Anonymous
06/19/2023 11:03
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
Anonymous wrote:I feel like nowadays this topic is a bit more nuanced. At top banks it’s very hard to schmooze a way in without also being a high performer. Case in point: on Goldman Sachs’ website their global head of investment banking is Dan Dees. It looks like he went to Duke and his daughter just graduated from Duke too, and shocker, she’s going to be working as an investment banker at Goldman. However, it looks like she graduated from her elite private HS in cum laude society so she’s no pushover academically. I suspect this is more the case nowadays; at the very least these parents feel like their kid should be able to back up their spot that they’ll eventually get through family connections.
The dad is the global head of investment banking, what do you expect? The connection can’t get much better, of course they’ll take her in. And she has a Duke degree to boot so no one will bat an eye
Anonymous
06/19/2023 10:03
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
Anonymous wrote:Anonymous wrote:Anonymous wrote:
My DS is almost guaranteed an IB internship in ‘24 because his BFF is a frat bro and the frat bro’s dad is holds a senior position at the company.
What happens in a scenario like this? Do they still need to do all the interview rounds and compete with other candidates or is it really a back door? What does your DS’ friend’s dad tell HR at his company?
When I did IB we interviewed them like anyone else, but the recruiter had to call the dad if he or she wasn’t accepted into the program. I remember cutting some dude with a senior dad and being told this.
Really though someone won’t continue to make it through a program like this if they can’t cut it. Their VP won’t care who their dad is if they can’t stay late and do the boring work.
Not true. I work for several IBs and I have to hire interns every year because the order come directly immediately supervisor, and his boss has to report to an EVP who is friend with another EVP that the interns have relationships with. You might be showing the door if you reject that candidate. HR can’t do anything either because they will not go against the recommendation of the departments who do the hiring.
Anonymous
06/19/2023 05:59
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
Anonymous wrote:Anonymous wrote:Anonymous wrote:Is Bucknell a target school for the banks you're referring to? (I'm guessing not but I don't know.) If not, then he should look for internships at less brand-name employers and work up from there. The best-known investment banks and consulting firms show a very strong preference for their target schools (they accept applicants from others, but that's why you see a networking bias for applicants from those schools).
I know kids from non-target schools interning (without family connections) in NYC banks this year, but not at the well known banks.
Incidentally, my rising junior has ALREADY submitted applications for summer, 2024 internships. (You may know of the timing, but just in case... successful applications go in FAR earlier than anyone might guess.)
My DS is almost guaranteed an IB internship in ‘24 because his BFF is a frat bro and the frat bro’s dad is holds a senior position at the company.
What happens in a scenario like this? Do they still need to do all the interview rounds and compete with other candidates or is it really a back door? What does your DS’ friend’s dad tell HR at his company?
When I did IB we interviewed them like anyone else, but the recruiter had to call the dad if he or she wasn’t accepted into the program. I remember cutting some dude with a senior dad and being told this.
Really though someone won’t continue to make it through a program like this if they can’t cut it. Their VP won’t care who their dad is if they can’t stay late and do the boring work.
Anonymous
06/19/2023 05:57
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
I can’t imagine being actually wealthy and wanting to go into….banking?
I did IB out of college but I was an UMC striver.
No way if I had a trust fund would I have ever considered such a ridiculous job. Spending hours in PowerPoint and excel and hours with nothing to do while you wait for feedback on a pitchbook.
I did IB out of college but I was an UMC striver.
No way if I had a trust fund would I have ever considered such a ridiculous job. Spending hours in PowerPoint and excel and hours with nothing to do while you wait for feedback on a pitchbook.
Anonymous
06/19/2023 05:53
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
Anonymous wrote:Anonymous wrote:Is Bucknell a target school for the banks you're referring to? (I'm guessing not but I don't know.) If not, then he should look for internships at less brand-name employers and work up from there. The best-known investment banks and consulting firms show a very strong preference for their target schools (they accept applicants from others, but that's why you see a networking bias for applicants from those schools).
I know kids from non-target schools interning (without family connections) in NYC banks this year, but not at the well known banks.
Incidentally, my rising junior has ALREADY submitted applications for summer, 2024 internships. (You may know of the timing, but just in case... successful applications go in FAR earlier than anyone might guess.)
My DS is almost guaranteed an IB internship in ‘24 because his BFF is a frat bro and the frat bro’s dad is holds a senior position at the company.
What happens in a scenario like this? Do they still need to do all the interview rounds and compete with other candidates or is it really a back door? What does your DS’ friend’s dad tell HR at his company?
Anonymous
06/18/2023 18:11
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
Anonymous wrote:Is Bucknell a target school for the banks you're referring to? (I'm guessing not but I don't know.) If not, then he should look for internships at less brand-name employers and work up from there. The best-known investment banks and consulting firms show a very strong preference for their target schools (they accept applicants from others, but that's why you see a networking bias for applicants from those schools).
I know kids from non-target schools interning (without family connections) in NYC banks this year, but not at the well known banks.
Incidentally, my rising junior has ALREADY submitted applications for summer, 2024 internships. (You may know of the timing, but just in case... successful applications go in FAR earlier than anyone might guess.)
My DS is almost guaranteed an IB internship in ‘24 because his BFF is a frat bro and the frat bro’s dad is holds a senior position at the company.
