Internship Q&A
Extracurriculars
#1 New Alt #2 undergraduate recruitment Every week i give tours of Columbia And i talk about the various amenities, groups on campus, classes opportunities, etc. Meet new people from all walks of life, practice my communication skills, and share something i really care about I also spend a huge amount of time last year interviewing candidates Pilot program Current students Part of an initiative to increase accessibility So i reached out to underrepresented regions and countries (if they ask too much -- NDA!) #3 On the side i do some editing work for the Columbia Lion, which is an open-source publication that seeks to get different perspectives (we dont have huge story requirements like Spec -- we believe that there are lots of ppl on campus who are too busy btwn classes and everything else to contribute to spec, but who still have a valuable perspective to share w/ the school community) I especially love editing Broadway reviews Spongebob Dear Evan Hansen Come From Away
From Jordan: Describe the most challenging task you've been given. How did you approach the problem step by step? (I was asked this multiple times.)
(see hard work) What was at stake? Future of the firm... Emphasize: the hardest part about this was?
Industry trends? Esp as pertain to legal
- Investing more and more in emerging markets - Investing in digital banking solutions for clients Simon - an APP sells complex financial products to retail investors, and acts as an online marketplace for these assets - Innovation: Blockchain & AI Will disrupt all sorts of industries Legal, accounting, driving etc AI: Anything that involves repetition Blockchain explained: highly secure and decentralized way to store and exchange information... can be used for almost any kind of transaction.... originally a way to timestamp docs so can't be tampered w/ ... Essentially a database operating across a network of computers Very hard to change or tamper with transaction approved by network Record of transaction is stored in block Record CHANGES the hash/code of the block Block keeps the old code too Blocks are kept in the network in a specific order based on their current and previous codes So if u tamper with the record, the code changes and it won't FIT into the chain
What are the different Goldman functions?
- Investment banking -- financial advisory services IPOs M&As Debt issuance - Securities (Sales and Trading) Helps clients buy and sell financial products Market making -- when there's no buyer of a security for example, but there are sellers, Goldman will step in and buy.... Then look for a buyer This explains how people can, for example, buy 1000 shares in a moment's notice without seeking out 1000 different sellers Institutions make these offers so that once someone wants to sell or buy, they help Keeps markets liquid - Merchant banking -- focus on international projects, infrastructure, real estate, etc Investment management - Asset management -- helping institutional investors manage their portfolios - Private Wealth Management -- helping high net worth indivs manage their portfolios - Operations -- ensures efficiency across business, making sure business flows seamlessly Global Investment Research -- analyzes market trends in all kinds of asset classes, as well as on a macroeconomic scale, and sells this expert insight to clients like mutual funds and hedge funds - Risk -- monitors both financial and reputational risk - Legal -- Provides advice and counsel to all areas and divisions of the firm Advises on legal, reputational, and financial risk associated with the various business lines of the firm Rigorously advocates for the interests of the firm - Compliance -- takes regularly interpretation and legal counsel and creates a set of policies and processes for the company to follow to ensure compliance with those interpretations. It educates through sessions, seminars, etc. It then monitors those processes to ensure that they are being followed and improves them as necessary or with any changes to the law or the attorney's interpretations of the law.
Why NOT other banks?
- Morgan Stanley has traditionally been a very 'white shoe' organisation, for example." I.e. smug, genteel, old-fashioned "People at Morgan Stanley take themselves very seriously" Some friends have told me that they feel a bit stilted or poised there - J.P. Morgan is considered a bit siloed Banks have gone thru so many acquisitions --- theyre not as unified, collaborative, and interconnected as people have hoped -- put into silos, leaving you unable to imagine yourself in a different role/group/function And being able to put yourself in the shoes of your coworkers is key - BaML -- a bit siloed as well (acquisitions) Citi -- a bit siloed as well (acquisitions) ****compare to Columbia... slightly fragmented identity....
Final Tips
- make your answers and questions STUNNING. NOT JUST PLAUSIBLE - **for every question -- take it as HOW CAN YOU ADD VALUE** - **get specific... name drop divisions, programs, people maybe even - "We" not "I" - BE SUNNY & EASY GOING - understand worst case scenario = some weird strangers dont like me, best case is i get a job at GS :OOOO
reforms for intern CC program
- seating - induction... condensed it all into one day - more partner interaction through cocktail hours - set up a double supervisor system.. real and buddy (trainee)
Question about morals.... About whether or not SSG is moral
I have no doubt that given GS's reputation, it has taken all steps possible to be compliant with Dodd-Frank, including the the Volcker Rule.
Why finance?
I would say that my interest in finance stems both from my personality and from my experiences. I'm a significance-driven person... if contributing to a world class firm that changes the landscape of the political economy, even if i'm just pushing paper and filing i'll be really engaged and present, but on the other end of the spectrum, things like video games that are flashy but meaningless ... they just bore me. So significance drives me ... and that brings me to my experiences.. during my-ever first internship One of the most significant events I went to was SelectUSA Which is a huge conference that encourages massive levels of foreign direct investment in the US It was a rainy, gross summer DC day But when i got there, I saw businesspeople, investors, and political leaders from all over the country and world coming together to talk shop It was amazing I listened to CEOs of blue chip companies talking about their companies' new initiatives And state governors arguing about why their particular states were the most prime for foreign direct investment And all across the room, investors from around the world were listening -- really listening. Seemed significant to me Fast forward to Clifford Chance All the way on the other side of the globe working at a premier law firm, doing recruitment Which, by the way, i love recruitment But part of the job was getting to know the different practice areas and the projects they worked on And it was amazing! Large scale mergers and acquisitions that would change entire industries, IPOs, financing clean energy solutions in Taiwan and infrastructure projects in Turkey... i got the sense that, at that level they were really pumping the lifeblood of the economy and sculpting the business landscape. So i felt that, since i'm a significance person, and since the most significant aspects of my past two internships were both finance related -- i realized i wanted to work in financial services. ****if pressed harder: lots of things are significant - - why finance I think for me, significance involves bringing parties together, esp parties that would not necessarily do so And investment banks do so all the time Connecting people with capital to people who need capital to fund their next big ideas Connecting businesses that want to buy other businesses Merchant banking -- working on an international level ***if pressed even harder -- but other things bring people together Definitely true, but i think finance brings people together in a more organic, win-win way. It's not about global powers fighting it out through foreign policy It's about people making mutually beneficial, symbiotic relationships that make the world more comfortable, more innovative, more beautiful.. And so when you combine this level of significance with some of the brightest professionals in the world, some of the best training, and the most unbeatable teams ... -- who wouldn't want to work in that field?
