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Joined: Feb 2010
Posts: 2,640 Likes: 2
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Where you go does affect your chances of getting a job on Wall Street (which of course does not matter if you are not interested such jobs). How 300 Emails Led to a Summer Job on Wall StreetWall Street Journal by LINDSAY GELLMAN April 1, 2015 To land a summer job on Wall Street this year, Fairfield University junior Matthew Edgar sent 300 emails, made dozens of phone calls and several networking trips to New York banks from the Connecticut campus.
Darwin Li had a more direct route: The Princeton University junior applied online for positions and attended campus information sessions where company recruiters walked him through the application process and the firm’s culture.
A growing number of employers say a degree from a prestigious college counts less than it once did. But among elite finance and management-consulting firms—which offer some of the highest starting salaries for new graduates—an alma mater still matters. That puts students from less-selective schools at a disadvantage, career-services officers and students say.
“We teach our students that they’re going to have to compete,” said Eugene Gentile, director of the office of career management at Rutgers Business School. “Many of our students are not already moneyed. They’re often first-generation college students. When they get out there in these firms, they compete with the best of them.”
Competition is intense for summer analyst positions at Wall Street firms and management-consulting firms, the surest way to land a full-time role after graduation. For instance, fewer than 2% of applicants to Goldman Sachs Group Inc.’s summer investment-banking programs are accepted.
The odds can be even longer for students at places like Fairfield, Rutgers and Northeastern University, which are usually considered “nontarget” schools by recruiters. For those students, getting a foot in the door at a prominent Wall Street firm means sending hundreds of emails and cold-calling a string of bankers in hopes of landing a brief phone interview and a recommendation.
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Joined: Mar 2013
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Much as I want to believe that it won't be true when DD goes to college I rather suspect that it still will and that I'll have to keep on saving like a demon.
If anything, I can see weaker colleges failing entirely over the next 8 years or so and supply and demand being what it is that elite colleges becoming even more expensive.
People tend to be irrational and put an undue premium on expensive goods - this I expect to get worse not better.
Last edited by madeinuk; 04/02/15 06:28 AM.
Become what you are
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Joined: Jul 2011
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Where you go does affect your chances of getting a job on Wall Street (which of course does not matter if you are not interested such jobs). Except that we hit peak finance in 2008. So there's that issue, too.
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Joined: Mar 2013
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uhuh, but consulting is positively booming baby!
Become what you are
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Joined: Feb 2011
Posts: 5,181
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AWESOME! Now there is officially a prize for Winning The Game of College Entry Frenzy. Yay!
Schrödinger's cat walks into a bar. And doesn't.
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Joined: Feb 2011
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Maybe it's more like a sweepstakes than a strategy game, though. Let's bear in mind that there are a LOT of Stanford-capable students out west, and there are a very, very limited number of openings for them. This past year, Stanford's rejection rate was an eye-watering 95%. Now, sure, some of those applicants probably had NO shot of getting into Stanford or anywhere like it, but I'm certainly thinking that the majority of them thought that they had a reasonable shot at it.
The other really awesome thing is that all of the stuff that you have to DO to get into the non-throw-away pile of applicants also costs a pretty penny for most families. So the lower-income kids aren't even REMOTELY competitive with higher SES applicants who have a busload of extracurriculars, community service hours spread over the globe, music lessons, etc. etc. etc.
Seriously, then?
My guess is that this probably only matters to about 20% of entering Stanford students (at most) to begin with, because MANY of their successful applicants are at incomes well over this to start with. 120K isn't that high if you live in many urban areas, or anywhere on the western coast.
They could afford to make it just plain FREE, free-- for everyone. So could the other top-10 endowment institutions.
Last edited by HowlerKarma; 04/02/15 05:12 PM.
Schrödinger's cat walks into a bar. And doesn't.
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Joined: Sep 2007
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Where you go does affect your chances of getting a job on Wall Street (which of course does not matter if you are not interested such jobs). I just have to question the wisdom of encouraging people to take these jobs. I mean, sure, you earn piles of cash. I did that once...but my brain ossified. Really. Plus, on a personal level, you work an insane number of hours and burn out while getting addicted to MORE MONEY! And on a larger level, there is that whole silly issue of being at high risk for destroying the global economy and stuff.  But I am just a silly quixotic person who thinks that maybe things might improve if people stopped focusing so much on more, more, MORE! money (or at least focused on it less). Like, maybe the colleges could stop the tuition arms race, drain the lazy rivers, and maybe stop handing out A++++++s with garlands to every other student. That might help.
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Joined: Jul 2011
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But I am just a silly quixotic person who thinks that maybe things might improve if people stopped focusing so much on more, more, MORE! money (or at least focused on it less). Like, maybe the colleges could stop the tuition arms race, drain the lazy rivers, and maybe stop handing out A++++++s with garlands to every other student. That might help. You only think this way because you don't have the mostest money. If you had actually WON! and truly achieved MORE!, instead of becoming financially irrelevant, you would not be so willing to prevent the younger, stronger, betterer, MORE-ER! people from competing in the global financial hypereconomy and truly experiencing life to it's fullest. It is people like you who wish to chain the leaders of tomorrow with lead weights, preventing them from ever escaping the prisonhouse of the middle class. If you had your way, we would never again have great philanthropists, people who direct their hard-earned megafortunes to solving the Great Problems of Mankind, and our great civilization would fall into ruin. No truly incredible amazing awesome greatness ever came from mediocrity. And what is the middle class, if not mediocre? Harvard! Harvard forever!
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Joined: Apr 2014
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Someday, I would really like to see your revision of "Oh the Places You'll Go"... 
...pronounced like the long vowel and first letter of the alphabet...
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Joined: Feb 2011
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Silly Jon. Harvard is merely second best in terms of the mostest rejection letters to applicants, anyway. Stanford is number one now. I'm sure that they can do even BETTER next year, though. I think that they are determined to stay number one, which is probably why they are encouraging more "low income" students to apply.
Schrödinger's cat walks into a bar. And doesn't.
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