How are these nepo babies in these summer finance internships able to keep up with the work

[Anonymous]

Anonymous wrote:

Anonymous wrote:Really frustrates me as DS is very hard working and going into senior year at Bucknell. Many of his classmates with loaded parents with connections on Wall Street have gotten their kids internships for the summer at companies like JP Morgan, Morgan Stanley, even Goldman Sachs. Kid feels discouraged. He has a 3.8 gpa, good extracurriculars but got shunned away in favor of kids whose dad golfs with the vp of wealth management and has a 3.0 gpa and subpar involvement in college besides frats. It makes me feel like I'm wasting my money on bucknell as these schools only pay off if you have prior family wealth and connections to launch your career in investment banking and finance. Also, how are these kids who barely ut the work in during the school year manage to work these long, long hours in these internships? Are these repo babies given a pass if daddy is there at work today supervising?

The problem is your son didn’t understand the point of attending Bucknell…it’s not to get a 3.8 (but that’s great)…it’s to become friends with the rich kids you lament…and get hooked up with a job.

Yep. Networking. Frats are one of the best ways in a campus environment to do it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Really frustrates me as DS is very hard working and going into senior year at Bucknell. Many of his classmates with loaded parents with connections on Wall Street have gotten their kids internships for the summer at companies like JP Morgan, Morgan Stanley, even Goldman Sachs. Kid feels discouraged. He has a 3.8 gpa, good extracurriculars but got shunned away in favor of kids whose dad golfs with the vp of wealth management and has a 3.0 gpa and subpar involvement in college besides frats. It makes me feel like I'm wasting my money on bucknell as these schools only pay off if you have prior family wealth and connections to launch your career in investment banking and finance. Also, how are these kids who barely ut the work in during the school year manage to work these long, long hours in these internships? Are these repo babies given a pass if daddy is there at work today supervising?

The problem is your son didn’t understand the point of attending Bucknell…it’s not to get a 3.8 (but that’s great)…it’s to become friends with the rich kids you lament…and get hooked up with a job.

Yep. Networking. Frats are one of the best ways in a campus environment to do it.

Frats are so yesterday. Frats are a huge negative signal these days because of the adverse self selection involved — mediocre, unethical and misogynistic. The 3.9 - 4.0 introverted physics CS guy (or gal) from an Ivy will get hired over the pumped up, non substantive frat guy majoring in finance who has very little to offer, every time. Idiots who indicate frat membership or god forbid frat leadership on their LinkedIn have no clue, imho. It’s bizarre to me that people still believe this about frats. — someone very close to the action on this.

[Anonymous]

Anonymous wrote:Really frustrates me as DS is very hard working and going into senior year at Bucknell. Many of his classmates with loaded parents with connections on Wall Street have gotten their kids internships for the summer at companies like JP Morgan, Morgan Stanley, even Goldman Sachs. Kid feels discouraged. He has a 3.8 gpa, good extracurriculars but got shunned away in favor of kids whose dad golfs with the vp of wealth management and has a 3.0 gpa and subpar involvement in college besides frats. It makes me feel like I'm wasting my money on bucknell as these schools only pay off if you have prior family wealth and connections to launch your career in investment banking and finance.[b] Also, how are these kids who barely ut the work in during the school year manage to work these long, long hours in these internships?[google] Are these repo babies given a pass if daddy is there at work today supervising?

My kid said he used to work 2-3 hrs at most. Def not "long, long hours."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Really frustrates me as DS is very hard working and going into senior year at Bucknell. Many of his classmates with loaded parents with connections on Wall Street have gotten their kids internships for the summer at companies like JP Morgan, Morgan Stanley, even Goldman Sachs. Kid feels discouraged. He has a 3.8 gpa, good extracurriculars but got shunned away in favor of kids whose dad golfs with the vp of wealth management and has a 3.0 gpa and subpar involvement in college besides frats. It makes me feel like I'm wasting my money on bucknell as these schools only pay off if you have prior family wealth and connections to launch your career in investment banking and finance. Also, how are these kids who barely ut the work in during the school year manage to work these long, long hours in these internships? Are these repo babies given a pass if daddy is there at work today supervising?

The problem is your son didn’t understand the point of attending Bucknell…it’s not to get a 3.8 (but that’s great)…it’s to become friends with the rich kids you lament…and get hooked up with a job.