why diversity is important
Story about pride art exhibit Bringing whole selves... allowing you to both cultivate your own talent and to FULLY immerse yourself into and contribute to your team I saw an article in Bloomberg the other day... GS in Hong Kong was praising the HK administration's decision to accept same-sex spousal visas Banks there have been arguing for years that inequality HARMS talent acquisition Client interactions-- we want people who can get along with anyone, from any background, to form effective teams and networks and deals New Alt board Misty, board member who has experienced homelessness Is able to to help us see things from different perspectives Use word "clients" to describe the homeless youth we help College Setting Admissions Interviewer I'm part of the effort to reach out to students from underrepresented areas From lower income areas in the South and to people from around the world As an interviewer, i immediately see how people with non-typical Ivy League backgrounds have the potential to make the school better Critical distance New perspectives And this really plays out in the classroom Core class: philosophy/ethics course And people from all backgrounds, viewpoints, religions, cultures, identities come together to agree with or criticize noteworthy thinkers Cant tell u how many times I've walked away completely questioning my assumptions Vault.... Goldman Sachs is the #1 bank in the world for LGBTQ+ employees. : "Diversity is about more than formal policies; it's about the culture of the employees and how people act under tough situations. Here's a revealing example that I think highlights the firm's commitment. I was at a client dinner where the senior relationship manager thought he had overheard a homophobic comment from a key client. After the dinner, he had rushed over to check what had actually been said, whether I thought it was offensive to me (as a gay man), and offered to discuss with the client and even end the relationship." GSU has diversity and inclusion training
favorite book Favorite movie Favorite tv show Favorite thing to bake Favorite travel destination Favorite NYC restaurant
Book: 1. Democracy in America by Alexis de Tocqueville ... he actually did not like America but saw it's importance... french aristocrat... VERY even handed-- praised democratic institutions, attacked racism and other evils 2. i love biographies so ... The Singapore Story: Memoirs of Lee Kwan Yew... it's the story of personal failures and triumphs and how Singapore went from an average city to a 21st century beacon of trade, finance, technology and so on Favorite movie: To Sir, With Love -- a 1967 British drama film that deals with social and racial issues in an inner city school. It stars Sidney Poitier (Mark Thackeray), who becomes a teacher at a struggling school that's rife with racial tension... and his mostly white class is viscious toward him.. and i wouldn't hold it against him if he wanted to get out of there immediately, but he's so invested in helping them learn and grow that they slowly gain respect for him.... he shows how much he cares.... and by the end the students are so ashamed of their behavior and so thankful for his teaching.... really pulls at the heartstrings, and Sidney Poitier's performance is just incredible Favorite TV show: i love spy shows so Alias ... Jack Ryan.... London Spy.... but recently I've been into a show called Magic for Humans .... magician Justin Willman blends good-natured magic with grown-up laughs in this series that sends him out on the streets and into locations like schools to baffle unsuspecting people. no camera tricks... and sometimes when you're stressd i think it's great to suspend in disbelief... and believe in magic for a bit. The Great British Baking Show is also tremendous Bake: I love baking apple crumble and banana bread... very generic but i have special family recipes and i love them so Granola too... i never understand how it goes for $10 in those bags at the grocery story, it's really easy to make and much tastier Favorite Travel Destination: I love Hong Kong... get to practice my cantonese... it's a real city like new york... food is incredible Favorite NYC Restaurant: idk if this counts but i just love Russ N Daughters.... my dad grew up on it... I also love a pizza place in Staten Island called Denino's... my grandparents live there so we go often.... clam & sausage/broccoli raab
14 business principles -- most important ones
Centrality of clients Centrality of shareholders importance of assets, particularly ppl capital and reputation finding the right person for every job teamwork honesty and integrity creativity and innovation importance of size (but not so big that loses its spirit)
Examples of time management
During finals week first semester of college i wanted to do everything... didn't know how to allocate my time. Set up a calendar system Word processor -- Integrate a weekly schedule with a to-do list Organize my to do list in a particular way Every week i look ahead at my calendar and i plan out the forseeable work for the week It's meant that in school i turn in my papers often a week in advance... Jasmine receptionist .... Too kind but ....
Do you have a preference for which (legal) team you work on?
I'm really interested in the Securities Legal group Clifford chance i had time to talk to the funds team and it seems like there are parallels... CC was more involved in setting up funds but Got to hear about their clients -- hedge funds -- who trade invarious asset classes I love this idea of developing an investment strategy and beating the market and also simultaneously mitigating risk there seems to be a fast-paced buzz to it with lots of intensity - but that's tempered by the limited hours of the market - and that's generally how i work -- i can be in a fast paced environment all day, grinding out work, and then take some time Seems like lifestyle is a bit better with sales and trading -- IB deals go around the clock whereas sales are a bit more constrained by when the market is open (9:30 - 4) You get to see more instant feedback Not working on the same project for months highly varied work (WHY SSG?) 1. i like that its specialty is the middle market --- companies worth between 10 million and 1 billion --- because there's a lot you can learn there.... big business is often companies you've heard of but that probably means less learning 2. i'm also aware that SSG invests in relatively unusual asset classes... - alternative energy excites me because my dad works in the alternative energy space... and i think this field is amazing in terms of social impact 3. and real estate as well.... i saw that on the external website ... and it just so happens that i love architecture, reading about buildings and new developments, etc. i remember when 432 was being built i was obsessed with it 4. in general, i get the sense that SSG really delivers custom-tailored, bespoke solutions to the companies it invests in... and i think that would keep the work especially interesting FINALLY, i had a lovely call with Bianca Viscusi yesterday and she said she really loves the easy-going culture... admittedly, I'm from California, and while i'm not exactly a surfer bro, i am most comfortable in atmospheres that lean slightly more toward the easygoing side. ----- (btw, not 24/7 to increase liquidity -- buyers and sellers more concentrated so you can get a higher volume of transactions) *****CULTURE -- EASY GOING******
Examples of Leadership
