How to Get Hired and Survive at Goldman Sachs ('How to Survive and Thrive as an Individual Investor' would be just as apt a title for these basic yet excellent pieces of advice)
Read The Wall Street Journal.
Specifically, make sure to read these three sections every day. It's not a difficult task, but staying consistent can lead to rapid growth and a wealth of knowledge.
- Don't miss the macroeconomic trends (such as interest rate movements).
- Pay attention to industry and corporate trends (M&A news, sales analysis of specific companies, actions and performance of specific companies).
- Read the editorials.
Study Financial Statements Thoroughly
- Become familiar with the balance sheet (statement of financial position), income statement, and cash flow statement.
- Understand the flow between these three documents and learn effective analysis techniques.
- Fully grasp the meaning of each account.
Don't Talk About Yourself, Encourage Others to Speak
- Everyone wants to talk about themselves. By letting them speak, the listener gains a significant advantage.
Find a Role Model
- "Someone who benefits me" should be the criterion for choosing a role model.
- Rank doesn't matter. Choose the person who works best among those 1-2 years ahead.
- Compatibility isn't necessary. Just pick someone good at their job and absorb their know-how and working style.
Don't Show Off Your Pride (Don't Make Enemies, Be Humble?)
- No job is too trivial. Do everything with diligence.
- Show that you can do anything for the team.
- If you're new to the job, take on any and all odd jobs.
- Don't let pride get in the way when asked to do something as simple as fetching coffee.
Always Take Notes
- People feel respected when they see someone taking notes.
- Your notes provide great reassurance to speakers and team members.
- It helps prevent you from forgetting what needs to be done.
Work Hard and Don't Make Mistakes
- The hardest worker is the most successful.
- Being good at golf, swimming, or catching isn't hugely important. The only thing that matters is "how hard you work."
- A good first impression lasts a lifetime, so manage first impressions well.
- Reply to messages and emails as quickly as possible. Always be ready to receive contacts, and respond immediately to avoid worst-case scenarios.
- Always be kind to others.
Never Stop Learning
- Just keep reading The Wall Street Journal.
- Even as you gain experience, don't forget the mindset of preparing for interviews.
- Don't get drunk on victory; learn endlessly.
Give Advice That Benefits the Client
- Even if it means a significant loss for you, giving advice that benefits the client earns you 'trust' in the long term.
- Don't hastily assert claims; make them clear.
- Embrace whatever adversities come. Adversities make us stronger.
- Stick to your own rules. Everyone has their set of rules, but once made, stick to them, whether it's time management or anything else.
- Don't waste energy on what you can't do; focus more on what you're good at.
- Never give up.