Yep. Networking. Frats are one of the best ways in a campus environment to do it.

Frats are so yesterday. Frats are a huge negative signal these days because of the adverse self selection involved — mediocre, unethical and misogynistic. The 3.9 - 4.0 introverted physics CS guy (or gal) from an Ivy will get hired over the pumped up, non substantive frat guy majoring in finance who has very little to offer, every time. Idiots who indicate frat membership or god forbid frat leadership on their LinkedIn have no clue, imho. It’s bizarre to me that people still believe this about frats. — someone very close to the action on this.

"Local elites" still control this country once you get outside the 5-7 largest metro areas. And that's where frat boys thrive - mortgage banking, commercial RE, regional law firms, sales jobs, etc.

It's all about where you play golf, who knew in Sigma Nu, which Big 10 team you supporter, etc. Guys in company branded polo shirts sitting in domestic 1st class on the flight from Chicago to Des Moines.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Really frustrates me as DS is very hard working and going into senior year at Bucknell. Many of his classmates with loaded parents with connections on Wall Street have gotten their kids internships for the summer at companies like JP Morgan, Morgan Stanley, even Goldman Sachs. Kid feels discouraged. He has a 3.8 gpa, good extracurriculars but got shunned away in favor of kids whose dad golfs with the vp of wealth management and has a 3.0 gpa and subpar involvement in college besides frats. It makes me feel like I'm wasting my money on bucknell as these schools only pay off if you have prior family wealth and connections to launch your career in investment banking and finance.[b] Also, how are these kids who barely ut the work in during the school year manage to work these long, long hours in these internships?[google] Are these repo babies given a pass if daddy is there at work today supervising?

My kid said he used to work 2-3 hrs at most. Def not "long, long hours."

There's a reason why they call it "banker's hours."

[Anonymous]

Anonymous wrote:
"Local elites" still control this country once you get outside the 5-7 largest metro areas. And that's where frat boys thrive - mortgage banking, commercial RE, regional law firms, sales jobs, etc.

It's all about where you play golf, who knew in Sigma Nu, which Big 10 team you supporter, etc. Guys in company branded polo shirts sitting in domestic 1st class on the flight from Chicago to Des Moines.

This is accurate. I played D1 golf at a SEC school and play golf with people in the office where I work. We had a company retreat at a golf country club and I beat everyone in golf, including the CEO. He was so impressed that he invited me to play with him regularly at Congressional CC. I also play regularly with the CFO at Riverbend CC in Great Falls as an invited guest. I recently got promoted to VP position not because I am better than other candidates but because they know me better on a personal level. It is all about networking and relationship. You are kidding yourself if you think otherwise.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Really frustrates me as DS is very hard working and going into senior year at Bucknell. Many of his classmates with loaded parents with connections on Wall Street have gotten their kids internships for the summer at companies like JP Morgan, Morgan Stanley, even Goldman Sachs. Kid feels discouraged. He has a 3.8 gpa, good extracurriculars but got shunned away in favor of kids whose dad golfs with the vp of wealth management and has a 3.0 gpa and subpar involvement in college besides frats. It makes me feel like I'm wasting my money on bucknell as these schools only pay off if you have prior family wealth and connections to launch your career in investment banking and finance. Also, how are these kids who barely ut the work in during the school year manage to work these long, long hours in these internships? Are these repo babies given a pass if daddy is there at work today supervising?

The problem is your son didn’t understand the point of attending Bucknell…it’s not to get a 3.8 (but that’s great)…it’s to become friends with the rich kids you lament…and get hooked up with a job.

Yep. Networking. Frats are one of the best ways in a campus environment to do it.

