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Ground-Breaking Study Reveals Shocking Results about Wall Street Hiring

A photo of noxx98 noxx98
http://dealbreaker.com/2011/06/ground-breaking-study-reveals-shocking-results-about-wall-street-hiring-practices/#more-42584



Lauren Rivera — a 32-year-old sociologist who teaches management and organizations at Northwestern’s Kellogg School of Management — has concluded it’s still where you went rather than what you did there that makes the difference…She says “elite professional service employers” rely more on academic pedigree than any other factor. For recruiters, it’s prestige that counts, rather than “content” like grades, courses, internships, or other actual performance. That’s because if you got into a “super-elite” school — which essentially means Harvard, Yale, Princeton, Wharton (University of Pennsylvania), and Stanford — you must be smart. Plus, time spent at those bastions in turn will make you “polished” and attractive to corporate clients. It is, according to Rivera, a largely self-perpetuating hiring process that prizes efficiency: Why spend effort looking for “that one needle in the haystack” at a “safety school” like the University of Michigan or, heavens forfend, Bowling Green, when the run-of-the-mill Yalie’s still a prince. Even “second-tier” Ivies like Brown, according to Rivera, are suspect for the top firms.

The most surprising finding in Rivera’s research — conducted through observation and anonymous interviewing — was about the role of extracurriculars. While going to a super-elite gets your penny loafer in the door, that isn’t enough. Rivera says it’s leisure pursuits that seal the deal. Employers use these as “valid markers” or “proxies” of a candidate’s “social and moral worth,” all the more so for time-intensive sports that “resonate with white, upper-middle-class culture.” Think lacrosse, squash, crew, and field hockey. Skip football, basketball, and soccer. And no sport at all suggests “nerd,” which correlates to future “corporate drone.”




My mind = blown.
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19 replies
 
A photo of IanSharer IanSharer

@noxx98 wrote
My mind = blown.



Are you being sarcastic?
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A photo of apark17 apark17
Did you not expect this OP?
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A photo of scollyhunter scollyhunter
If you were born to be on wall street it wont matter where you go to school.
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A photo of immaculatedx immaculatedx
I swear every employee in Goldmansachs was an Ivy League varsity football player.
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A photo of noxx98 noxx98

@IanSharer wrote

@noxx98 wrote
My mind = blown.



Are you being sarcastic?


Yeah. I was being so sarcastic it was off the sarcastic charts.


@scollyhunter wrote
If you were born to be on wall street it wont matter where you go to school.


I doubt anyone is "born" to be on wall street. If you don't go to an Ivy league, or another top school, the only way to get on the wall is to work your ass off by networking, cold calling etc. Even if you go to an Ivy you'd still have to do this.
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A photo of Illuminar Illuminar

@immaculatedx wrote
I swear every employee in Goldmansachs was an Ivy League varsity football player.



lol no.
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A photo of ktel ktel
I guarantee you many other firms and individuals have equally odd hiring practices. It's a difficult/time consuming processes so many people apply automatic filters. I know some places that use a minimum GPA, and others that use a maximum GPA. That's why networking is so important.
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A photo of Anonymous Anonymous
On another interesting note...Ivy League Schools

This actually makes sense to me too. If anyone agrees/disagrees with this, feel free to give some input as I'd like to hear it :)
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A photo of ktel ktel
I liked his point about how you should do a cheap undergrad and then go to an elite graduate school. But in general I just couldn't take him very seriously. Maybe I'm being ageist, but I would probably take that same story much more seriously if it was told by someone with more credentials and experience.
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A photo of uncharted1111 uncharted1111

@Username81 wrote
On another interesting note...Ivy League Schools

This actually makes sense to me too. If anyone agrees/disagrees with this, feel free to give some input as I'd like to hear it :)


Maybe if your family's income bracket is well above the upper-middle class range (~200k per year) then you'll end up paying the full 55k per year to attend an Ivy League. Have you people ever heard of something called need-based financial aid? Seriously, my family makes like 80k per year and because I'm getting such great financial aid, it's cheaper for me to attend Yale then it would be if I had went to a Canadian school w/residence.

Also, undergrad is the place to be when it comes to the Ivy League.
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A photo of Illuminar Illuminar
I watched about a minute of that video. Dude's just trying to validate the fact that he didn't go to an Ivy.

Watching more, this just gets worse. I know three people who were Ivy material and chose public schools. All three transferred to top schools after first year. For all the talk of people being elitist for wanting to get into Ivies, explicitly choosing to be a "big fish in a small pond" is probably just as bad. Being surrounded by smart peers is in part what makes the overall experience at a good school enriching, and depriving yourself of that for the sake of GPA or whatever is...dumb.

