Found On Quora: What is it like to be a partner at Goldman Sachs?

By: ispeculatornew
Date posted: 11.22.2012 (4:00 am) | Write a Comment  (0 Comments)

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I’m not sure if I have ever mentioned Quora before. I LOVE the site. It’s basically a Q&A website, similar to Yahoo answers for example. The big difference? Everything about it is incredibly well done. It was founded by former Facebook early employees, and has been slowly but surely gaining traction. Some say that growth has been disappointing and they did make a few mistakes along the way but overall, it’s one of my favorite sites. Why?
It guesses what I’m interested in: every week, I get an email from Quora with a few questions relating to things that I’ve liked or viewed (not sure of their exact methodology) and there is so much interesting stuff
It revolves around subjects that I have a passion for: technology companies, silicon valley, finance, travel, etc
Big Names Answer: Because of the way Quora is built, a lot of big names have stepped up to answer. Want to know how things were when Wikipedia started? Jimmy Wale, the founder can answer that. Wondering about life as a woman in technology, why not get an answer from Facebook’s COO, Sheryl Sandberg, etc.. The list goes on. Other times, some very good answers come out, anonymously. Here is one that I enjoyed reading:

I am going to keep this short and sweet. Here is what caught my attention this week, posted by an anonymous user:

My Title: Partner Managing Director
Time served: I have been with Goldman now for 17 years. I have been a partner for eight years.
Compensation: I have seen the good times and the bad. I used to take home a lot more money but now I make 5-6 mil annually (including bonus) not a small chunk of change by any stretch but when the market was roaring before the mortgage meltdown the take home pay was far greater.
My hours: I work about 55 hours a week. I have many others to do my grunt work.
What I do? Make sure my unit continues generating revenue for the firm. I travel to seek out new business, work my contacts, etc.
My life: I have a wife, two kids, live in Greenwich, have couple of cars and bells and whistles.
Stress: The stress is incredible. The money is great but the mental and physical toll it takes on your body over the years isn’t (putting on weight, grey hairs, not being able to watch all my kids soccer games, going to recitals, less time with family, arguments at home, etc)
***There is a lot more discussion on the Quora page, if you’re interested, go take a look🙂

What are your thoughts?

 I know that this might shock quite a few people. It doesn’t shock me. And I personally have no problem with it. I’ve discussed this before. If this guy is able to transfer to some other broker tomorrow and bring in $20M in business for example, wouldn’t you be more than happy to pay him $5-6M? If not, someone else probably would.
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