Frats are so yesterday. Frats are a huge negative signal these days because of the adverse self selection involved — mediocre, unethical and misogynistic. The 3.9 - 4.0 introverted physics CS guy (or gal) from an Ivy will get hired over the pumped up, non substantive frat guy majoring in finance who has very little to offer, every time. Idiots who indicate frat membership or god forbid frat leadership on their LinkedIn have no clue, imho. It’s bizarre to me that people still believe this about frats. — someone very close to the action on this.

does not sound like you are "close to the action" at all. Are we talking about a CS job, if so yes. If not, if it's wall street you better believe the "bros" run the show. 100%. The D1 golf PP has it right, its about networking and making connections and you're not doing that if you are an "introverted CS guy". You're just relying on stereotypes. I have close relatives on Wall Street and they all went to very good schools (step below Ivy) and were in frats and have tons of connections as a result.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Really frustrates me as DS is very hard working and going into senior year at Bucknell. Many of his classmates with loaded parents with connections on Wall Street have gotten their kids internships for the summer at companies like JP Morgan, Morgan Stanley, even Goldman Sachs. Kid feels discouraged. He has a 3.8 gpa, good extracurriculars but got shunned away in favor of kids whose dad golfs with the vp of wealth management and has a 3.0 gpa and subpar involvement in college besides frats. It makes me feel like I'm wasting my money on bucknell as these schools only pay off if you have prior family wealth and connections to launch your career in investment banking and finance. Also, how are these kids who barely ut the work in during the school year manage to work these long, long hours in these internships? Are these repo babies given a pass if daddy is there at work today supervising?

The problem is your son didn’t understand the point of attending Bucknell…it’s not to get a 3.8 (but that’s great)…it’s to become friends with the rich kids you lament…and get hooked up with a job.

Yep. Networking. Frats are one of the best ways in a campus environment to do it.

Frats are so yesterday. Frats are a huge negative signal these days because of the adverse self selection involved — mediocre, unethical and misogynistic. The 3.9 - 4.0 introverted physics CS guy (or gal) from an Ivy will get hired over the pumped up, non substantive frat guy majoring in finance who has very little to offer, every time. Idiots who indicate frat membership or god forbid frat leadership on their LinkedIn have no clue, imho. It’s bizarre to me that people still believe this about frats. — someone very close to the action on this.

You must not be on LinkedIn.

#clueless

[Anonymous]

I hear ya on the nepo babies, OP!

My kid isn't in finance but is a great student and worked really hard to land an internship this summer through a long, selective process.
Had to do a lot of planning beforehand, including resume, interviews etc. Had a paid job during the school year.

Nepo baby friend who did no planning and is a mediocre student walked right into where daddy works with not even a resume since kid did not have any other paid jobs. Gets a hook-up for the first-ever company internship, in finance, reporting to the #2 of the company.

Rooting for the "regular people" out there.

[Anonymous]

This is why it's sometimes a waste of money for regular people to go to expensive exclusive private schools.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Really frustrates me as DS is very hard working and going into senior year at Bucknell. Many of his classmates with loaded parents with connections on Wall Street have gotten their kids internships for the summer at companies like JP Morgan, Morgan Stanley, even Goldman Sachs. Kid feels discouraged. He has a 3.8 gpa, good extracurriculars but got shunned away in favor of kids whose dad golfs with the vp of wealth management and has a 3.0 gpa and subpar involvement in college besides frats. It makes me feel like I'm wasting my money on bucknell as these schools only pay off if you have prior family wealth and connections to launch your career in investment banking and finance. Also, how are these kids who barely ut the work in during the school year manage to work these long, long hours in these internships? Are these repo babies given a pass if daddy is there at work today supervising?

The problem is your son didn’t understand the point of attending Bucknell…it’s not to get a 3.8 (but that’s great)…it’s to become friends with the rich kids you lament…and get hooked up with a job.

Yep. Networking. Frats are one of the best ways in a campus environment to do it.

Frats are so yesterday. Frats are a huge negative signal these days because of the adverse self selection involved — mediocre, unethical and misogynistic. The 3.9 - 4.0 introverted physics CS guy (or gal) from an Ivy will get hired over the pumped up, non substantive frat guy majoring in finance who has very little to offer, every time. Idiots who indicate frat membership or god forbid frat leadership on their LinkedIn have no clue, imho. It’s bizarre to me that people still believe this about frats. — someone very close to the action on this.

