Economy
Related: About this forumDoes it sometimes seem like Wall Street hiring has no rules?
So a lotta people, even progressive people, at the top schools go after coveted jobs and internships in finance. But one thing I've noticed is it seems the banks have different rules for different people. To me, that looks more like "no rules." If you're an athlete, you can get away with majoring in art history or even go to a lesser ranked school, with the excuse "he works with people, fast learner" etc. Or if you come from Harvard, you can major in epistomology with a 2.0 and beat out a 4.0 finance major from Whatever State University. Many of their job postings have vague crap like "self-starter, quantitative ability" but don't list the specific actual skills you need. Other postings allow "finance, accounting, STEM" majors, which leaves the hypothetical door wide open. Or "networking," whatever that means, unless its just a dressed up term to be related and friends with the right kids in high school and college. The fact that quantitative ability is only asked of some people, and not all, now strikes me as to why 2008 in part happened. In Asia, Latin America, and Europe, you need 3 semesters of calc in school. In the US, you can get in with no calculus whatsoever, or even statistics in college. Not to mention the attitude of rules kind of being there but only sometimes.
Have you, or anyone you've known tried to get a job in that industry?
rock
(13,218 posts)JustAnotherGen
(31,980 posts)But he went through two summers of intense - I mean - INTENSELY competitive internships.
Those interns in banking eat their own. No one wants to get offered a job as an analyst.
I think a lot of those 'advertisements' are just fluff - they know who the new hires are in January/February - and most of the soon to be's (nephew perfect case) got their 'wink and nod' the last day of their internship the previous summer.
We are kind of proud of him - he's one of the few minorities that started at his firm this year.
ericson00
(2,707 posts)unless one fits a specific mold, its very hard to get into finance. I think those false job postings out to be acted upon by elected officials, as well as the hiring process, notification of offer/rejection, etc.
If I may, what kind of school does he go to and what major? Does he play any varsity sports?
JustAnotherGen
(31,980 posts)Public high school
Princeton Grad - 1530 on his SAT got him in. A Student in high school.
Single mom growing up.
ericson00
(2,707 posts)someone who deserves the job/internship. Its a rarity tho. I was referring to college varsity ball tho, because those guys can come from lesser schools than Princeton, have 2-300 points lower on the SAT and most of the time they'll at least compete right next to your kid or beat him out for it.
JustAnotherGen
(31,980 posts)All the way. But he's also very bright and wants to start a boutique v.c./investment firm to cater to the minority community.