Voice of Experience: Melissa Goldman, Managing Director, Goldman Sachs and Head of Credit Risk, Collateral Management and Cross Divisional Projects, Technology

By Pamela Weinsaft (New York City)

Melissa Goldman, a Managing Director at Goldman Sachs and Head of Credit Risk, Collateral Management and Cross Divisional Projects within the Technology division said, “My sister – who grew up with a disability and was wheelchair-bound all of her life – was valedictorian of our high school.” Goldman credits her sister, who passed away around three years ago, with inspiring her to reach higher every day. “It was really about how she operated in the world. Not only was she the most intelligent person I knew, she was also someone who had every reason to be bitter and angry about the hand she was dealt in terms of her physical limitations.’’

Recalling her sister’s inspiring energy, passion for the work she did, and the way she pushed herself and others to always do better, Goldman said, “It is amazing the positive effect she had on the people around her in her all-too-short-lifetime – not only in her professional and academic life, but in her personal life as well. She had the kind of relationships and impact on people most of us would only dare to dream of.” Goldman noted that she tries to make her sister a part of her daily life: “She is a constant reminder of what it means to have challenges, to have tolerance and to persevere.”

Goldman, a Long Island, New York native, studied applied mathematics and computer science at Carnegie Mellon University. “I have always been interested in problem solving and puzzles – always trying to find the best way to get from here to there.” A summer program at the university after her junior year of high school led her to forgo her senior year in favor of early admission. Upon graduation, she was immediately drawn to consulting. She took an entry level job with Andersen Consulting (now Accenture) as an analyst in the technical consulting practice. While she found it fun and challenging, she began to realize that it wasn’t exactly the best fit for her.

She found her true home when she was placed by Andersen at Wall Street powerhouse Goldman Sachs. “I was surprised that all of the things which attracted me to consulting were actually to be found at Goldman Sachs. The variety of project work was more than I anticipated.” She became an employee of Goldman Sachs in 1994. “I hadn’t realized when I was looking for my first job out of school how innovative the firm was in terms of how they approached technology, and had not appreciated the breadth of responsibilities and opportunities I would have here.”

Never a Lull – Constant Change and New Challenges

Goldman joined the Technology division at Goldman Sachs working within the Core Technology team. This team was responsible for supporting other functional groups and for building out software components for these applications. Although this opportunity was exciting, she knew there was more learn. “What I found was that, even though I was successful at building out software pieces, I had a desire to have a better understanding of what I was building them for; I wanted to understand the ‘one step beyond,’ out to the person who would ultimately use the application.” A shift into a role supporting the Controller’s function gave Goldman the opportunity to have a broader view of all the firm’s products, and helped increase her knowledge of what the firm was doing as a whole.

By 2001, when Goldman went out on maternity leave with her second child, her team was up to speed in all areas of their roles and responsibilities, as well as covering for her during her leave. It was a seamless transition. “I was comfortable taking leave knowing my team would continue to execute projects successfully during my time off.” Upon returning, Goldman started back on a part-time basis, “[The part-time schedule] was something I explored because I felt that, at that time in my life, I needed to focus more on personal items.” Goldman notes that she knew she didn’t want to leave the firm completely but wasn’t sure if she was ready to come back full time at that point. She said, “Through the part-time experience, I realized that kind of role wasn’t for me on a long-term basis. I didn’t feel satisfied from a career perspective and I put a lot more pressure on myself in my private life because I was trying to fill that void.” Goldman returned to work full-time within six months.

Said Goldman, “I’ve always been very secure in the fact that Goldman Sachs looks to maximize its employees and their potential – and gives us a tremendous amount of room to stretch ourselves. I’ve never been bored or without the next challenging thing to work on. There is never a lull – if it’s not [the current economic crisis], it is something else – it just doesn’t get stale and there is always something new. That is what I love about my job and the industry in general.” But, she adds, the constant change and new challenges come with a downside: “My job is intense – and one which needs to be managed – so that I can continue to be balanced, happy, and content in what I do. All those great things don’t come for free; they come with a need to actively manage work-life balance.”

That balance she references relies on “recognizing that any given week could feel tilted in one direction or the other,” explained Goldman. “I don’t get bent out of shape about the small things. Sure, there are times when I may miss my children’s field trips or find myself unable to get home for dinner some nights, but I measure this in the context of my long and short term priorities. But, added Goldman, “It is important to remember that what is important now may change over the course of time so I periodically re-evaluate priorities as well.”

“Because of that ‘check-pointing’ – trying to understand on a regular basis how my projects, personal or professional life, are going – my failures tend to be smaller and more correctable, which allows me to learn from them and quickly get back on track,” she added.

Women in Technology at Goldman Sachs

Goldman, who co-chairs the firm’s Women in Technology (“WIT”) affinity group believes that one of the potential obstacles for women in the industry relates to their reticence to take risks. “I think women tend to be more risk adverse. But when it comes to your success and differentiating yourself, taking risks is a critical part. You have to take some risk to get the reward.”

She continued, “Very often, we get caught up in our immediate goals. It’s really important to pace ourselves and not burn out, making good strategic decisions from a career perspective. A career needs to be managed and you need to be active in identifying where you want to go and what you want to do. But there is a patience aspect to it too. You shouldn’t just rush ahead with blinders on. You should wait for the right opportunity… and then just do it.”

“I try to live a life of little to no regret,” added Goldman. “I don’t want to look back and wonder why I did the things I did. I want my choices to be conscious decisions. I make sure that I define what is most important and adjust my schedule so that I can achieve those things most meaningful to me.”