You can become a Vice President at Goldman Sachs in five years

Top investment bank Goldman Sachs are trying to lure more bankers onto their grad scheme with faster promotions to the top levels.

A new junior banker can now expect to become a Vice-President within five years, earning around £70,000 a year plus bonuses.

Goldman asked hundreds of its junior bankers what would make them stay at the firm, and they found quickly rising through the ranks was a priority.

Previously an entry level analyst would become an associate after three years and then get a promotion to Vice President four years later.

Under the new plans, promotion to associate will take place after two years and the best employers will be able to move to a VP position in just three years.

A trainee analyst at a rival firm told The Tab: “There’s a young co-worker on my team who got fast tracked out of a grad program. Now he earns more than most of the more experienced people I work with.

“Many of the older workers don’t necessarily have the ambition that some of the younger employees do. Some are at points in their lives where they don’t need that extra money.

“They just want to work their nine to five and take home their paychecks.”

New recruits on the Goldman grad scheme can be on £70,000+ as a Vice President in five years

Vice-Presidents at Goldman can expect to bring in at least £70,000 a year, but this can rise far higher if bonuses are included too.

Despite sounding like they’ll be co-running the company, in banking terms a Vice President manages clients and associates, and Goldman have over 12,000 in total.

David Solomon, co-head of investment banking at Goldman said: “Mobility has always been a core part of the culture at Goldman Sachs – it’s probably been more difficult to enhance it as the firm got bigger.

“In the competitive world that we live in, it’s important that we don’t take that for granted for one minute and that we’re constantly in a position to make sure we’re doing all the things we need to do to be as competitive as we can be.”

Goldman has already tried to lure more junior bankers on board with a 20 per cent pay rise last summer and improved working conditions.

In 2013 the bank even told its analysts they could take Saturdays off.