Reply to How is every last kid going into Investment Banking?

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[quote=Anonymous][quote=Anonymous]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?[/quote]

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

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