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• Every year Goldman trains 100-plus students on the art of the deal and other finance concepts.
• A lucky few HBCU Possibilities Program participants go on to intern or work at the bank.
• We spoke to two program participants and a Goldman exec about how it works and how to succeed.

For most people, college is one of the most transformative periods in life. But for Taylor Weekes, what changed her most during her time as a student at Howard University was something that didn't happen in a dorm or a courtyard or even in a classroom.

It took place on her computer screen in 2021, on video calls where the people looking back at her were leaders of one of Wall Street's most storied institutions.

That's because Weekes participated in Goldman Sachs' first-ever HBCU Possibilities Program, a semester-long course for students at historically Black colleges and universities where freshman and sophomores learn the fundamentals of finance, are exposed to the ins and outs of Goldman and work on a group project that's presented to top leaders at the firm for a chance to win $1,000,000 for their school.

"For many of us who did the program, that experience was one of the most transformational during that year and during our collegiate experience," Weekes told Insider.

That was her sophomore year of college. Weekes landed an internship at the firm the next summer, in 2022, in the financial institutions group of the prestigious investment banking division. This past July, she started as a full-time analyst on that same team.

"It was very helpful realizing that I can actually start a career here, I can actually work here, I can actually intern here," Weekes explained in a recent interview. "Because I see other people who look like me and who went to schools like the ones that I went to — who not only came to Goldman but have thrived here. It changed me, and I'm sure many others would say the same."

Goldman Sachs has done this program each year since. The application for the 2024 program, which will take place from January to April, closes this week. To help applicants get a leg up and better understand the program and its potential benefits, Insider spoke to Weekes and another analyst who's an alumni of the program — Zachariah Smith, a Morehouse College grad on Goldman's healthcare team. Together with Megan Hogan, who started the program and is now the firm's chief diversity officer, they explained how to be a successful applicant, what it takes to succeed once you're in, and what you can gain from the program.

How does the program work? 

Students of the 12 participating HBCUs can apply for the program, which will take place next year from January to April. The 12 HBCUs are:

• Alcorn State University
• Delaware State University
• Fisk University
• Florida A&M University
• Hampton University
• Howard University
• Morehouse College
• Morgan State University
• North Carolina A&T State University
• Prairie View A&M University
• Spelman College
• Texas Southern University

In 2023, the program selected 150 students from more than 400 applications.

The time commitment is about three to four hours a week, according to the firm. The first eight weeks consist of mostly curriculum — finance courses taught through the training platform Financial Edge — and networking with Goldman employees and leaders. The latter half is focused on the group project: case studies of real brands in which students are asked to come up with ways they think the given company can grow, whether that be expanding into a new market, starting a new product line, or making a strategy shift.

The program is virtual except for the culminating event — an in-person competition hosted at the firm's New York headquarters. There, student groups present their work to top leaders of the firm, which include CEO David Solomon, division heads, and members of the management committee, as well as representatives from respective client subjects of the case studies, which in the past have included Proctor and Gamble, L'Oreal, and Pepsi.

Each participant of the program gets $10,000, and winners of the competition phase can also get up to $1 million in funding for their universities. But perhaps the most enticing draw-in for students applying to participate is the chance for them to leverage the experience to get a summer internship, and thus eventually a job, at the prestigious Wall Street firm. 

To date, Goldman has recruited 25 students from the programming to join the firm in the 2023 new and summer analyst classes. 

What makes for a winning application? 

The program is intended to be an introduction to finance, so students don't need to demonstrate financial acumen so much as a curiosity about the industry, Hogan told Insider. 

"Be able to demonstrate intellectual curiosity in the finance services industry more broadly," Hogan said. "We are really focused on opening up these students' eyes to what it looks like to build a career here —  you can be a humanities major, you can be a computer programmer. There's a lot of interesting roles here at the firm." 

Weekes agreed, saying that an ability to demonstrate soft skills like leadership, effective communication, and time management will go a long way. 

"You may be a freshman starting college, but you may have had a summer job or a volunteer experience, you may have led some organization or started a nonprofit," Weekes said. "Look at your experiences because these soft skills that you learn in these experiences are arguably just as important as the technical skills."

Hogan said past applicants have done this by highlighting businesses they started or membership in clubs focused on entrepreneurship. 

"Something that we look for in all candidates at Goldman Sachs: What is your innovative and creative spirit?" Hogan said. "You can show that in lots of different ways that don't necessarily have to do with financial services. What does it look like for previous jobs that you've had in high school or in your first year of college on campus? How do you juggle academics with those jobs? What clubs are you a part of where you demonstrate an ability to have great verbal and written communication skills, which are at the center of everything that we do?" 

Added Hogan: "My advice to anyone applying is: Know that you're plenty capable of working in finance and specifically at a place like Goldman Sachs. Demonstrating your interest alone and how you plan to take advantage of the program will benefit you as part of the application process."

What's the formula for success once accepted? 

An entrepreneurial spirit can also go a long way to success once the program has started. 

"I think that the most important piece of advice is that students take control of their own experience and their own career trajectory very early on," Smith said. "What that looks like is ultimately being inquisitive, engaged, passionate, and always looking to go the extra mile," he said. 

For him, this meant putting in the time required to really master the materials. 

"Many of us hadn't had that same level of exposure to valuation techniques, especially not by our sophomore year," Smith said of the eight weeks of educational training by Wall Street training provider Financial Edge. "I think many of us took advantage of the opportunity and spent hours upon hours reviewing the material and practicing what essentially has now become our craft and will be the craft of our careers. 

They also recommend making the most of the industry connections presented during the program and events, whether to network for future jobs or just to soak up knowledge. In addition to the financial training, they also heard from industry leaders at Goldman. 

Weekes recalls being particularly inspired by a panel of senior Black women who work at Goldman. 

"They gave us a lot of great advice in terms of being authentically ourselves, navigating affinity networks, career progression, and even just staying involved with our HBCUs while we're at the firm," she said. "Seeing Black leaders at the firm, seeing Black bankers, and really understanding how they've been able to achieve throughout their professional lives" was a true highlight of the program, she said. 

What are the benefits of the program?

The program offers eight weeks of training followed by eight weeks dedicated to a group project. This format helps instill confidence in participants when it comes to financial know-how as well as public speaking and presenting, Hogan said.

"Some of them were intimidated or had certain myths about what it meant to work in finance," Hogan explained. "I think the program does a great job of debunking them." 

The competition allows them to take what they have learned and make it their own, she said.  

"I'm blown away every year by how poised they are, how creative their pitches are as a part of the competition, and quite frankly, how much fun they're having with their teammates and their coaches. To see them on stage and know that all of their hard work paid off is just incredible." 

Weekes agreed. 

"It gave me confidence to speak up and ask questions and speak on financial topics because we're given the jargon and the concepts to be able to actually discuss these things in a way that is similar to how it's discussed on the street," she said. 

Program participants also walk away with a much deeper understanding of the financial services industry, which can help them decide which careers will best suit them. 

"Hearing weekly from professionals at the firm at varying levels — senior leaders all the way to more entry-level professionals — was really great to get a grasp of everything that we do here, from transaction banking to investment banking, asset and wealth management, and our sales and trading businesses," Weekes said. 

The networking opportunities provided by the program can also help with future job opportunities, although Weekes and Smith warn that it's a long road from the program to a job at Goldman Sachs. 

It doesn't mean you are a "shoo-in" for a job, Smith said. "You still have to do every bit of regular recruiting and outside work like anybody else." 

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