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For the past two decades, there has been no greater prize on Wall Street--no position that has carried greater status, riches, and entrée into the halls of power--than an invitation to join the Goldman Sachs (nyse: GS - news - people ) partnership. Though management responsibility was diffused a decade ago with the addition of a "managing director" title, a sort of junior partnership, it is the Goldman Sachs partners, the top 1% in a company of 25,000 overachievers, who run its businesses and reap the greatest rewards.

But these rewards come at a price: There is no partnership without face time. Doing a good job will get you nowhere. Doing a superb job will get you noticed, but unless a managing director is willing to continue to put in hefty hours at the office and commit to a travel schedule that includes missing more than a few bedtime stories and regularly spending Sunday evenings heading out to Kennedy Airport, a partnership may be just beyond reach.

For years, men have made these sacrifices for their success, and in small--but growing--numbers, women are doing the same. It was not until 1986 that Goldman Sachs invited the first woman to join the partnership.

In my book, Goldman Sachs: The Culture of Success (Knopf, 1999), I argued that the firm has a culture uniquely suited to its industry. Rising through the ranks at Goldman Sachs is one of the steepest and most challenging corporate climbs. As a managing director, if you are to leave your peers behind, you must have a visceral understanding of this culture, which on its face is rife with contradictions. Yet somehow it works.

A few observations on getting to the top: You will be immersed in one of the world's most competitive environments, placed in a head-to-head contest with those around you; and while you must win this competition, nothing will derail you faster than not being a team player. You must make your accomplishments well known to the partner you work for, the partnership committee, and the management committee, while never once bragging. You must want success so badly you can taste it, but never dare to look overly ambitious. You must make the time, real time, to advise and guide those coming up behind you, even if you feel you barely have a minute to breathe. You must pretend not to notice that, although you work for the most valuable securities firm ever, the furniture is battered, the carpets are worn, and little about the décor has been updated in a quarter of a century. You will become wealthy beyond your wildest dreams, but you must not be seen using this money in a flashy or ostentatious manner. When disaster strikes your markets, as it will (think commercial paper in 1970, proprietary trading in 1994, Russia in 1998, subprime mortgages this year), and investors and traders all over the world are running for the exits, you must turn around and walk back through the fleeing crowd, because opportunity lies in that direction. Finally, even after you make it to the top, after CEO Lloyd Blankfein calls you on that special October day (which comes only in even-numbered years) to tell you that you've made partner, the competition is just beginning. The men and women who help you run this uniquely powerful firm may be your partners, but remember, there are about 300 of you—and only 21 seats on the management committee.

The three women profiled here have scaled the partnership pyramid. Each has risen through the ranks, from vice president to managing director and then on to the partnership, while raising young children. In every profession, this balancing act is a challenge, but in this most demanding of careers, it can appear almost impossible.

Profiles: Liz Beshel | Edith Cooper | Kathy Matsui

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