ITA Intern Network Randomly, china office was in charge of intern network And my portfolio as well So in addition to my day job, i was in charge of setting up professional development sessions Got office heads to talk about resume writing Communication specialists to talk about EQ development Got division heads to discuss their different purviews Compared domestic commercial officers to overseas commercial officers who work in embassies Even successful in getting the Secretary of Commerce to speak to all of the interns in Commerce Which meant not just the 50 ITA interns, but also the 200 other commerce interns It was a logistical nightmare -- getting RVSPs from busy people always is But so worth it to build my network In fact one person i met during this my good friend Varun Vallabhaneni who worked in GS IB this past summer So i was able to reach out to him and ask for some superday pointers Managing recruitment for 6 roles during a time of crisis for my HR team Someone left... there were some serious interpersonal issues btwn that person and the higher ups.. So she essentially disappeared My team was scrambling and i could tell they didn't want to overburden me bc i was the intern and i was supposed to be having a good time abroad But i didnt feel that was right for them to shoulder all the burden So i took on her biggest portfolio item Managing 4 recruitment roles In addition to 2 roles i was already working on One of the roles, LTD, was very cutting edge and difficult and recruiting for that alone could have been a full time project So i ended up working until 9, 10 a lot of the time and i came in on weekends which virtually no one did But i was excited about the projects and i felt this would be a good chance to exercise my leadership muscles Volunteered to run the raffle at New Alt 10th anniversary fundraiser This was the main way we were planning to get donations It was a chance to really enhance the services we offer But as it sometimes goes, after the director discussed it, no one stepped up to lead it Initially i held back bc i'm relatively new and i hoped to work under someone on it... esp someone who knew how to conduct a raffle better But no one did so i spoke up So from then on, every day this summer i've sent out 5, 10, 15 requests for donations Problem is i was in singapore and then sf So a lot of people just ignore emails But with persistence i've managed to send around 400-500 requests And generated $5k worth of raffle prizes Which might generate 5-10k for the organization in one night We got organizations like Whole Foods, Soulcylce Small bakeries like Levain Yoga studios Pilates studios Spas Candy shops Screenings to the rocky horror picture show Premium Film festival tickets etc.. When i finally presented the whole list of donors the director was so thankful -- he called me "the beast" of securing donations
Best Quality
See communication
last words
Thank you again for having me! This past summer i had to set up soo many video interviews, and i remember them being a pain logistically, so i just want to say i really appreciate you, all of you, making this possible. SEND THANK YOU NOTES
Worst quality --
difficult time delegating because I feel sad about asking people to do more work; Story: passing on recruitment management for 3 roles during wrap up I had to help with end of internship, interviews for incoming lawyers... my boss recommended that I start handing off other projects to our new joiner How I work around it: I've PROACTIVELY scheduled meetings to see what their capacity is in their schedules Remember: they signed up for this just as much as I did And I remember that i don't have all of the answers... teamwork is important and delegating gives me new perspectives (other tangible steps that you take improve on this) 2. sensitive -- goodbyes and hellos
see more Qs!
https://news.efinancialcareers.com/uk-en/220502/goldman-sachs-interview-questions
pitch a stock
1. CyberArk Software, trades on the NASDAQ cybersecurity innovation firm Good stock to avoid further potential repercussions of the trade war Israeli-based, sells software which is less impacted by changes in supply chains than other products Cybersecurity is only going to get more important as hackers become more sophisticated Huge clients like Pfizer, Barclays, and Deloitte and the list keeps growing https://investorplace.com/2018/09/7-market-beating-stocks-to-buy-to-weather-a-trade-war/ 2. Comcast.... just beat Disney and Fox in a competition to buy Sky, a hugely popular European satellite-TV broadcaster.... Comcast will have a presence in some of the most prosperous countries in Europe — Britain, Ireland, Germany, Austria and Italy.
clashed with coworker
1. disagree only .... Jing Xiu / sandwich shop #1 assume the best intentions These people are on your side So when i got criticism, i knew that it was for my own good, and for the firm's good that she was asking these probing questions #2 maintained an open mind about being wrong #3 explained my steps I didn't just tell her one factor, i gave her my whole thought process #4 asked questions Making sure i've thought of every angle #5 reiterated our shared consensus -- to make sure we were on the same page going forward 2. near clash .. David taking credit A fellow intern and i were supposed to help draft some briefings about meetings And the boss wanted to experiment with new formats so he asked us to work on it independently and come up with different ways to present information After we sent it in, the boss got back to us with feedback And he started to describe which one he preferred And i recognized it as mine -- all of the attributes were as i had set them up And having discussed the project with my fellow intern, i knew he hadn't included those attributes But the boss kept on saying it was the other intern's In essence he was mixing us up and giving the wrong person credit I wasn't upset but i wasn't sure what to do In the moment i didnt want to make my fellow intern look bad for not stepping up and pointing out that he was falsely being credited for my work I was disappointed that he hadn't spoken up himself.. But i didnt want to throw him under the bus And for a while after the discussion i thought it might not be worth it to bring it up at all But that night i thought about it some more, my fellow intern really didn't put in as much work as i did, and i was afraid that based on this false attribution i wouldn't be trusted as much with work in the future, which would really hamper my experience So the next day when the intern and i were both free i gently brought him aside And i didnt day anything pointed but i let him know how i felt And he was actually really apologetic, he said it was a mistake and he said that all night he'd been feeling guilty for not correcting the situation And, completely without me asking, he told the boss about the mix-up I'd say this was the closest i've gotten to a clash at work... I was genuinely disappointed But i'm glad i stood up for myself in a polite way And i actually think the boss had a lot of respect for him for coming forward We had no issues going forward, and we actually got quite close thankfully
Examples of teamwork
10th anniversary auction Working with people from very different walks of life Health care professional Another is in theatre arts Another in a nonprofit I'm a student Planning, touching base, bouncing ideas off of one another, discussing what makes sense financially in order to build an event that will be both Fabulous and lucrative so that we can continue to sustain the services that we provide for years and years to come Facillitating teamwork CC - NUS students majority, VERY competitive My TEAM and I envisioned and led a pitch project alongside their day to day work Split into teams of 3 and 4 Still competition But HEALTHY competition -- not personal weakness exploitation but a battle between team efforts and dynamics ripple effect...... Winter Holiday Pre-Finals Charity Event Coordinated w/ Columbia Dining, Housing, Student Government, Residence Hall student boards, local restaurants (SHAKE SHACK, DIG INN), and of course Center (New Alt) Advertised/Market via social media -- FB Instagram Twitter -- Raised 1000 clothing items during peak demand season *****win-win -- they wanted social impact, i wanted a platform that would attract a lot of students for maximum fundraising potential... ITA Briefing Book "herd" people to finish things by deadline Took on "table of contents" role -- which meant making sure everything was there Researching backgrounds on companies/business people/political figures in attendance Coordinating for Secretary Ross to visit interns Rescheduled 4 times .. event w/ 200 ppl, some from out of town Coordinated w/ advance staff -- needed everything perfect Writing & clearing talking points for briefing paper Crowdsourcing questions
Best way to say I don't know?
