How is every last kid going into Investment Banking?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's absurd. Every kid I know personally is aiming for this. Every kid on Reddit. Every kid on here.
My own children are at an Ivy, a LAC and a state school and every kid they know is aiming for Wall Street as well.
Ok, maybe a bit of an exaggeration but it's pretty universal.

The reality is that none of them can even get into the investment CLUBs at their schools.
1% acceptance rates.
Getting competitive internships is even more insane.
And then easily 50-75% of the Wall Street jobs that the colleges brag about are nepo hires (the applicant's dad or uncle is in banking at a high level).
The closer I come to this through my kids I more I realize that 90% of jobs that a college brags about "10 to Goldman Sachs!" are based on who a kid's parents are and have absolutely nothing to do with grades, merit, etc
What is going to happen to all these kids? Is the job market going to absorb them?

Huge exaggeration. Huge. Your world is very small. And so is your Reddit interpretation

No offense, but I really don't think my world is small. I have kids in 3 different types of colleges. They came out of a very large public school. My spouse and I go to a large church and work in very economically diverse settings (not in banking). We ourselves attended top100 schools but nothing elite.

I’ve got 2 kids in college too and nobody they know is going into banking. One of them is at a pretty good NESCAC and an athlete and nobody on the team or outside of team is interested in banking.

[Anonymous]

Anonymous wrote:It's absurd. Every kid I know personally is aiming for this. Every kid on Reddit. Every kid on here.
My own children are at an Ivy, a LAC and a state school and every kid they know is aiming for Wall Street as well.
Ok, maybe a bit of an exaggeration but it's pretty universal.

The reality is that none of them can even get into the investment CLUBs at their schools.
1% acceptance rates.
Getting competitive internships is even more insane.
And then easily 50-75% of the Wall Street jobs that the colleges brag about are nepo hires (the applicant's dad or uncle is in banking at a high level).
The closer I come to this through my kids I more I realize that 90% of jobs that a college brags about "10 to Goldman Sachs!" are based on who a kid's parents are and have absolutely nothing to do with grades, merit, etc
What is going to happen to all these kids? Is the job market going to absorb them?

So most of the banks prohibit nepo hiring. Most prohibit any thumb on the scale. What you are thinking of is the way it was. It changed over the years and then really changed with the Princelings case out of China. If you were a Goldman partner your kid could not be hired by Goldman. Your kid could be hired by JP Morgan but that is not nepo; that is the kid getting a job.

[Anonymous]

Anonymous wrote:It's absurd. Every kid I know personally is aiming for this. Every kid on Reddit. Every kid on here.
My own children are at an Ivy, a LAC and a state school and every kid they know is aiming for Wall Street as well.
Ok, maybe a bit of an exaggeration but it's pretty universal.

The reality is that none of them can even get into the investment CLUBs at their schools.
1% acceptance rates.
Getting competitive internships is even more insane.
And then easily 50-75% of the Wall Street jobs that the colleges brag about are nepo hires (the applicant's dad or uncle is in banking at a high level).
The closer I come to this through my kids I more I realize that 90% of jobs that a college brags about "10 to Goldman Sachs!" are based on who a kid's parents are and have absolutely nothing to do with grades, merit, etc
What is going to happen to all these kids? Is the job market going to absorb them?

The real goal is not Investment Banking. It is to get into Private Equity. IB is just a stop on the way.

[Anonymous]

Anonymous wrote:It's a shame that every kid you know aspires to be a money grubbing dillweed. Sounds like a parenting issue. And issue with who you choose to spend your time with.

You do understand that everything you do or use in your life is there because of those people, don't you?

[Anonymous]

Anonymous wrote:No it's all the smart, FGLI (first gen low income) kids on Reddit too. Take some time and read--they ALL want to go into investment banking.

The in vogue career path has turned from computer science to econ/banking in the first gen/immigrant crowd.

The reality is that few of these kids will make it as it's not a meritocracy.

Yep. That’s why they should just stick to going into medicine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:No it's all the smart, FGLI (first gen low income) kids on Reddit too. Take some time and read--they ALL want to go into investment banking.

The in vogue career path has turned from computer science to econ/banking in the first gen/immigrant crowd.

The reality is that few of these kids will make it as it's not a meritocracy.

Yep. That’s why they should just stick to going into medicine.

They can't afford to go into medicine without rich parents.

[Anonymous]

Just another sign of our society’s moral decline.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's absurd. Every kid I know personally is aiming for this. Every kid on Reddit. Every kid on here.
My own children are at an Ivy, a LAC and a state school and every kid they know is aiming for Wall Street as well.
Ok, maybe a bit of an exaggeration but it's pretty universal.

The reality is that none of them can even get into the investment CLUBs at their schools.
1% acceptance rates.
Getting competitive internships is even more insane.
And then easily 50-75% of the Wall Street jobs that the colleges brag about are nepo hires (the applicant's dad or uncle is in banking at a high level).
The closer I come to this through my kids I more I realize that 90% of jobs that a college brags about "10 to Goldman Sachs!" are based on who a kid's parents are and have absolutely nothing to do with grades, merit, etc
What is going to happen to all these kids? Is the job market going to absorb them?

