Once you get into a T10 school, the competition really begins

[Anonymous]

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Anonymous wrote:Northwestern University- great school. Econ major has tried twice (fall and winter quarter) to get into a competitive finance club and was rejected. He wrote essays, gave presentations, and had to sit and answer very hard questions. Just a reminder that getting in is really half (or a quarter) of the battle.

It is like that at many schools though. Not just top 10. Lots of gatekeeping.

Yes but if that gate is closed, and it is because you only get in if you schmooze the right people, there are other ways. Keep at it.

Ok but I don't really care. My point is that OP thinks it is just like that at "top schools". It's not.

My DS is also at Northwestern and he is accepted into the Finance club without having to write essays or presentations. He got the right connections.

Actually, try a different club. My son is VP of one of these clubs (at UChicago, so pretty similar). Schmoozing would definitely not work for quant finance club, but there are generally several. I think it's shitty, personally. What would be the difference in letting more in? That said, many of those clubs get investments from employers seeking club members, so it's not as stupid and pointless as you may think. I was skeptical, but it has paid off big time for all of those club members.

[Anonymous]

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Anonymous wrote:Northwestern University- great school. Econ major has tried twice (fall and winter quarter) to get into a competitive finance club and was rejected. He wrote essays, gave presentations, and had to sit and answer very hard questions. Just a reminder that getting in is really half (or a quarter) of the battle.

It is like that at many schools though. Not just top 10. Lots of gatekeeping.

Yes but if that gate is closed, and it is because you only get in if you schmooze the right people, there are other ways. Keep at it.

Ok but I don't really care. My point is that OP thinks it is just like that at "top schools". It's not.

My DS is also at Northwestern and he is accepted into the Finance club without having to write essays or presentations. He got the right connections.

Actually, try a different club. My son is VP of one of these clubs (at UChicago, so pretty similar). Schmoozing would definitely not work for quant finance club, but there are generally several. I think it's shitty, personally. What would be the difference in letting more in? That said, many of those clubs get investments from employers seeking club members, so it's not as stupid and pointless as you may think. I was skeptical, but it has paid off big time for all of those club members.

And no - not filled with frat kids at all. Really smart, really good at math, and really interested intellectually.

[Anonymous]

Why do the universities tolerate this?

[Anonymous]

Attending Northwestern is not going to help your kids if they don't have the social skills to establish the right connections and meet the right people to help their professional careers. There is a reason why many people with degrees from Northwestern and other 80K/year universities are making the same salary as people who attend public state universities. Those that have the social skills to get into finance clubs at Northwestern or U. of Chicago are likely to be financially successful in the future. Who you know is so much more important than how much you know in the real world.

[Anonymous]

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Anonymous wrote:Yeah but you’re still a Wall Street douche!

I bet you and your spouse don’t have employer sponsored retirement accounts and you both don’t invest in any index funds or mutual funds. Because they are managed by the Wall Street douches that you snicker at. But if you and your spouse rely on them to manage your investments, they you are the smelliest garbage douche!

My index funds are managed by a company based in valley forge, pa

You are the most disease prone douche that did humanities in college and mathematics challenged pea brain. Your index funds are being managed mostly by computer programs. The very little human oversight required is provided by employees who studied finance. But of course, it’s beyond your douch comprehension.

Of course, and the fee drop every year. If you're willing to move around, they are almost free. It's amazing what happens when you eliminate finance bro bonuses from the cost structure

[Anonymous]

Anonymous wrote:Attending Northwestern is not going to help your kids if they don't have the social skills to establish the right connections and meet the right people to help their professional careers. There is a reason why many people with degrees from Northwestern and other 80K/year universities are making the same salary as people who attend public state universities. Those that have the social skills to get into finance clubs at Northwestern or U. of Chicago are likely to be financially successful in the future. Who you know is so much more important than how much you know in the real world.

This is not accurate.

Northwestern salaries match other schools for three main reasons:

1) Many take jobs in the low cost Midwest and are still compared to East Coast & West Coast Salaries

2) Large School of Communications which is not a high paying field

3) Medill School of journalism is the best in the world, but journalism pays modest salaries.

[Anonymous]

Anonymous wrote:My DD is at another T10 school and yes one of the biggest surprises was that so many of those things that you could just decide to do in high school (debate,MUN.) were highly competitive at the college level. There’s even a pop uo cooking club that’s tough to get into! She addressed it by trying out for a gazillion things freshman year and just went with the options she had after everything shook out. It worked out great. She’s not doing all the same things she did in high school but there’s a lot of overlap and she is enjoying new and different activities.

True. Just try to get on the forensics (debate) team at Northwestern University. It may be the best in the nation.

[Anonymous]

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Anonymous wrote:Should have gone to a top undergraduate business program.

Most top schools don't have undergraduate business programs and doesn't recommend locking yourself into business at 17-18.

Northwestern does not have an undergraduate business program.

[Anonymous]

Anonymous wrote:No decent undergrad wants to join finance/business/investment clubs.

If you knew the first & second year earnings of those who parley elite undergrad university & finance club membership into a competitive Wall Street type banking position, you might think otherwise. (Clubs are huge at Michigan & at Penn.) Some Wharton grads (undergraduates) report earnings in their first & second year that are so high that I will not repeat them here without first-hand knowledge.

[Anonymous]

Anonymous wrote:Why do the universities tolerate this?

Finance club membership is a lot of work. It is similar to taking a demanding course focused on finance career functions, resumes, connections, trends in the industry, etc. The payoff can be very rewarding financially.

[Anonymous]

Below is a link to University of Michigan Ross School of Business clubs:

https://businesstech.bus.umich.edu/clubs/

Club membership is also very rewarding for MBA candidates at the Ross School MBA Program.

[Anonymous]

Link to undergrad clubs at the Wharton School at U Penn:

https://groups.wharton.upenn.edu/whcouncil/clubs/

Clubs allow undergrad students to explore career options while making connections for real world internships 7 jobs.

Wharton PEVC = private equity/venture capital is just one example.

[Anonymous]

Link to business related clubs at Northwestern University:

https://r2b.northwestern.edu/activities/

Investment Banking Club

Investment Management Group

Undergraduate Economics Society

Women in Economics

[Anonymous]

Business related clubs are very serious engagements at Penn, Michigan, & Northwestern.

[Anonymous]

Involvement in undergraduate business clubs at elite universities is engaging in career prep from year one or year two of one's undergraduate experience.

Club members educate one another & create opportunities for members. trips to employers are common as are presentations by employers.

Club membership--related to any field, not just business--is one advantage of attending a National University.