What is Goldman Sachs Strats?
Strategists - "Strats" - is Goldman Sachs's quantitative engineering and analytics function, sitting across virtually every part of the firm. Originally a small mathematics group inside the bank's trading divisions in the 1990s, Strats has grown to over 8,000 people globally and is one of the largest quant employers in finance. The function spans pricing model development, risk and capital management, electronic trading systems, market-microstructure research, and a meaningful share of the firm's core technology.
This guide covers what Strats actually does at Goldman, the salary structure by level, the interview process and the difference between Strats and the firm's separate Quantitative Investment Strategies (QIS) group. For broader career context, see our quantitative analyst career guide.
Salary by level: Numbers below are illustrative estimates from public reporting and anecdotal candidates - not official Goldman figures. Actual packages vary by desk, location, year, and performance.
Strats vs QIS
Two related but distinct quantitative functions exist within Goldman:
Strats
The dominant quantitative function across the firm. Strats sit on every desk, in every product, across every region. The role is hybrid - part quant analyst, part developer, part engineer. Most Strats write code daily; the depth of that coding work varies by team but is consistently more than at most peer banks.
Quantitative Investment Strategies (QIS)
A buy-side-style group within Goldman's asset management arm. QIS designs and runs systematic strategies (factor investing, risk premia, alternatives) for institutional clients and the firm's own products. Closer in feel to a small hedge fund than to the broader investment bank.
The two have separate hiring pipelines, separate cultures and different compensation structures - QIS being closer to buy-side compensation, Strats closer to bank quant compensation.
What Strats Actually Do
Strats work splits across four broad domains:
Securities Strats (the largest group)
Sit on the trading desks across rates, credit, equities, FX, commodities and structured products. The work is direct desk support: building pricing models, maintaining the analytics that traders use, writing tools for trade booking and risk reporting. This is the most front-office part of Strats and the primary route to the highest compensation within the function.
Asset Management Strats
Support Goldman's asset management business with portfolio construction tools, risk analytics and client-facing analytics. More project-driven than Securities Strats; longer time horizons.
Risk Strats
Independent validation of pricing models, regulatory model work, capital optimisation and stress testing. Mid-office; work that increased significantly post-2008.
Engineering / Platform Strats
Build the infrastructure other Strats and engineers use - large-scale data platforms, internal pricing libraries, electronic trading platforms. Increasingly resembles a top tech firm's engineering org.
Salary by Level
Goldman Sachs Strats sits in the upper tier of sell-side quant compensation, broadly comparable to JP Morgan and Morgan Stanley quant divisions, slightly above European peers like Deutsche and Barclays. Approximate New York comp:
| Level | Years experience | Base | Bonus | Total comp |
|---|---|---|---|---|
| Analyst (Year 1) | 0-1 | $110,000 - $130,000 | $30,000 - $60,000 | $140,000 - $190,000 |
| Analyst (Year 2-3) | 1-3 | $130,000 - $160,000 | $50,000 - $100,000 | $180,000 - $260,000 |
| Associate | 3-5 | $160,000 - $200,000 | $80,000 - $200,000 | $240,000 - $400,000 |
| Vice President | 5-9 | $200,000 - $280,000 | $150,000 - $400,000 | $350,000 - $680,000 |
| Executive Director | 9-13 | $280,000 - $375,000 | $300,000 - $700,000 | $580,000 - $1.1M |
| Managing Director | 12+ | $400,000+ | $600,000 - $2M+ | $1M - $2.5M+ |
| Partner | 15+ | $900,000+ | $2M - $20M+ | $3M - $25M+ |
Note: Goldman's Partner title is awarded to a small group (around 100 people) every two years and brings dramatically increased compensation, equity and access to the firm's principal investments.
For broader cross-firm context, see our quantitative analyst salary guide.
The Interview Process
Stage 1: Application and Screening
Goldman has two main entry points: the summer internship programme (10 weeks) and the full-time New Analyst programme. Both have rolling deadlines from August through December for the following year.
Stage 2: HireVue Video Assessment
A pre-recorded video interview where you respond to behavioural and technical questions on camera with a fixed time limit. Goldman has used HireVue for years; the format favours candidates who practise speaking concisely on camera.
Stage 3: Coding Test
A timed coding assessment for technical roles. The bar is moderate (LeetCode easy-to-medium); cleanliness and correctness matter more than algorithmic cleverness.
