,100
Median Base Salary: $138,700 
Industry: Technology

Photo credit: Facebook

6. VMware
Median Total Compensation: $152,133
Median Base Salary: $130,000 
Industry: Technology

Photo credit: Facebook

7. Google
Median Total Compensation: $153,750
Median Base Salary: $123,331 
Industry: Technology

Photo credit: AP

4. McKinsey & Company
Median Total Compensation: $155,000
Median Base Salary: $135,000 
Industry: Consulting 

Photo credit: Facebook

3. Juniper Networks
Median Total Compensation: $157,000
Median Base Salary: $135,000 
Industry: Technology

Photo credit: Facebook

2. Strategy&
Median Total Compensation: $160,000
Median Base Salary: $147,000 
Industry: Consulting 

Photo credit: Facebook

1. A.T. Kearney
Median Total Compensation: $167,534
Median Base Salary: $143,620
Industry: Consulting

Photo credit: Facebook

of
SEE ALL
BACK TO SLIDE
SHOW CAPTION +
HIDE CAPTION

More on AOL.com:
This 25-year-old data engineer is helping disrupt the world of finance
US banks' dismal first quarter may spell trouble for 2016
Big US banks to take on tech rivals with instant payments

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners