Goldman Sachs reintroduces the idea of apprenticeship to mold diverse hires

The Future. Goldman Sachs is launching an apprenticeship program that will allow selectees to both earn a degree in finance and have a full-time job at the banking giant. The program is meant to attract people from diverse racial and economic backgrounds. If successful, the program may be a model for recruiting promising talent who otherwise wouldn’t have had the opportunity (or means) to get into the financial industry.

Money classroom
Goldman Sachs is letting people know that apprenticeship isn’t just for blacksmiths and bakers anymore.

• The Wall Street giant is launching the Global Markets Degree Apprenticeship at its London offices.
• It will allow ten apprentices to simultaneously earn a degree in Applied Finances from the Queen Mary University of London and have a paid full-time job on the trading floor.
• Goldman will cover all fees and relocation costs for those selected.
• Applications for the four-year apprenticeship close on February 27, 2022, with the first semester beginning in September.

Goldman already has an apprenticeship program in its engineering division, and both JP Morgan and UBS have launched their own apprenticeship programs.

Paid-to-learn
The goal of the apprenticeship program is to increase Goldman’s number of workers who hail from diverse backgrounds or lower socioeconomic means. The move came after the City of London Corporation reported that nine out of ten senior roles at Goldman are held by people who already came from high socioeconomic backgrounds.

Daniel Freckleton, a managing director at Goldman Sachs, says, “Unfortunately, we’re currently missing out on a lot of this talent, either because students are put off by the traditional recruitment process, the financial barriers of university study, or simply because they are not aware of the kinds of jobs that Goldman has to offer them.”

It’ll now be Goldman’s prerogative to make sure that diverse, non-connected applicants are the ones actually selected for this apprenticeship.