1st .... Hmm...that's a great question. Let me think about that Option 1: show how you think as you attempt an answer Structure with First, second, third.... Systematic. Option 2: redirect to something VERY similar Option 3: To be perfectly honestly, that's not a concept that I am at this point 100% familiar with, but I love learning, I'm a quick learner, and I am very eager to learn about this as well as anything else that would prove useful on the job.. I also would like to offer — between now and my potential start date I would be more than happy to read up on this and anything else that you think might prepare me to do the absolute best job possible in your team.
Research/Analysis/Analytical project
5YP Big(est) challenge: massive amts of info (in foreign language!) Created format - spreadsheet w/ key figures, facts, key words Translated Synthesis - recommendation thru ppt? Informed negotiation stances at Comprehensive Econ Dialog - and relations going forward National Sec Council Visa Project State by state compile data - how many int'l students (bc edu = export!) Different countries of origin Calculated jobs created w/ census bureau algorithm Compare our exports in edu 2 Britain, Australia -- arguments on competitive grounds ***REASON -- looking at damage of trade war if China were to revoke passports or limit citizens' travel. PPT: (operations overview for new deputy undersecretary) Presentation
My experience with data
7k pages to go through -- 23 provinces x 10 industries x 30 pages ITA - 13th 5 year plan project -- helping to identify and analyze potential trade barriers in the CCP's plans for the economy and society from 2016 to 2020 We had a massive amount of information to sort through Different provinces render their own interpretations.. Subdivided into industries as well So we couldn't just brute force read it all My teammates and i created a strategy to pick out a diverse and representative sample, read them over, identify common terms and themes, and then create spreadsheets where we track the rates at which different terms are used Processed thousands and thousands of documents in a matter of weeks And we didn't just count instances, we made sure to read the context And noted when the language was unclear about China's intentions But overall this gave me a great lesson on how to manage data.. And i'm sure projects like this will only become more common as AI grows. Processing applications as a recruitment intern at Clifford Chance In total, .....
Hierarchy in Legal
Analyst Associate / Attorney VP .... KAREN P. SEYMOUR; Executive Vice President, General Counsel and Secretary of the Corporation
Questions /I/ should ask: ****share my logic in the questions
Ask SMART questions! What team do you work in? If you can talk about it, what are some projects you're working on? How did you decide to work in the team you're in? If JD: what do you like about Goldman Sachs in contrast to a big law firm? how do affinity groups work at the firm? are there lunches? is it an after work networking situation? The firm is shaking up its leadership structure... how do you think, if at all, these shakeups will impact the day-to-day or week-to-week work that you do? David Solomon, new CEO, stepping in on October 1 Fun one: I hear the new incoming CEO is a part-time DJ.. If accepted, what are the odds that I'll get to attend a concert or dance party DJ'd by David Solomon.... What might my role look like on a typical day, if there's even such thing as a typical day there? How much contact and mentorship will I have with attorneys? In understand that over the past decade there has been a great deal of uncertainty surround the 1000 page-long Volcker rule within Dodd-Frank... in May i know that the Economic Growth Act created exemptions for smaller banks, but i'm sure there are still talks about further reforming Volcker... so my question is, over the next year or so, what are your projections for Volcker and the way that your work might change?
Presenting
CASEEP hardest sell ever: trust me with your teenage kids in a foreign country! But it worked... 100s of students enrolled Maybe it was just that tired of kids...x But i'd like to think it was because my team and I delivered with confidence and were backed up with info URC Tours Different format -- vocal persuasion, visual aid = school which doesn't have text on it Key is learning about the people on the tour Personalizing -- where they're from, what interested in studying & pursuing off campus Huge increase in follow-ups when I made tours personal Tho no data on applications :/ (winter event: Advertised/Market via social media -- FB Instagram Twitter -- Raised 1000 clothing items during peak demand season)
Have you ever faced an ethical dilemma?
CC -- recruiting for a paralegal intern Came down to two candidates One was much stronger on paper academically Young students so no previous internship experience but both had done retail and food & beverage While i was interviewing the stronger candidate, i asked her why she had chosen the particular restaurants she worked at And she told me, i kid you not, that her aunt wanted to start a similar shop and so she was there to learn the secret recipes I was so sad.. She was my favorite candidate on paper She did have the stronger scores and so on And i had vouched for her very seriously in earlier stages so it could have made me look bad perhaps But nevertheless i assessed my priorities And my commitment was to the reputation of Clifford Chance And even though paralegal internships are not the highest role in the firm Unethical behavior at any level can cause serious reputational damage, even legal and financial risk So, since i was given the authority to choose for this role, i picked the candidate whose integrity was stronger despite his slightly weaker academic credentials
cybersecurity law
China's law is applicable to almost all businesses that manage their own email or other data networks, and includes "critical sectors" of the Chinese economy, including communications, information services, energy, transport, water, financial services, public services and electronic government services. Any company that is a supplier or partner with firms in these sectors may also be subject to the law. The law requires network operators to cooperate with Chinese crime or security investigators and allow full access to data upon request. It also imposes mandatory testing and certification of computer equipment for network operators in critical sectors. These tests and certifications require network operators to formulate internal security management systems and implement network security protections, adopt measures to prevent viruses or unspecified forms of cyberattacks, monitor and record the safety of a network, and undertake data classification, backups of important data and encryption It also requires business information and data on Chinese citizens gathered within China to be kept on domestic servers and not transferred abroad without permission. This includes a ban on the export of any economic, technological or scientific data that could pose a threat to national security or the public interest (with a broad interpretation of what that might be). Critics worry that the law could be a Trojan horse designed to boost China's policy promoting indigenous innovation. Other foreign technology firms worry they will eventually be forced to divulge intellectual property to government inspectors.
Favorite class
Contemporary Civilization It's a year-long philosophy overview course Ranges from Plato to Adam Smith to Sojourner Truth to Nietzsche My favorite philosopher... I really love John Stuart Mill I think his non-interference principle in On Liberty is beautifully articulated He makes a great case for having robust dialogue in society And in The Subjection of Women He uses a lot of the same arguments for freedom in On Liberty To make the case for gender equality I think he wrote well and he had incredible moral clarity esp with regard to gender for a man in the 1800s.
previous engagements with GS -- how did i hear about it?
Discussions with Jordan Cline ... compliance intern As well as my friend Varun Ballabhaneni ... investment banking Reallly appreicated the Virtual insight series online... getting to hear about the different divisions on the day to day plus you know i hear about it all the time in the news... disney + fox 21st cent acquisition
How is the economy doing?
Doing well according to the leading indicators Jobs are up GDP is up Inflation is a bit high -- over Fed's 2% target but not by much The stock market is exiting from a healthy correction (around 10% drop) Interest rates are rising in a healthy way - Too low means banks don't profit from their loans - Too high means people don't borrow money Durable goods orders are up (expensive items that last three years or more. They include machinery and equipment, such as computer equipment, industrial machinery, and raw steel. They also include expensive items such as steam shovels, tanks, and airplanes)
From Jordan: What's the difference between morality and ethics? (The interviewer was kind of joking.)
Ethics refers to rules, esp rules of conduct w/in some organization Morals refer to abstract, personal principles of right and wrong
What are securities?
Financial Assets and instruments that investors can exchange, and that involve risk
How would you define risk?
Financial risk -- the probability of loss on investments vs the probability of profit In the worst case, risk is about insolvency Being unable to pay back your debts Reputational Risk Firm's public image and its image in the minds of clients Not nec about losses directly Perhaps a single employee engages in insider trading While it's not the entire firm's fault, per se Outsiders might question whether there's a culture at play that makes employees feel pressured to Legal Risk Has to do with the probability that a firm will not be able to meet its obligations under the law Which opens the firm to the danger of litigation which can result in fines or settlements etc
Examples of curiosity/ Working outside of my comfort zone/ Self Motivation/ quick learning
Finding new alternatives. Read the news.. 40% of homeless youth in the country are LGBTQ+... And they face double, sometimes triple the risk of harassment in shelters Wanted a way to help, found the org, studied the issues, showed up Got promoted International trade administration I was reading about rising trade tensions with China... Started learning more about the root of the problem Reached out and got an internship with the china office at the U.S. International trade administration Also internship was very design-your-own So after conferring w/ fellow interns we took it upon ourselves to create a detailed guide mapping out china's 13th five year plans, esp with implicit trade barriers Oxford course selection I'll be studying everything from formal logic to EU politics to moral philosophy to Chinese politics. Working in Singapore... Very different legal education system So i had to learn about the key schools and degree programs and grading systems
Academic Failure
First paper in college... had never studied how to write a long paper before Didnt do as well as i had hoped So i really took it to heart Spoke to TAs about where i missed the mark Spoke to upperclassmen about effective strategies For the second paper 1. Wrote an outline early in advance 2. Brought it to office hours and discussed my argument with the professor bc he allowed students to do so 3. Wrote out the full paper 4. Took it to the undergraduate writing center and had the experts there give me critical feedback 5. And i also sat on it instead of just turning it in Sometimes in the shower i had an epiphany Or i read it over and realized that a sentence i had already read 5 times actually did sound a bit awkward And that second time i did much better. I think this example speaks to my general approach when it comes to failure 1. I assess what went wrong (consulting others where appropriate) 2. I develop a strategy for the future 3. I execute the strategy, putting as much volume of work as i can into it 4. I save time for a lot of checking
Why legal?
For as long as i can remember, I've been deeply fascinated by language and its role in conflicts, interpretation, negotiations, and rules My parents think it has to do with my preschool, where we had a special table where kids who were fighting had to sit down and talk out their issues face to face I think it might have to do with my unusual schooling Public school lott system sorted me into chinese immersion school Navigating through a language in order to express myself, and i loved the challenge From there forward, my favorite classes in high school were social studies I liked the facts but i loved the interpretation, argumentation, synthesis Lovedd american history and civics and government So when i got to Columbia, political science was a natural for me Through this i've been able to hone my listening, reading, thinking, writing, and speaking skills. Analyzing trends in voting trends and coming up with interpretations and projections or applying political theories to fact patterns \ And i'm planning to continue to develop these skills this year at Oxford, where I'll be studying Politics, Philosophy, and Economics Churning multiple papers out a week And going over them in meticulous detail in a 1 on 1 tutorial format with some of the brightest minds in the field. So when i look at what a lawyer does, constantly using language to interpret the rules and the world around them, it feels like a natural progression Especially in a field with as much world-changing significance as finance So i'm interested in law school, but i would love to get some experience first And i can't imagine a better place to start than Goldman Sachs, where i'll be surrounded by incredibly intelligent and industry-shaping attorneys, Who, hopefully in the spirit of GS's teamwork culture and mentorship culture, Will help me hone my analytical and writing skills even more.. In a way that adds value to the team and to my own career. Also, as just one more factor, i think that for lgbtq+ folks, the law plays a distinct role i our lives Even over the course of my lifetime, the legal landscape for lgbtq+ rights has changed dramatically So even though i'm not necessarily looking into a career in civil rights law, the fact that civil rights law has played a role in my life i think has really amplified my attention to the legal field.
Who is the most famous and influential person you would like to meet and why?
Gandhi -- but probably not for the reasons you think So Gandhi is known for nonviolent protest And i think that's really admirable and often the solution though i think i believe in self defense more than he does But anyway this past year I was reading his book Hind Swaraj about Indian self rule And i went in expecting to really venerate it But i actually thought it was so wrong So beyond the nonviolence aspect What a lot of people don't realize is that he was essentially a Luddite He hated modernity and technology Ironically, he was a law student in the UK but he felt that people should never become lawyers because lawyers just make conflicts worse And he also wanted to get rid of Western doctors, saying that scientific medical advances just cover up illnesses on the surface And he wanted to destroy all of the railroads because he felt that bad travels more quickly than good on railroads And his ideal society involved small communities producing everythging they need to survive on their own I still think he's an incredible historical figure but i strongly disagree with him and that's why id love to meet him I think he's good at heart -- i know he intends well And i'd love to just discuss some of our differences.
