Reply to YCBK - kids being funneled into IB and consulting

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]my husband and I disagree about this. we have a humanities boy and I'll for him getting some money. DH thinks it's gross or "selling out" or whatever.  I know my own life was helped a lot by an infusion of a bit of money at 20. I got that bcs my dad died. But I could buy an apartment in nyc at 25, etc.  So much of my life was easier bcs of that money. I'd rather not have to die for my kid to have this. Do it for a few years and then go to law school or whatever you want to do. It's not a bad thing to have on your resume. and I know plenty of people who did this and left. you're not stuck forever.[/quote]

No kid making IB money is going to want to become a lawyer now that making equity is getting more and more difficult

Boomers pulled that ladder up and away. Gen-X/Millennials will be the last gasp of high earners at law firms and even some of the younger ones there are getting pushed out, when they wouldn't have a decade ago[/quote]

[b]My daughter is an econ major at an Ivy.[/b]  She knows absolutely no one there who wants to go to law school.  The competition for IB and consulting jobs is apparently gotten to a level that she describes as "pretty insane."  She's a slightly above average student there, and getting a top tier, bulge bracket job is out of reach for her.  She tells me that all the STEM kids, especially engineers, are gunning for IB and consulting jobs, and they tend to get the first pick.  She once thought she wanted to do IB but is now thinking of getting an advanced degree in her area of study because she sees the IB craziness as just another treadmill.

[b]She'll graduate without any debt, and we are not hurting for money.  [/b]There are many, many FGLI kids who are looking to support themselves and their families with a finance career.  It adds another cohort to the groups of students that are looking for quick compensation.  I do think the price of college also factors into familial pressure to "make something of that expensive degree", whether or not the parents are paying for it.  That wasn't the case when I was in school back in the 1980s-90s.[/quote]

What would she like do with an advanced degree in Econ? Has she considered waiting a year or two and doing non-profit work? Maybe with one of the big non-profit legal aid organizations?

They're doing incredibly important work, and some of the larger ones are sophisticated operations. For a smart college graduate not caught up in the IB/consulting prestige game and not burdened by financial limitations (i.e. with parents who are willing to help), it could be a valuable way to get a few years of experience in the real world before making her next move.

Legal aid orgs REALLY need help right now, and kids don't need to have a law degree to have an immediate impact. [/quote]

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