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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][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]

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

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. [/quote]

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  I am sure there is some of what you are saying going on now but your view is about 10-20 years out of date.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.[/quote]

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