The real goal is not Investment Banking. It is to get into Private Equity. IB is just a stop on the way.

Private equity ruins companies and I’m convinced it’s a giant money laundering scheme. What a waste of a good brain and education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:No it's all the smart, FGLI (first gen low income) kids on Reddit too. Take some time and read--they ALL want to go into investment banking.

The in vogue career path has turned from computer science to econ/banking in the first gen/immigrant crowd.

The reality is that few of these kids will make it as it's not a meritocracy.

Yep. That’s why they should just stick to going into medicine.

People don’t go into medicine because they couldn’t get a finance job. Money grubs have no business in medicine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's absurd. Every kid I know personally is aiming for this. Every kid on Reddit. Every kid on here.
My own children are at an Ivy, a LAC and a state school and every kid they know is aiming for Wall Street as well.
Ok, maybe a bit of an exaggeration but it's pretty universal.

The reality is that none of them can even get into the investment CLUBs at their schools.
1% acceptance rates.
Getting competitive internships is even more insane.
And then easily 50-75% of the Wall Street jobs that the colleges brag about are nepo hires (the applicant's dad or uncle is in banking at a high level).
The closer I come to this through my kids I more I realize that 90% of jobs that a college brags about "10 to Goldman Sachs!" are based on who a kid's parents are and have absolutely nothing to do with grades, merit, etc
What is going to happen to all these kids? Is the job market going to absorb them?

The real goal is not Investment Banking. It is to get into Private Equity. IB is just a stop on the way.

Private equity ruins companies and I’m convinced it’s a giant money laundering scheme. What a waste of a good brain and education.

PE is so so shady. Buy a company, leverage it to the hilt, payout a ton of bonuses to the PE guys, walk away leaving the company in huge debt. Should be totally illegal.

[Anonymous]

A lot of shameful ignorance on this thread, beginning with not understanding that social media mirrors your interests back at you, and you may be deliberately searching for this field, and therefore not getting a balanced view of young people's interests.

My kids are in college and high school, and I know literally NO ONE, except one wealthy 50-something hedge fund manager, who is interested in that field.

[Anonymous]

Look at the links in this thread from NYT and Brown Daily Herald. Actual facts and statistics showing this is a thing.

[Anonymous]

Time to widen your circle of friends and acquaintances!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's absurd. Every kid I know personally is aiming for this. Every kid on Reddit. Every kid on here.
My own children are at an Ivy, a LAC and a state school and every kid they know is aiming for Wall Street as well.
Ok, maybe a bit of an exaggeration but it's pretty universal.

The reality is that none of them can even get into the investment CLUBs at their schools.
1% acceptance rates.
Getting competitive internships is even more insane.
And then easily 50-75% of the Wall Street jobs that the colleges brag about are nepo hires (the applicant's dad or uncle is in banking at a high level).
The closer I come to this through my kids I more I realize that 90% of jobs that a college brags about "10 to Goldman Sachs!" are based on who a kid's parents are and have absolutely nothing to do with grades, merit, etc
What is going to happen to all these kids? Is the job market going to absorb them?

The real goal is not Investment Banking. It is to get into Private Equity. IB is just a stop on the way.

Private equity ruins companies and I’m convinced it’s a giant money laundering scheme. What a waste of a good brain and education.

PE is so so shady. Buy a company, leverage it to the hilt, payout a ton of bonuses to the PE guys, walk away leaving the company in huge debt. Should be totally illegal.

Geed mindset.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's absurd. Every kid I know personally is aiming for this. Every kid on Reddit. Every kid on here.
My own children are at an Ivy, a LAC and a state school and every kid they know is aiming for Wall Street as well.
Ok, maybe a bit of an exaggeration but it's pretty universal.

The reality is that none of them can even get into the investment CLUBs at their schools.
1% acceptance rates.
Getting competitive internships is even more insane.
And then easily 50-75% of the Wall Street jobs that the colleges brag about are nepo hires (the applicant's dad or uncle is in banking at a high level).
The closer I come to this through my kids I more I realize that 90% of jobs that a college brags about "10 to Goldman Sachs!" are based on who a kid's parents are and have absolutely nothing to do with grades, merit, etc
What is going to happen to all these kids? Is the job market going to absorb them?

The real goal is not Investment Banking. It is to get into Private Equity. IB is just a stop on the way.

Private equity ruins companies and I’m convinced it’s a giant money laundering scheme. What a waste of a good brain and education.

PE is so so shady. Buy a company, leverage it to the hilt, payout a ton of bonuses to the PE guys, walk away leaving the company in huge debt. Should be totally illegal.

You have slept while PE changed. Sure there could be some of that. But PE is now where companies go to get capital -- no longer to banks -- it loans, invests, buys, manages and holds and then sells. I am sure there is some of what you are saying going on now but your view is about 10-20 years out of date. It's a new world and PE owns it.