Anonymous wrote:

Anonymous wrote:anyone listen to this interview on YCBK about kids in top school like HYPSM going off into IB or consulting, which isn't news to me. But he's saying more than half the grads go into this now. How is that even possible. Considering there are many kids graduating in bio or chem or engineering or gender studies or French or English lit.

I realize you dont have to be a finance major, but more than HALF these kids are going into consulting?

Yes it is over half the grads at most of the ivies, Stanford, Duke, but that means half the grads go into the job market right after undergrad!
-At ivies/similar, between 1/5 and 1/3 are premed, even if they take a gap year they do not apply for consulting or IBfor the gap.
-Another 1/5 and rising every year are the law school applicants who take a year off more commonly than the premeds but typically do not do IB or consulting in that year because that is not what law schools look for.
-Some humanities majors want phD or masters: at ivies funneling into phd or top masters (other T10/ivies)is quite common after undergraduate: this group is not going into the job market, do not apply for consulting unless grad school falls through.
-Among Engineers/CS about half the grads at these places want PhD (or one of the fully-funded masters in engineering options). The rest are very likely to go into tech consulting, thus consulting is a very common non-grad-school outcome there too, often as a bridge to jumpstart their own idea for startups. Its just the culture at these places:

In other words it is probably more half the grads that do consulting/IB, of the half that look for jobs! Only about 25-30% overall. NBD, not new or concerning, and why not? These students if not destined for PhD MD JD are some of the top minds. Of course top companies hire them preferentially and of course they seek it, it's a huge resume boost to have MBB, Citadel, JS, et al on your short sheet.

I wouldn't say they are very likely to go into Tech Consulting...most of the Engineers/CS grads from these schools work for FAANG or now AI start-ups...SpaceX and Blue Origin are popular destinations as well. Many also jump directly into their own start-ups. Another cohort goes the Hedge Fund / FinTech route, and some are able to jump into VC.

I would say that less than 15% of the Engineering / CS kids that enter the workforce go into Tech Consulting.

Anonymous wrote: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.

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

Anonymous wrote:anyone listen to this interview on YCBK about kids in top school like HYPSM going off into IB or consulting, which isn't news to me. But he's saying more than half the grads go into this now. How is that even possible. Considering there are many kids graduating in bio or chem or engineering or gender studies or French or English lit.

I realize you dont have to be a finance major, but more than HALF these kids are going into consulting?

Yes it is over half the grads at most of the ivies, Stanford, Duke, but that means half the grads go into the job market right after undergrad!
-At ivies/similar, between 1/5 and 1/3 are premed, even if they take a gap year they do not apply for consulting or IBfor the gap.
-Another 1/5 and rising every year are the law school applicants who take a year off more commonly than the premeds but typically do not do IB or consulting in that year because that is not what law schools look for.
-Some humanities majors want phD or masters: at ivies funneling into phd or top masters (other T10/ivies)is quite common after undergraduate: this group is not going into the job market, do not apply for consulting unless grad school falls through.
-Among Engineers/CS about half the grads at these places want PhD (or one of the fully-funded masters in engineering options). The rest are very likely to go into tech consulting, thus consulting is a very common non-grad-school outcome there too, often as a bridge to jumpstart their own idea for startups. Its just the culture at these places:

In other words it is probably more half the grads that do consulting/IB, of the half that look for jobs! Only about 25-30% overall. NBD, not new or concerning, and why not? These students if not destined for PhD MD JD are some of the top minds. Of course top companies hire them preferentially and of course they seek it, it's a huge resume boost to have MBB, Citadel, JS, et al on your short sheet.

Anonymous wrote:

Anonymous wrote:Are we supposed to somehow know what obscure reference "ycbk" is?

The same person always posts about podcast episodes and they ALWAYS write ycbk - as if people know what he’s talking about.

apparently the people who listen to this interview know what YCBK is - and that was her question

Anonymous wrote:

Anonymous wrote:Are we supposed to somehow know what obscure reference "ycbk" is?

Not OP, but I'm sad to say I know this. It's a podcast called "Your College Bound Kid." It can be very informative if you have a cbk.

LOL

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.

Anonymous wrote:anyone listen to this interview on YCBK about kids in top school like HYPSM going off into IB or consulting, which isn't news to me. But he's saying more than half the grads go into this now. How is that even possible. Considering there are many kids graduating in bio or chem or engineering or gender studies or French or English lit.

I realize you dont have to be a finance major, but more than HALF these kids are going into consulting?

I have read a few of these articles and while the numbers were surprising to me, it was not more than half grads going into consulting. It was more than half into consulting + finance + tech. I think it was more like 20% consulting. I am not even sure why they luimp these three together other than being "the top three."

Also, this is not new! I have been reading these same articles for YEARS.

Anonymous wrote:Are we supposed to somehow know what obscure reference "ycbk" is?

The same person always posts about podcast episodes and they ALWAYS write ycbk - as if people know what he’s talking about.

Anonymous wrote:anyone listen to this interview on YCBK about kids in top school like HYPSM going off into IB or consulting, which isn't news to me. But he's saying more than half the grads go into this now. How is that even possible. Considering there are many kids graduating in bio or chem or engineering or gender studies or French or English lit.

I realize you dont have to be a finance major, but more than HALF these kids are going into consulting?

Well, of course. Consulting will always exist. Everyone knows it's a world-class grift, but C-level loves to hide their decisions behind "well, the consultants advised to reduce headcount and cut spend!" The grift really needs to be studied.

The "Excellent Sheep" book covered this in 2015. Which I guess someone who knows what YCBK is probably knows already.

Trickle down theory has been debunked.

Why is this surprising? No one is intellectual anymore. Life is too expensive. These kids put in their all about me posters in 3rd grade they wanted to be rich.

Anonymous wrote:Are we supposed to somehow know what obscure reference "ycbk" is?

Not OP, but I'm sad to say I know this. It's a podcast called "Your College Bound Kid." It can be very informative if you have a cbk.

Are we supposed to somehow know what obscure reference "ycbk" is?

anyone listen to this interview on YCBK about kids in top school like HYPSM going off into IB or consulting, which isn't news to me. But he's saying more than half the grads go into this now. How is that even possible. Considering there are many kids graduating in bio or chem or engineering or gender studies or French or English lit.

I realize you dont have to be a finance major, but more than HALF these kids are going into consulting?