Just browsing WSO and stuff I see a lot of posts that try to rationalize bad decisions. It's kind of like when people in high school ask "Should I take easy classes and get a high GPA or AP classes and get worse grades?" and the answer is take AP and kick ass. IMO the same applies for college. Go to the best college you can and work your ass off and own it, because no one is going to feel sorry for you.
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A photo of Anonymous Anonymous

@Illuminar wrote
I watched about a minute of that video. Dude's just trying to validate the fact that he didn't go to an Ivy.


Lol I hope you're referring to him and not myself. The only way I could afford to go there would be a full out scholarship :p.

Idk though it makes sense to an extent. Basically all the Ivy League Schools do is take the smartest kids which is why their alumni network is so powerful. A guy who goes to a lesser known school (can't think of any American ones lol), but who also got accepted to an Ivey League school still has the same qualities that a Harvard, Yale, Princeton, etc. student would have.
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A photo of goldmansachs goldmansachs
Going to a better school will obviously give you a leg up, it will give you better alumni, recruiters and opportunities but if you have the will there is nothing you can't do at a less known school, you'll just have to work harder and have something that HPYW students don't have. Whenever I see a student from a non-target getting into a bulge bracket I see their credentials and they usually have qualities like extensive programming experience, fluency in countless languages and etc. That's why there is a dominance of ivy students at wall street because on average they usually have the same credentials as a top notch student at a non-target and now who is the firm is going to hire? Student from Harvard or student from Rutgers? It's inevitable, if you have the opportunity to go to an Ivy, then go with your eyes closed and don't look back, it would very stupid of someone to not take it just because of the money.

Yo did you guys know Tyra Banks is at Harvard Business School? I just found out yesterday and I don't know how to react, is HBS becoming some celebrity school now? This is ridiculous, there are so many qualified people that deserve to be in the school but instead they are taking Tyra just because she is a celebrity?
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A photo of immaculatedx immaculatedx

@goldmansachs wrote
Going to a better school will obviously give you a leg up, it will give you better alumni, recruiters and opportunities but if you have the will there is nothing you can't do at a less known school, you'll just have to work harder and have something that HPYW students don't have. Whenever I see a student from a non-target getting into a bulge bracket I see their credentials and they usually have qualities like extensive programming experience, fluency in countless languages and etc. That's why there is a dominance of ivy students at wall street because on average they usually have the same credentials as a top notch student at a non-target and now who is the firm is going to hire? Student from Harvard or student from Rutgers? It's inevitable, if you have the opportunity to go to an Ivy, then go with your eyes closed and don't look back, it would very stupid of someone to not take it just because of the money.

Yo did you guys know Tyra Banks is at Harvard Business School? I just found out yesterday and I don't know how to react, is HBS becoming some celebrity school now? This is ridiculous, there are so many qualified people that deserve to be in the school but instead they are taking Tyra just because she is a celebrity?



"Further education

In 2011, Banks enrolled in the Owner/President Management Program (OPM) at the Harvard Business School.[19] The OPM is an executive management program designed for senior executives who are "major equity stakeholders in companies with annual sales of at least $5 million.".[20] The program takes place over three three-week periods, one a year for each of three years. The program fee for each year is, as of 2011, $31,000, for a total program cost of $93,000 for the nine-week program. Admission is selective and based on professional achievement. A college degree and standardized tests are not required for admission. Participants are not awarded degrees upon completion of the program.[20]"

I don't have a problem with that :P
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A photo of ktel ktel
Tyra Banks is a fairly successful business woman, can't deny that
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A photo of noxx98 noxx98

@Illuminar wrote
Go to the best college you can and work your ass off and own it, because no one is going to feel sorry for you.


This. Put yourself in the best position to succeed. Surrounding yourself with smart people helps make you smater, whether its through general competition, study groups etc. Plus the alumni network is excellent at Ivy schools.
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A photo of tiggerhunter tiggerhunter
Alrighty, I go to a top 10 US school and the thing is both you Ivy Leaguers and people in Canadian schools are both wrong. For one if you want to work IBanking, consulting etc. in the US you pretty much have to go to a top US school. If you didn't sowwwwwy, ain't going to happen realistically. At the same time the students at top US schools really aren't that much smarter. I've found the majority are just super super keaners who worked crazy hard in high school / their parents arranged for them to be the world's best oboe player by paying for lessons since they were 2. They are definitely a bit smarter than the average Canadian student, but not by much.
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A photo of Liveforthemoment Liveforthemoment
Reading this kind of makes me regret not accepting mcgill arts for Laurier BBA, I wanted a good gpa and I heard it's nearly impossible to get an A at mcgill arts.... hmm
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A photo of noxx98 noxx98

@Liveforthemoment wrote
Reading this kind of makes me regret not accepting mcgill arts for Laurier BBA, I wanted a good gpa and I heard it's nearly impossible to get an A at mcgill arts.... hmm


I don't think its nearly as comparable since they are two different majors. A BA just isnt the same as a BBA in the courses you take and how it prepares you. I think you made the right choice.
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