Why Goldman Sachs
Goldman Sachs versus other banks The people Hires the best people -- striving toward excellence Hiring the best means you have greater access to diversity bc people from all walks of life want to work with you and contribute to your firm Really invests in the people Formal training continues at every promotion stage and additional training is available for high performers throughout your career ... providing developmental opportunities to help us manage our professional advancement through mentorship and seminars. New Analyst Training Programme -- every july, all 2000 of the new GS analysts from offices all over the world come together for networking, workshops, and a general introduction to the history and culture of Goldman Sachs Goldman Sachs University (GSU) provides skills training, leadership training, diversity and inclusion workshops -- both online and in person -- that are available from onboarding all throughout one's career Real-time, ongoing feedback from peers and supervisors through the online tool Ongoing Feedback360+ More teamwork-focused less concerned with the competition than other banks, Consensus culture -- NOT blindly agreeing, but sharing diverse perspectives to come to strong consensus positions Build each other up not knocking each other down Take care of their own -- really go to bat for each other These teams are unbeatable They love to take on challenges and they most often succeed Tying this into myself, though, Every school i've been to has had a higher caliber of students, and it's no coincidence that with each jump i've become an exponentially better student as well The people you surround yourself with really change the course of your life, So if you surround yourself with people who strive for excellence, who constantly work on themselves, and who love teamwork, you're bound to discover your best self.
Name a GS scandal/legal problem
Goldman has been under scrutiny for years for its role in raising $6.5 billion for state-owned 1Malaysia Development Bhd. in 2012 and 2013, and for nearly $600 million in fees it earned for the bond issuance. 1MDB is at the center of a global scandal involving claims of embezzlement and money laundering, which have triggered investigations in the U.S., Singapore, Switzerland and other countries. The investigation centers on the disappearance of about $4 billion from a giant Malaysian government investment fund known formally as 1Malaysia Development Berhad, or 1MDB. Goldman provided an array of services to the fund, including helping it sell billions of dollars in bonds to investors. The bank earned about $600 million in fees for its work. Authorities are examining whether the firm played a role in the 1MDB fraud or should have done more to uncover the misappropriation of funds, the four people said. Goldman has repeatedly played down its role in the 1MDB scandal, saying it was unaware of how money from the fund was being used. The firm has said it was cooperating with the investigation. "Goldman Sachs had no visibility into whether some of the funds we helped raise for 1MDB may have been subsequently diverted to other purposes," said Michael DuVally, a Goldman spokesman.
Walk me through your resume
Hi! I'm from San Francisco, and I'm a current student at Columbia studying political science, as well as an incoming year-long exchange scholar at Oxford studying philosophy, politics, and economics. For as long as I can remember, I've been deeply fascinated by rules, interpretations, deals, negotiations, and disputes — and as such worked incredibly hard in school to develop my reading,, writing, and general analytical skills. in case you're wondering why so much of my resume is Asia-related, I also happen to have attended a Chinese immersion school from Kindergarten to 8th grade, which has made me infinitely more more curious about how the world works so for my first internship, i combined my incidental background on China with my interest in law and policy at the U.S. International Trade Administration, particularly in a government office that promotes U.S. exports to China and Chinese investment in the U.S. here i began to see how law and finance can shape the world. I wanted to take a closer look so, for my second internship, i continued along these lines, traveling to Singapore to work at a major international law firm, Clifford Chance. I mainly did recruitment work there, which involved learning about jobs there, and through the lens of recruitment i learned again about how law and finance intersect to shape the world. Based on this trajectory, i would be incredibly excited to contribute the skills and knowledge i've developed to the Goldman Sachs legal division, supporting team members who are the world's talented legal and financial professionals in any way that I can.
Favorite school project
I took a class on Voting and American Politics with an absolute expert in the field, Robert Erikson And the whole class was about voting trends, polls, media technology development, demographic changes, and elections The final paper was open ended about the 2016 election And one of the lingering questions i had... that i didnt think got much press coverage.. Is what happened to the tea party? It was big in 2009... but it kind of fizzled out... And then Trump came along And i wondered to what extent trump was the culmination of the TP and to what extent he was a completely separate phenomenon I looked at polls and read books And my final conclusion was mixed So demographically and attitudinally, the two groups were very similar A lot of them harbored anti establishment sentiment Didn't like the Democrats or the mainstream Reps But geographically, trump supporters were more spread out while tea party was more concentrated in the south and the west.. Not actually so much the midwest And politically quite different TP was in many ways a group of debt hawks who were massively against federal programs and federal stimulus Whereas trump supporters seemed much more agnostic about debt --- T's huge infrastructure plans -- and much more protectionist on trade It took me about 5 weeks to write it, 20 pages all in all But i felt i was connecting the dots on something that didnt quite make sense to me, I was sharpening my research skills And i was also honing my writing in a piece that was longer than anything id ever written before
find some way to reconcile Asia
I would say that my interest in law is central to I am, while my interest in Asia is more of a coincidental background Tell story of lottery poli sci just am and pt Also from CC learned that better path is a few years in NY / London etc and THEN you get transferred to HK or SG etc volunteer work -- care dreply aboit the issue and it's difficult to do so in coutries thst are sensitive abt foreigners makiny change Finally, though, i really do appreciate that Goldman Sachs is such a global firm... offices are very well interconnected And i unerstand there are endless opportunites within Goldman Sachs so I have no firm expectation of doing international work but you never know
Skills that I've developed that are relevant
INSIGHT SERIES 3 SKILLS: 1. Communication -- ability to clearly articulate one's thoughts Especially with attorneys, who need information quickly and succintly — just the main point. 2. Time management Prioritizing Meeting deadlines 3. Teamwork Open to new ideas Excited to share ideas where appropriate as well
Name a recent GS deal
In june this year, Goldman Sachs made about $100m for advising Disney's acquisition of $71b in assets from 21st century Fox
Examples of perfection/hard work/attention to detail/diligence
In school, my friends tease me about how much time i put into papers I think most college students start them the week of... hopefully not the night of But personally if the due date has been on the syllabus all semester and we've covered the reading already I'll start drafting sometimes 4 or 3 weeks ahead I can write under pressure and i have to do so for exams
how to answer ethical dilemma questions
Intros: ethical issues are often complex and that applies to ethical issues at work. If there are ethically tough choices to make, I would always want to take a deep breath and look at every possible course of action and the consequences of each And most often choose the one that involves consulting the appropriate superior in this situation
From Jordan: Hypothetical: A professor sends you an email with confidential information about another student. What do you do?