Anonymous
06/17/2023 17:32
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
Anonymous wrote:Anonymous wrote:Anonymous wrote:I feel like nowadays this topic is a bit more nuanced. At top banks it’s very hard to schmooze a way in without also being a high performer. Case in point: on Goldman Sachs’ website their global head of investment banking is Dan Dees. It looks like he went to Duke and his daughter just graduated from Duke too, and shocker, she’s going to be working as an investment banker at Goldman. However, it looks like she graduated from her elite private HS in cum laude society so she’s no pushover academically. I suspect this is more the case nowadays; at the very least these parents feel like their kid should be able to back up their spot that they’ll eventually get through family connections.
Was she at a Big 3 or something? And yea, cum laude society is pretty good but depends on the school.
Harvard-Westlake, the #1 private school in California. Being cum laude there is no joke
I see. Sounds like she might’ve even gotten into Duke with just legacy alone, maybe didn’t need the major donor relation
Anonymous
06/17/2023 11:07
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
Anonymous wrote:Anonymous wrote:I feel like nowadays this topic is a bit more nuanced. At top banks it’s very hard to schmooze a way in without also being a high performer. Case in point: on Goldman Sachs’ website their global head of investment banking is Dan Dees. It looks like he went to Duke and his daughter just graduated from Duke too, and shocker, she’s going to be working as an investment banker at Goldman. However, it looks like she graduated from her elite private HS in cum laude society so she’s no pushover academically. I suspect this is more the case nowadays; at the very least these parents feel like their kid should be able to back up their spot that they’ll eventually get through family connections.
Was she at a Big 3 or something? And yea, cum laude society is pretty good but depends on the school.
Harvard-Westlake, the #1 private school in California. Being cum laude there is no joke
Anonymous
06/17/2023 11:07
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
Anonymous wrote:Anonymous wrote:I feel like nowadays this topic is a bit more nuanced. At top banks it’s very hard to schmooze a way in without also being a high performer. Case in point: on Goldman Sachs’ website their global head of investment banking is Dan Dees. It looks like he went to Duke and his daughter just graduated from Duke too, and shocker, she’s going to be working as an investment banker at Goldman. However, it looks like she graduated from her elite private HS in cum laude society so she’s no pushover academically. I suspect this is more the case nowadays; at the very least these parents feel like their kid should be able to back up their spot that they’ll eventually get through family connections.
Was she at a Big 3 or something? And yea, cum laude society is pretty good but depends on the school.
Harvard Westlake in CA
Anonymous
06/17/2023 11:03
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
Anonymous wrote:I feel like nowadays this topic is a bit more nuanced. At top banks it’s very hard to schmooze a way in without also being a high performer. Case in point: on Goldman Sachs’ website their global head of investment banking is Dan Dees. It looks like he went to Duke and his daughter just graduated from Duke too, and shocker, she’s going to be working as an investment banker at Goldman. However, it looks like she graduated from her elite private HS in cum laude society so she’s no pushover academically. I suspect this is more the case nowadays; at the very least these parents feel like their kid should be able to back up their spot that they’ll eventually get through family connections.
Was she at a Big 3 or something? And yea, cum laude society is pretty good but depends on the school.
Anonymous
06/17/2023 10:59
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
I feel like nowadays this topic is a bit more nuanced. At top banks it’s very hard to schmooze a way in without also being a high performer. Case in point: on Goldman Sachs’ website their global head of investment banking is Dan Dees. It looks like he went to Duke and his daughter just graduated from Duke too, and shocker, she’s going to be working as an investment banker at Goldman. However, it looks like she graduated from her elite private HS in cum laude society so she’s no pushover academically. I suspect this is more the case nowadays; at the very least these parents feel like their kid should be able to back up their spot that they’ll eventually get through family connections.
Anonymous
06/17/2023 09:41
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
Is Bucknell a target school for the banks you're referring to? (I'm guessing not but I don't know.) If not, then he should look for internships at less brand-name employers and work up from there. The best-known investment banks and consulting firms show a very strong preference for their target schools (they accept applicants from others, but that's why you see a networking bias for applicants from those schools).
I know kids from non-target schools interning (without family connections) in NYC banks this year, but not at the well known banks.
Incidentally, my rising junior has ALREADY submitted applications for summer, 2024 internships. (You may know of the timing, but just in case... successful applications go in FAR earlier than anyone might guess.)
I know kids from non-target schools interning (without family connections) in NYC banks this year, but not at the well known banks.
Incidentally, my rising junior has ALREADY submitted applications for summer, 2024 internships. (You may know of the timing, but just in case... successful applications go in FAR earlier than anyone might guess.)
Anonymous
06/16/2023 12:23
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
Anonymous wrote:Anonymous wrote:Anonymous wrote:Instead of complaining and whining, your DS should get the skills needed to succeed. Your DS should join them instead of whining about it.
+1, their DC should go back in time and be born to rich parents. That's what you mean, right pp?
No. What I meant OP’s DC needs to develop skills that the frat bros want to hang out with him, to get into that circle.
I went to a school very similar to Bucknell and there were two houses that sent a lot of guys to wall street. The guys in those houses were either athletes or very rich and usually both.
Anonymous
06/16/2023 12:21
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
Anonymous wrote:Anonymous wrote:Instead of complaining and whining, your DS should get the skills needed to succeed. Your DS should join them instead of whining about it.
+1, their DC should go back in time and be born to rich parents. That's what you mean, right pp?
No. What I meant OP’s DC needs to develop skills that the frat bros want to hang out with him, to get into that circle.
Anonymous
06/16/2023 12:07
Subject: How are these nepo babies in these summer finance internships able to keep up with the work
Anonymous wrote:Instead of complaining and whining, your DS should get the skills needed to succeed. Your DS should join them instead of whining about it.
+1, their DC should go back in time and be born to rich parents. That's what you mean, right pp?