Huh. My daughter is an IB analyst on Wall Street and her social circle is comprised mostly of other 22-25 year old IB people. She attended a university without a Greek letter system. And says that she's in the minority not being a (former) member of a sorority/frat.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Really frustrates me as DS is very hard working and going into senior year at Bucknell. Many of his classmates with loaded parents with connections on Wall Street have gotten their kids internships for the summer at companies like JP Morgan, Morgan Stanley, even Goldman Sachs. Kid feels discouraged. He has a 3.8 gpa, good extracurriculars but got shunned away in favor of kids whose dad golfs with the vp of wealth management and has a 3.0 gpa and subpar involvement in college besides frats. It makes me feel like I'm wasting my money on bucknell as these schools only pay off if you have prior family wealth and connections to launch your career in investment banking and finance. Also, how are these kids who barely ut the work in during the school year manage to work these long, long hours in these internships? Are these repo babies given a pass if daddy is there at work today supervising?

The problem is your son didn’t understand the point of attending Bucknell…it’s not to get a 3.8 (but that’s great)…it’s to become friends with the rich kids you lament…and get hooked up with a job.

Yep. Networking. Frats are one of the best ways in a campus environment to do it.

Frats are so yesterday. Frats are a huge negative signal these days because of the adverse self selection involved — mediocre, unethical and misogynistic. The 3.9 - 4.0 introverted physics CS guy (or gal) from an Ivy will get hired over the pumped up, non substantive frat guy majoring in finance who has very little to offer, every time. Idiots who indicate frat membership or god forbid frat leadership on their LinkedIn have no clue, imho. It’s bizarre to me that people still believe this about frats. — someone very close to the action on this.

Huh. My daughter is an IB analyst on Wall Street and her social circle is comprised mostly of other 22-25 year old IB people. She attended a university without a Greek letter system. And says that she's in the minority not being a (former) member of a sorority/frat.

No one said that it is impossible to make it without being part of the circle but it is extremely hard to make it without connections.

Frat bros with connections ride the elevators to the top while folks without connections take the stairs to get there, if they actually get there, with obstacles along the way.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
"Local elites" still control this country once you get outside the 5-7 largest metro areas. And that's where frat boys thrive - mortgage banking, commercial RE, regional law firms, sales jobs, etc.

It's all about where you play golf, who knew in Sigma Nu, which Big 10 team you supporter, etc. Guys in company branded polo shirts sitting in domestic 1st class on the flight from Chicago to Des Moines.

This is accurate. I played D1 golf at a SEC school and play golf with people in the office where I work. We had a company retreat at a golf country club and I beat everyone in golf, including the CEO. He was so impressed that he invited me to play with him regularly at Congressional CC. I also play regularly with the CFO at Riverbend CC in Great Falls as an invited guest. I recently got promoted to VP position not because I am better than other candidates but because they know me better on a personal level. It is all about networking and relationship. You are kidding yourself if you think otherwise.

A version of this happens at top hedge funds as well. My nephew is an excellent chess and poker player. The firm had a poker tournament where is came first and he was put on the top performing team. Lot of firms like these love the chess and poker players.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Really frustrates me as DS is very hard working and going into senior year at Bucknell. Many of his classmates with loaded parents with connections on Wall Street have gotten their kids internships for the summer at companies like JP Morgan, Morgan Stanley, even Goldman Sachs. Kid feels discouraged. He has a 3.8 gpa, good extracurriculars but got shunned away in favor of kids whose dad golfs with the vp of wealth management and has a 3.0 gpa and subpar involvement in college besides frats. It makes me feel like I'm wasting my money on bucknell as these schools only pay off if you have prior family wealth and connections to launch your career in investment banking and finance. Also, how are these kids who barely ut the work in during the school year manage to work these long, long hours in these internships? Are these repo babies given a pass if daddy is there at work today supervising?

The problem is your son didn’t understand the point of attending Bucknell…it’s not to get a 3.8 (but that’s great)…it’s to become friends with the rich kids you lament…and get hooked up with a job.

Yep. Networking. Frats are one of the best ways in a campus environment to do it.

Frats are so yesterday. Frats are a huge negative signal these days because of the adverse self selection involved — mediocre, unethical and misogynistic. The 3.9 - 4.0 introverted physics CS guy (or gal) from an Ivy will get hired over the pumped up, non substantive frat guy majoring in finance who has very little to offer, every time. Idiots who indicate frat membership or god forbid frat leadership on their LinkedIn have no clue, imho. It’s bizarre to me that people still believe this about frats. — someone very close to the action on this.

[Anonymous]

Instead of complaining and whining, your DS should get the skills needed to succeed. Your DS should join them instead of whining about it.