Stage 4: Super Day
A full day at a Goldman office. Four to five interviews of 45 to 60 minutes each. Interviewers typically rotate through:
- Technical depth (probability, statistics, stochastic calculus)
- Coding (live coding, usually a finance-flavoured problem in your preferred language)
- Product knowledge (specific to the desk you're interviewing for - rates, credit, equities)
- Behavioural and motivation (why Goldman, why this team, why Strats specifically)
Stage 5: Decisions
Offers usually arrive within 1 to 2 weeks. Goldman moves faster than most banks at the offer stage.
For sample interview questions, see our quant interview questions guide and stochastic calculus interview questions.
How to Prepare
A four-week preparation plan for a Goldman Strats interview:
Week 1: Probability and statistics foundations. A Practical Guide to Quantitative Finance Interviews (Xinfeng Zhou) chapters 1 to 5. Practise mental arithmetic - Goldman's interviews include enough quick numerical work that fluency matters.
Week 2: Stochastic calculus and pricing. Stochastic Calculus for Finance Volume 2 (Steven Shreve) chapters 1 to 5 plus Options, Futures and Other Derivatives (Hull) chapters 9 to 17.
Week 3: Coding and systems. 30 LeetCode medium problems in Python or C++. For more senior candidates, practise systems design questions related to trading systems.
Week 4: Mock interviews and Goldman-specific knowledge. Two full mock onsites. Read Goldman's recent earnings releases, the firm's strategic priorities, and recent news affecting the business division you're interviewing for.
For broader context, see our Greeks and volatility in options and option pricing models explained guides.
Career Path and Exit Options
Goldman Strats is one of the strongest launch pads in finance. Three common career trajectories:
Stay at Goldman. Goldman has invested heavily in retaining Strats - the function has long tenure and a clear progression path. Reaching Managing Director typically takes 12-15 years and brings significant compensation and influence.
Move to a hedge fund or systematic trading firm. A common path after 4-8 years. Goldman Strats alumni populate quant teams at every major buy-side firm. The compensation step-up at the buy side is significant - often 100%+ for strong performers moving to top systematic funds.
Move to a major tech firm or fintech. A growing path. Goldman Strats alumni now lead engineering teams at firms like Stripe, Bloomberg, Two Sigma, and various crypto-native businesses.
For typical exit destinations, see our Goldman Sachs firm page and investment bank quant roles guide.
Frequently Asked Questions
How much do Goldman Sachs Strats graduates earn?
In New York, total first-year compensation is typically $140,000 to $190,000 (base $110-130K, bonus $30-60K). In London, £95,000 to £140,000.
Is Goldman Strats considered front office?
Securities Strats and Asset Management Strats are front office. Risk Strats and some platform engineering roles are middle office or technology. Compensation differs accordingly - front office Strats earn meaningfully more at senior levels.
What's the difference between Strats and QIS?
Strats supports the firm's trading and analytics functions across the investment bank. QIS designs and runs systematic strategies for asset management. They have different hiring pipelines, different cultures and different compensation structures.
What programming languages should I know for Goldman Strats?
Python is heavily used across the firm. SecDB (Goldman's proprietary risk and analytics platform) is the firm's central system - new Strats learn it in their first months. Slang (Goldman's proprietary language for SecDB) is used internally; most external programming uses Python and Java.
Does Goldman Strats recruit from non-target universities?
Yes, more than the broader investment bank. Strong technical performance can compensate for university brand. Goldman's HireVue and coding assessment process means non-target candidates can demonstrate ability before reaching the Super Day.
How does Goldman Strats compare to Barclays QA?
Goldman Strats has slightly higher compensation at senior levels and is more prestigious externally. Barclays QA is more focused on pricing model work and has stronger desk integration in some product areas (particularly rates and credit). We have a Barclays Quantitative Analyst guide covering Barclays specifically.
How does Goldman Strats compare to Citadel?
Different worlds. Goldman Strats is a sell-side role with broad institutional support and visibility into the full investment bank. Citadel is a buy-side hedge fund role with direct P&L exposure and significantly higher compensation upside. Strats is the natural launching pad; Citadel is one of the destinations.
Can I move from Strats to the trading desk?
Yes, and it happens regularly. The most common move is from Securities Strats into a desk quant role on the same trading floor, then potentially into a trading role. The reverse is less common.
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