Core Insights - Goldman Sachs is initiating its promotion season in early November, which will also influence other banks like Citigroup and Morgan Stanley in the following months [2] - Approximately 600 employees, or about 1% of Goldman's workforce, were promoted to managing director in the last cycle, highlighting the significance of this event for the bank's future leadership and business lines [3][8] - The promotion process is rigorous, often taking over a decade of hard work, with managing directors earning a base salary of up to $400,000, plus variable year-end compensation [5] Promotion Process - The evaluation for promotions spans several months, involving extensive feedback and deliberations [6] - Candidates from various business lines, including investment banking, sales and trading, and asset management, are eligible for promotion to managing director [6] - Strong performance and timing are critical factors in determining who gets promoted, particularly for revenue-generating roles [7]