Internship is a system of on-the-job training for white-collar jobs. It is a work related learning experience for individuals who wish to develop hands on work experience in a certain occupational field. Most internship is temporary assignments. As such my intern too was temporary for a period of one month. My association with Goldman Sachs was during my semester vacation.
To me internship is to combine theory with practical work experience. As such my intern period was of great help in that sense. Generally the objectives of internships are:
* Develop skills in the application of theory to practical work situation. * Aptitude test for a particular career.
* Develop and pursue business ethics.
* Increase on the sense of responsibility.
* Opportunity to understand informal organizational interrelationships. * Enhance employment opportunities
* Develop skills and techniques directly applicable to their careers. * Provides inside exposure to the structure, operations and decision process within the organization without a commitment to a permanent employer.
Some of the obvious advantages an internship offers include strengthening written and oral skills, helping to make contacts to gain future employment, to enhance and strengthen the intern’s resume. Gain an increased awareness of skills, attributes, personal qualities and values. Guides a student to find out what it is to like to work in a business environment.
However duties which aren’t structured either not enough to do or random office work or nothing to do with the supposed internship may result in just a waste of time and valuable resources. Sometimes the intern may not have enough time to learn the nuances of the industry and no proper guide or a mentor to guide the individual through the process. It may also result as a burden financially and mentally. About Goldman Sachs
Goldman Sachs was founded in New York in 1869 by the German-born Marcus Goldman. The company made a name for itself pioneering the use of commercial paper for entrepreneurs and was invited to join the New York Stock Exchange (NYSE) in 1896. In the early 20th century, On December 4, 1928, it launched the Goldman Sachs Trading Corp. a closed-end fund. 1930–1980
In 1930, Sidney Weinberg assumed the role of senior partner and shifted Goldman's focus away from trading and towards investment banking. It was Weinberg's actions that helped to restore some of Goldman's tarnished reputation. On the back of Weinberg, Goldman was lead advisor on the Ford Motor Company's IPO in 1956, which at the time was a major coup on Wall Street. Under Weinberg's reign the firm also started an investment research division and a municipal bond department. It also was at this time that the firm became an early innovator in risk arbitrage. 1980–1999
On November 16, 1981, the firm made a move by acquiring J. Aron & Company, a commodities trading firm which merged with the Fixed Income division to become known as Fixed Income, Currencies, and Commodities. J. Aron was a player in the coffee and gold markets, and the current CEO of Goldman, Lloyd Blankfein, joined the firm as a result of this merger. In 1986, the firm formed Goldman Sachs Asset Management, which manages the majority of its mutual funds and hedge funds today. Since 1999
One of the largest events in the firm's history was its own IPO in 1999. The decision to go public was one that the partners debated for decades. In the end, Goldman decided to offer a small portion of the company to the public, with some 48% still held by the partnership pool 22% of the company was held by non-partner employees, and 18% was held by retired Goldman partners. Goldman Sachs Overview
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other...
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