Jordan: First and foremost, I would email the professor promptly saying that I think this email was sent in error and meant for the student or another colleague. Furthermore, I would ensure the professor that this is something I will not share with anyone and promptly will delete the email for security. I would ask if they want to follow up on the situation and how I should best handle it, especially if it's a smaller class. Secondly, since this is sensitive information, I would delete the email so that I or no one who may have easy access to my email can view this email for the integrity of the student, information, and the professor who sent it.
Jordan: Follow-up hypothetical: A professor intentionally sends you an email with confidential information about another student and tells you not to tell anyone. He/she tells you that it is meant for your competitive advantage. What do you do?
Jordan: I would begin talking to the professor in person rather than sending an email. I would say that I appreciate that the professor likes me for sending this information, but state how it made me feel uncomfortable, and that it is not within the standards of our community academic standards. I hope that, by having this conversation in person, I would be able to see the professor's reaction to my statement. If he/she understands the consequences and gravity of the situation, I would leave it there because I think involving more people would exponentially blow this up to more than it may be. However, if I'm getting signals that the professor thinks this behavior is okay, I would take more action because it is inappropriate and not fair to the student whose confidentiality has been breached and not fair to put a peer in that situation. If the professor did not understand the gravity of the actions, I would assume that, like Columbia, there is an online bias reporting or the ease to schedule an appointment with the dean's office who deal with all issues regarding academic integrity and our community academic values. Doing this online rather than in person leaves the option of remaining anonymous other than follow up with the incident by the office and appropriate action. The dean would be responsible for talking with professor and taking appropriate action. This is something where I don't think it would be appropriate for me to tell a professor that this is inappropriate behavior. So, instead, I would want to go to the representatives who enforce our community and academic values.
Examples of communication
Legal tech delivery role Crucially important .. bringing AI experts in to reshape the Asia Pacific legal market Interviewing people in Jordan, Ireland, Romania... Knocking on every recruiter's door And for the role i was reporting to both leadership in SG and the regional leadership in Hong Kong Everyone needed to be on the video call at the same time But busy people -- who had to change plans every 5 minutes So i was constantly on the phone But i perservered by taking detailed notes so i could keep track of everyone's developments and capacity and availability And it was so worthwhile overall when we found the right candidate -- i knew all that work went into something really exciting and revolutionary CHEERFUL ATTITUDE AS WELL Another was coordinating and event with the Secretary of Commerce for the ITA intern network Tradition randomly placed in my portfolio... Rescheduled a MONDAY MORNING meeting on Sunday evening And mind you we don't have email access outside of work bc sensistive nature Had to scramble monday morning to call it off and reschedule And then resched was a pain.... Constant back and forth with changing time... some interns couldn't make it ... had to make compromises and stay on top of it literally just as he reached the podium Fire alarm went off Secret service whisked him away... So we rescheduled it again... his advance team wanted to call it off but apparently he personally asked to put it back on so we coordinated some more and made it happen. Coordinating donation deliveries while in Singapore
What are some tasks that you expect to do?
On the S&T side, i expect to do help a lot on the business side: - esp helping with regulatory reporting - maybe doing some research on EDGAR the SEC's data site (friend told me it would become my new best friend) for SSG: i expect to help out with transactions, maybe due diligence, and non-disclosure agreements More broadly though;; i bet i'd be liasing with compliance to ensure regulatory compliance programs are seen through assisting with inquiries maintaining the team's database
work failure
Lesson #1 of my internship Showed up at work the first day, dropped my bag at my desk and immediately i found out we had a meeting The team does weekly monday meetings So first day of my first internship... i was sitting at the table... and i looked around Everyone had pens and paper ready... even the fellow interns who had been there for a feeks already It was my very first work meeting And i really should have known better But i didn't have a pen and paper Luckily i wasn't assigned any work during that particular meeting... just introductions But i was embarrassed And from then on i've learned to always have a little booklet and a pen on hand. Walking over to the boss's office or going to talk to the receptionist or even walking in the hallway I know it's not necessary but it gives me a lot of comfort knowing i'm ready to go, ready to absorb information and maintain it in a secure fashion I have a good memory... but paper has a better memory i'd say First ever internship... ITA A sizeable chunk of my team was going to a meeting in our conference room And my fellow interns and i walked in with everyone and sat down at the conference table Now, the room was arranged such that there was a ring of extra chairs along the wall around the conference table So after the meeting my supervisor pulled me and my fellow interns aside and --- politely but informatively -- told us that a senior trade specialist had walked in after us, but the seats were all full so he was forced to be only one sitting I felt so bad... My seat was facing away from the door And the room was carpeted so the door was quiet I had no clue someone had walked in But government is a pretty hierarchical place And i was an intern And i think in general it's a good idea to let the higher ups all come into the room and sit before you do
Working under time pressure
Lit hum & CC tests Quotes pulled from 11 books Compiling Summary books for partners at CC Within the course of 2 days i had to get feedback forms from intern supervisors and condense it into a particular format for a booklet that partners were to review before and during interviews Not only supervisor feedback but also their resumes, their transcripts, their writing exams -- sometimes multiple Their essay questions for why they work at the firm We had a really tight deadline but I just worked day in and day out on it, stayed at work until around midnight a few times synthesizing and compiling The hardest part was getting updates, supervisors changing their minds about their feelings about the interns, new grades But by the end i think the books were really beautiful And they truly encapsulated the various experiences and abilities of the interns we were thinking about hiring This was part of my job advocating for the candidates during the hiring process and i felt that i had done so faithfully because i put so much hard work into it, even under tough time restraints Briefing book for Secretary of Commerce So during my time at ITA the U.S. and China held a major dialogue called the comprehensive economic dialogue And my team was responsible for producing a book that would fully brief the Secretary on all matters China trade-related for the event So we summarized the backgrounds of the leaders in attendance And the trade specialists helped to write up reports on their various sectors and i got to help with that We were informed that the secretary needed the book by Friday at the end of the day But on thursday we found out that his helicopter back to New York was leaving right after lunch on friday So we lost the last few hours that we had planned to use to triple check and quadruple check everything Mind you, it was a 300 page report and the stakes were incredibly high So our solutiosn were 1. We stayed late on thursday 2. We got more hands on deck just in case -- all of the trade specialists worked on compiling the final physical book 3. We kept our cool. This taught me a lot... in college i've seen groups freak out and develop all sorts of interpersonal issues when deadlines loom And this experience taught me that the answer is to make extra time for yourself, engage whatever help you can, and keep a steady disposition One of my coworkers taught me then that "slow is smooth and smooth is fast" And that's stuck with me ever since
My take on China trade war
More multilateral/ international approach.. / WTO dispute settlement process may well have been a better solution ... or at least more of a semblance of respect for international institutions Tariffing EU and Canada at the same time .. weakens our position... Compliance has been very high - about 90 per cent And the US has a high win-lose rate But there are real issues w/ implicit trade barriers "Made in China 2025" & 5YP-- intentions are clear IP theft and infringement -- hurts Am incentive to innovate Export subsidies Joint venture requirements Forced technology transfers National champions Target domestic market shares Cybersecurity laws that force companies to keep data domestically Subsidies that make it hard for outside companies to compete Equity caps for investors Quotas for entertainment/movies Banks offer come chinese businesses below market rate loans... China has done à la carte globalization, adopting the rules and standards it finds most useful—like the ability to expand its companies and investments abroad—while discarding those that threaten its unique political and economic model, such as allowing foreign firms to invest and operate freely in China. Like.. if i have a garden and you have a garden... Or like... everyone's fighting... so u set up a court for better resolution... but it doesnt really work for ppl so they start fighting again
Why Oxford / Columbia
Ox -- most rigorous exchange program... hone my reading writing and speaking skills.... plus the Hogwarts vibes... for me culture and atmosphere really matters in my workplace/university Columbia -- first and foremost i got a scholarship... helps with finances.... every summer i can apply for a stipend... (name a seminar speaker -- bernard harcourt ...) other factors -- new york city ... foodie -- core curriculum... i knew i wanted to take CC especially.
