Every year, high school seniors eagerly await emails from Harvard. A few months later, college students are equally excited awaiting news from Goldman Sachs. However, only one of these has less than a 1% chance of getting in.
The Numbers
According to the Harvard Gazette, Harvard received 54,008 applications for its Class of 2028. It accepted 1,937 students, meaning it had a 3.6% acceptance rate, making it one of the lowest in the country.
However, Goldman Sachs had 315,126 applications for its summer internship. This meant it had an acceptance rate of just 0.9%. In 2025, its acceptance rate dropped further to 0.7% due to the number of applications increasing to over 360,000. This meant it only hired around 2,600 interns. In 2026, it was the third year running that Goldman had an acceptance rate of less than 1% (Fortune). Around a decade ago, it was closer to 5%. This means there is around a 4x better chance of getting into Harvard compared to Goldman Sachs.
While it isn’t a perfect comparison, the process for applying to internships is very easy. Students often apply to dozens of banks, whereas Harvard requires essays, references, and a fee. Harvard has also refused to release its acceptance rate for the past two cycles (The Harvard Crimson). However, it is still much more difficult to get into a Goldman Sachs internship than Harvard. And the gap is growing.
Why Do Banks Start Recruiting So Early?
The internship is the recruitment process. Most major banks will hire their full-time analyst classes from their summer interns. The 10-week internship is essentially an extended interview. Therefore, the real competition for a job starts during your sophomore and junior year. More students are becoming aware of this, meaning they are applying earlier, which means banks are starting to recruit even earlier. Students are now networking and preparing for technical interviews before they have even completed their first finance class.
What Will Get You Noticed?
If you were getting noticed for having good grades and being in a finance club a decade ago, this is now the minimum requirement. Technical skills can be learned; however, judgment, flexibility, and critical thinking are much harder to teach (Jacqueline Arthur, Head of Human Capital Management at Goldman). As AI tools are now commonplace among applicants, it comes down to how well you can use them (Fortune).
The 2026 class had over 30 elite athletes, almost 50 musicians, and around 20 founders of nonprofits (Fortune). What these students all have in common is that they have dedicated themselves to something challenging for years. This shows they’ll be able to cope with an 80-hour week.
Are You Right For It?
Having less than a 1% chance of getting in shouldn't put you off pursuing a career in finance. There are many ways to get into middle-market and boutique banks, and many successful bankers did not start their careers at a bulge bracket. However, knowing these stats means you should start early and be honest with yourself. If you want to get into the most competitive internship in finance, then treat it like you would Harvard. Statistically, it’s harder.
