Reply to Wall Street Placement 2024 update

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My first thought is that Wall Street will hire from any college that has qualified applicants. Useless lists like this just show us where the highest number of smart people who want to work with money are.

My second is that useless lists like this unnecessarily add to the anxiety of teenagers and parents by [b]implying that it matters a whole lot which college you attend if you want certain jobs. It' doesn't.[/b][/quote]

Wall Street firms don't even recruit at many colleges -- have you heard of target and non-target. I'm sorry, but where you go to college does matter for finance (IB and consulting) jobs.[/quote]

They recruit where they do because that's where the greatest concentration of smart people with an interest in IB are located. It's efficient. It would be a stupid business decision, though, to refuse to look at applications from qualified applicants who went elsewhere. So yes, you're more likely to see a recruiter on campus at some places vs. others, but it doesn't give you a leg up on people with similar or superior skills from less known colleges.

As I mentioned above, Jamie Dimon (CEO of JP Morgan Chase), went to Tufts. The CEO of Bank of America's investment branch went to Colgate. The CEO of Schwab went to Ohio U. The CEO of Fidelity went to Hobart and William Smith. Vanguard's chief investment officer went to Penn State and is in charge of a team that manages over 7 TRILLION dollars in assets. None of these people are going to let the name on the diploma get in the way of hiring talent.[/quote]

Wall Street recruiting is MUCH more regimented and earlier now -- it happens during sophomore year. It is quite difficult (I never said impossible) to get a job if you do not attend a school that does not have alumni not only at the firm, but in the lower levels in order to push your resume for an interview. Target firms have coffee chats and numerous graduates at the lower levels for choosing who is interviewed. Sorry -- most students have GPAs that are 3.8+ across many schools. Being at a target school is a huge advantage and it is very hard to get noticed even with "top grades" at institutions outside of the targets. Kids school know this when they choose their colleges if that is the career they want. These are some of the highest paying and selective jobs -- not everyone can get one! And it does not just go to GPAs -- personality, looks, background, connections, etc. all come into play. This is not tech. (also saying Vanguard manages 7 trillion shows a lack of understanding of finance -- these are passive investments largely).[/quote]

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