Have you done any trading? Why not?
Personal finances .. not there yet + my last job at Clifford Chance, investing in the stock market involved a longish clearance process w/ compliance... there for a summer but didn't bother..
All about legal
Provides advice and counsel to all areas and divisions of the firm Advises on legal, reputational, and financial risk associated with the various transactions that the firm conducts Split into different divisions A. directly support a specific business line like Investment Banking, Merchant Banking, etc. B. support the operations and strategy of the ENTIRE firm, like litigation and employment law Differences aside, the different groups collaborate immensely both within a given location and worldwide "The advice and counsel we provide to all areas of the firm is critical to maintaining our commitments to our clients, regulators, and shareholders and to promoting our culture of excellence and integrity. Our goal is to provide legal advice that protects the firm's financial well-being and reputation and assists our various businesses in evaluating the risks associated with completing transactions and other activities." Compliance versus Legal Compliance and legal are always involved Compliance is more regulatory; how every decision would affect the reputation of the firm and the ideals Legal is more opinion and analyzing and how the firm should proceed Legal teams are going to be more preoccupied with talking to the business people and coming up with solutions for deals that they want to do but can't necessarily Legal is more tied to business functions on day to day Get to work very closely with attorneys and legal business services professionals How is legal structured? Broken into different practice areas; each performs a different function They support a particular business line on the revenue side Why is legal so important to the business? Opportunity to join the analyst program: 2 year contract; many will go to law school after finishing their two year contract DIAGRAM THE PARTS OF LEGAL FOR FLASHCARDS: Know how hierarchy works in GS legal
Legal Groups
Technology & Intellectual Property Employment Investment Banking Investment Management Litigation Securities Merchant Banking Business Intelligence Group -- more research Finance
Why not investment banking?
Ultimately i think it comes down to the type of work I'm deeply fascinated with language and verbal reasoning And so i naturally gravitate more toward interpreting statute and contracts than doing financial models and making pitchbooks A pitchbook is a sales book created by an investment bank or firm that details the main attributes of the firm, and it is used by the firm's sales force to help sell products and services and generate new clients. Pitchbooks are helpful guides for the sales force to remember important benefits and to provide visual aids when presenting to clients. I'm solid at math and i've done well in math classes but it's not what i love
Examples of community
Winter clothing drive.... Thanksgiving dinner @ New Alt Community is giving and sharing ITA Intern Network Randomly, china office was in charge of intern network And my portfolio as well So in addition to my day job, i was in charge of setting up professional development sessions Got office heads to talk about resume writing Communication specialists to talk about EQ development Got division heads to discuss their different purviews Compared domestic commercial officers to overseas commercial officers who work in embassies Even successful in getting the Secretary of Commerce to speak to all of the interns in Commerce Which meant not just the 50 ITA interns, but also the 200 other commerce interns It was a logistical nightmare -- getting RVSPs from busy people always is But so worth it to build my network In fact one person i met during this my good friend Varun Vallabhaneni who worked in GS IB this past summer So i was able to reach out to him and ask for some superday pointers i received a lot of thank you notes.... often times big bureaucracies can become siloed.... you only talk to people in your office... so it was great for a lot of people to meet others in the network, to learn about the broad array of opportunities available, and to generally feel a sense of inclusion and support from the community
Hypothetical: You are designing a project to survey the biggest problem students and professors face in clubs, classes, etc. How do you go about this, step by step?
broadly, i'd approach this with 5 steps 1. researching the literature 2. develop questions with special attention to wording... and make sure questions go one step beyond -- ie not just what are the biggest problems, but why do they exist, when did they begin, how might they be solved 3. internal testing -- recruit a diverse sample group and make sure the questions make sense... get lots of feedback. revise 4. then i'd want to actually conduct the survey... ideally id get the administration to help me ask everyone to take it... withhold diploma or something... but more likely is finding a representative sample... for example, orientation groups are randomly sorted as far as i know, so those might be a good place to start hall floors are possible but people start to self-select there core classes would be better .... in person is ideal but electronic is possible depending on how lenient the survey commissioner is
The U.S. Securities and Exchange Commission (SEC)
is an independent agency of the United States federal government enforces federal securities laws, proposing securities rules, and regulates the securities industry, the nation's stock and options exchanges, and other activities and organizations, including the electronic securities markets in the United State
ita vs ustr
ita-- more focused on advising business Ustr -- more focused on the US gov's trade policy & advising the president that being said... much overlap and jurisdictional confusion, and honestly it could use some streamlining
disagreed with coworker
see ethical dilemma
