- Goldman Sachs is hiring for jobs in Salt Lake City that only require a high school diploma or a GED, as advertised.
- Goldman typically hires through college campus recruitment and industry-side professionals.
- This "alternative staffing model" was introduced in Salt Lake City last year, a Goldman Sachs spokesman told Business Insider.
- These settings perform traditional operational functions such as trading and reconciliation.
- Salt Lake City is one of Goldman's many "high quality" locations, and the bank has been relocating roles of hubs like New York to these cheaper cities for years.
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You don't necessarily need a university degree to work at Goldman Sachs.
The investment bank has booked Job offers for roles in his operations department that require a high school diploma or a GED.
"Last year in Salt Lake City, we introduced an alternative staffing model to meet the demand to optimize our coverage of financial exchanges for markets around the world," a Goldman spokesman told Business Insider in emailed comments.
The roles of "process coordinator" are part of the company's operations teams that support Goldman's various businesses, including sales and trading, and investment management.
It's a new role according to the job descriptionand while a baccalaureate is a basic requirement, an associate's degree is preferred.
According to the spokesman, process coordinators carry out traditional operational functions such as trading and coordination.
Goldman opened its Salt Lake City office in 2000, which now has employees in most areas of the company. For years, the bank has been moving roles from expensive hubs like New York and London to "high-quality" cities like Salt Lake and Dallas.
However, employees at these locations continue to support companies in cities like New York, so their working hours can be postponed early.
While the process coordinator's jobs are full-time, the hours can be adapted to the hub locations.
"Because these roles alternate and often start very early in the morning or later in the day, we have seen a high demand from job seekers who need flexibility in their work schedules," the spokesman said.
Process coordinators are hired through a typical interview process that includes meeting with the team's leadership, the spokesman said.
Goldman Sachs has long been known for its rigorous interview process and it is not easy to find a job at the renowned investment bank. Of the 1 million applications received each year, the company only posts 5,000, which corresponds to an acceptance rate of 0.5%.
While many of these applicants vie for roles in the company's revenue-generating business areas, such as investment banking or sales and trading, potential employees across all business areas must go through similar interview processes to get an offer.
For university graduates, landing an internship or an entry-level role is more about academics and culture. The bank is looking for curiosity and drive, as Dane Holmes, former head of human capital management, previously told Business Insider.
Lateral settings – usually medium-sized employees with experience in other companies – must also demonstrate technical skills.
These new jobs as process coordinators are somewhere in between. They are not necessarily "beginners" because the company is looking for past experience in a "business process" role. For Goldman, however, it's a new approach to not require a bachelor's degree.
Typically, entry-level roles at Goldman are filled by recruiting efforts on college campuses and by a number of summer analysts, many of whom are offered full-time positions before returning to school for their senior years.
And Goldman employees usually came from high-level schools. according to LinkedIn data.
But Goldman's approach to hiring has changed. In 2016, the company stopped visiting colleges to conduct interviews on campus, and instead let applicants complete their interviews in the first round on the previously recorded video platform HireVue.
"With offices in new cities and geographical locations, we had to hire more schools in those areas. Video interviews made this possible." Holmes wrote in the Harvard Business Review.
Editor's Note: Shannen Balogh previously worked for Goldman Sachs in New York.