Last year, Goldman Sachs junior bankers shared a slide deck that detailed the daunting working conditions in the industry. The note awoke a narrative that the industry is starting to lose its appeal to younger bankers. 

However, the figures are telling us otherwise. According to Goldman, 236,000 people applied for internships globally at the bank. The figure includes 79,000 in the Americas, according to CNBC. 

The series of bigger bonuses and widespread raises led by the bank has made the bank an attractive direction for new college students. College students’ internships rose to an all-time high, surging by about 16% compared to 2021, according to a person with knowledge of Goldman’s figures.

Internships are a rite of passage on Wall Street. Both financial institutions and young bankers benefit from the opportunity. Students who get admissions go through a two-year analyst program after they graduate. They can later choose whatever career they want or benefit from the “exit opportunities,” at a range of companies, from private equity or venture capital firms to hedge funds and fintech start-ups.

Out of the 200,000 applicants at Goldman Sachs, only 1.5% will be accepted, according to people knowledgeable about the matter. Typically, the bank hires high-performing students between their third and fourth years of college. 

In the United States, internships start June 6 and are fully in-person. The firm places students across its various operations, from investment banking to trading, asset management, research, strategy, and consumer and wealth management. 

“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,” Vicki Tung, Goldman’s global head of talent acquisition, said in a statement. “We look forward to welcoming our newest cohort for an in-person experience this summer.”