The Prestige Trap: finance, big tech, and consulting

Post by 8note » Sun, Nov 15, 2020, 12:02 AM UTC

lumost wrote: post #85

amb23 wrote: post #9

The problem with prestige is that you, yourself, may not care about it, but those around it still do and still use it for social signaling. That affects the rationality of the decisions you make around your career in serious ways. I think one of the problems around targeting prestige vs. targeting excellence is that we know what it takes to do something prestigious, but excellence is hard to define, and generally com…

Monetary success historically flowed to founders, and those off the beaten path. 20 years ago startups provided a strong path to success with friends and family often getting excited when the next hot app/website was something you worked on. It’s difficult to replicate either the social or monetary prestige these days, as monetary rewards flow to VC and known consumer experiences are crowded.

Post by akhilcacharya » Sun, Nov 15, 2020, 12:06 AM UTC

sgerenser wrote: post #43

whimsicalism wrote: post #34

Earlier quoted context omitted.

> the average Ivy League graduate only makes marginally more money than your public school graduate. Sorry, what? The average Ivy League graduate makes substantially more than your average non-Ivy graduate. I don't even understand what your second sentence is trying to say.

I believe he probably got the statistic mixed up. The average Ivy League graduate does indeed make more than the average non-ivy college graduate. But they make about the same (or are about as successful, can’t remember the exact statistic) as someone who got accepted to an Ivy but went elsewhere.

Post by dvtrn » Sun, Nov 15, 2020, 12:20 AM UTC

thrav wrote: post #133

dvtrn wrote: post #131

Earlier quoted context omitted.

I felt that way about my own life. Still so sometimes. Though far, far less than I used to, and feeling noticeably less anxiety about it previously. A Relevant bit of reading, I think, I hope: https://fs.blog/2014/05/hunter-s-thompson-to-hume-logan/

Yeah, this is a popular saying, but couldn’t be further from the truth for the most successful people. Generally, they begin with an end in mind. It’s a lot easier to get where you’re going if you know where that is. Or, as the Cheshire Cat says to Alice, “Which way should I go?” “Where do you want to go?” “I don’t much care.” “Then it doesn’t really matter.” (Abridged)

Post by Tinyyy » Sun, Nov 15, 2020, 12:24 AM UTC

rhizome wrote: post #102

npip99 wrote: post #86

Earlier quoted context omitted.

Wait a second, am I missing out right now? I have an opportunity at Jane Street, but I haven't been exposed to any of the other small name firms. Where do I look to find the higher paying jobs?

One of the first things you might notice in some of the job ads for those firms: instead of "Compensation: competitive salary, 0.0x% equity," you'll start seeing phrases like "extremely high compensation." Then you'll start really feeling like you're not in Kansas. In this vein, the tech industry screws its employees as far as their share of revenue-per-employee goes. Apple makes 10x per employee what Jane St. does,…

Post by friendlybus » Sun, Nov 15, 2020, 12:29 AM UTC

jeffbee wrote: post #126

friendlybus wrote: post #109

Earlier quoted context omitted.

How is that different to microsoft logging your keystrokes or google reading your email? Having to deal with old fashioned employee espionage seems quaint.

Most people can tell the difference between an activity that provides a clear benefit, like classifying my emails, and one that provides no personal benefit, such as selling mass surveillance as a service to the highest bidder. If you can’t tell the difference than your ethical framework isn’t serving you.