A record 236,000 students are vying to become interns at Goldman Sachs, despite junior bankers’ reports of burnout and 98-hour workweeks

• A record number of people applied for Goldman Sachs internships, in spite of grueling work conditions.
• 236,000 people around the world applied, a 17% jump from 2021.
• The program is highly competitive, only accepting 1.5% of applications, a source told CNBC.

Reports of burnout do not appear to be driving away aspiring Goldman Sachs interns.

The bank said a record 236,000 people globally applied to its internship program, a 17% jump from 2021, according to data provided to Insider. 

Demand for a spot is hotter than ever, even with reports that staff were working 98-hours a week amid a busy year on Wall Street. 

Last year, an informal survey of 13 Goldman analysts circulated online that was designed to look like a traditional banker slide deck. The presentation painted a grim picture of Goldman life: 98-hour workweeks, five hours of sleep per night, and damage to relationships with family and friends.

“There was a point where I was not eating, showering, or doing anything else other than working from morning until after midnight,” one analyst said. 

Work from home potentially contributed to this issue at Goldman, Insider reported in March of last year, as it was difficult to manage long hours while cooped up with concerned parents or to engage with some of the benefits of an intense job at prestigious bank, such as fancy dinners or vacations.

“The things that ease the blow — that assuage that pain of you losing the best years of your life — you couldn’t have, so you’re just working, and you’re putting money into your current account every month,” Logan Naidu, founder and CEO of the search firm Dartmouth Partners told Insider.

Even so, potential interns are interested. As CNBC reported, Goldman and other Wall Street internships are a key talent pipeline for banking and range of industries, from private equity to venture capital. 

The internship program at Goldman is competitive, only accepting 1.5% of applications, an unnamed source told CNBC. The bank saw applications for its summer internships in its Americas region go up by 16% compared to 2021, with 79,000 applicants, per data provided to Insider.

Summer internships at Goldman will be in-person again. The bank’s CEO David Solomon is a fierce advocate for returning to work at the office, calling remote work an “abberation” in February 2021. Insider reported in March that Goldman was tracking in-office appearances with electronic swipes. 

“We look forward to welcoming our newest cohort for an in-person experience this summer following the successful, safe completion of our internship program last year,” Vicki Tung, Goldman Sachs’ global head of talent acquisition, said in a statement to Insider. 

“Bringing our people together is core to our apprenticeship culture and client-centric business, especially as an employer of choice for young people in the beginning stage of their career,” she added.