Securing a position in the field of engineering at Goldman Sachs may not be a simple task, but the potential remuneration could certainly make it a worthwhile pursuit. Leveraging data provided by Levels.fyi, we have examined the average salaries of analysts, associates, and vice presidents (VPs) at Goldman Sachs for the year 2024, as well as the most financially rewarding locations to work for this esteemed investment bank.
Analysis of Earnings for Engineering Analysts, Associates, and VPs at Goldman Sachs
Remuneration at Goldman Sachs is heavily influenced by the specific team within which one operates. For example, roles involved in high-profile projects such as the transaction bank TxB or AI research are likely to command higher compensation compared to those focused on the maintenance or decommissioning of legacy applications. Nonetheless, examining averages can still provide valuable insights into the potential earnings for each stage of career advancement:
As one ascends from the average Goldman Sachs analyst position to an associate, remuneration increases by 26.8%, leaping from $125.8k to $159.5k. Progressing from associate to VP level triggers an even more significant increase of 28.8%, resulting in an average total compensation of $205.4k for the typical Goldman engineer who attains the VP status.
While data for managing directors (MDs) is less readily available, a specific case was recorded where an engineering MD based in New York earned $500k in 2023. This individual, who had been with Goldman Sachs for 16 years, was engaged in full stack engineering and received a compensation package consisting of a $400k salary, an $83k bonus, and the remainder in stock. It is worth noting that the $400k salary aligns with the bank’s modal average on the H1B visa salary database, suggesting that most MDs receive around the same figure.
Top-Rated Locations for Compensation of Engineers at Goldman Sachs
The geographic location of one’s employment can be as pivotal as their seniority in determining the most lucrative salary package at Goldman Sachs. Unsurprisingly, New York emerges as the top-paying location, with engineers there averaging $188.9k. Meanwhile, the bank’s Hong Kong workforce is not far behind, boasting an average salary of $184.1k, which is notably higher than the $100.5k average in Singapore, despite similar sample sizes. The London and Dallas offices offer relatively comparable compensation.
Conversely, two of the bank’s key technological hubs do not fare as well in terms of compensation. In Bengaluru, India, where over 750 engineers and IT professionals are employed, the average pay stands at a meagre $46.6k. Additionally, Goldman Sachs recently relocated its global head of investment banking tech from London to Birmingham as part of a major tech expansion, but the average pay in Birmingham is 54.7% lower than in the capital.
Despite the challenges pervading the tech hiring landscape, Goldman’s recruitment efforts in engineering may be gaining momentum, with 399 open positions available across various engineering departments globally.
For any confidential stories, tips, or comments, individuals are encouraged to get in touch through the following channels: +44 7537 182250 (SMS, Whatsapp, or voicemail), Telegram: @SarahButcher, or via email at [email protected]. Signal is also an available option for communication.
In conclusion, the path to a gratifying career in engineering at Goldman Sachs is evidently laden with potential for substantial financial gains, as evidenced by the wealth of available data. We invite you to sign up for Morning Coffee, the essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.
+ There are no comments
Add yours