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The Prestige Trap: finance, big tech, and consulting

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Re: The Prestige Trap: finance, big tech, and consulting

#261

Post by physicles »

spullara wrote: post #251

I had been programming since I was 10, but had decided that I had learned all their was to know (typical adolescent ego) so I decided to go in physics as it was what I thought would be the most challenging thing to do. Did well in undergrad, graduating in 3 years and got a fellowship at a good grad school. Studied theoretical high-energy particle physics. In the background of all this I was programming the whole way,…

I have a similar story, except I never made it past physics undergrad and joined a big tech firm right after graduation. That was my dream job since I was 10, prestigious or not, and I loved the first five years there.

But the prestige trap is real. My last career move was a big step down in prestige, but a huge step up in job satisfaction. I wish I didn’t, but I do miss working at a company that everyone knows.

For me I think the key has been that my friends have a random assortment of cool jobs and don’t care much about working somewhere prestigious. I just don’t click with people who do. Because as much fun as it would be to play the comparison game, I just couldn’t shake that existential angst that none of that stuff fucking matters, and the only thing that matters is to be happy and do good to those around you.

Re: The Prestige Trap: finance, big tech, and consulting

#262

Post by laurent92 »

vagrantJin wrote: post #235
ashtonkem wrote: post #218

Earlier quoted context omitted.

One of the key takeaways from the social sciences is that people are really bad at estimating what will make them happy. Even those who have a plan for what they want are often drastically wrong about how it'll make them feel in the long run.

This has legs. Adulthood has been a major disappointment thus far. I can say, without condemning myself, that I can no longer pursue happiness. Happiness is to found in moments and at the bottom of a bottle of beer, the rest of the time is mild stress and contentedness with ones lot and working on my goals without pomp or self adulation.

Young adulthood is the harshest. Especially exiting the student’s world from the top and entering adult life as the bottom feeder. Hang in there until you succeed at one of the games: family, friends, work, wealth, workteam, Instagram, your rock band, company animal, NGO...

Re: The Prestige Trap: finance, big tech, and consulting

#263

Post by swyx »

OP, this was a remarkably self aware essay and I quite enjoyed it. I went to Wharton and remember EXACTLY how the prestige trap feels. 10 years later I can tell you that it is exactly as pointless and empty as you think. you're very fortunate to realize this at your age. I wish you all the best and hope you keep writing insightful stuff like this.

Re: The Prestige Trap: finance, big tech, and consulting

#264

Post by elevenoh »

kyawzazaw wrote: post #178
ditonal wrote: post #62

Earlier quoted context omitted.

I have no idea how Stripe became the low paying non prestigious startup job in this conversation. They are a big prestigious company that pays a ton and is soon to IPO. I actually consider Stripe to be FAANG as far as the original acronym was for stocks but in practice is for “high paying prestigious tech companies.” A better pick for “non prestigious but good company “ might be Khan Academy, which has an amazing ser…

Yup, every cs majors I know think super highly of Stripe. I don't know what students the author is talking to. Khan Academy is sought after in the cs student community as well. although won't be first choice for many.

>Yup, every cs majors I know think super highly of Stripe

Also wondering, why?

A 2.6+% merchant fee payment processor?

Re: The Prestige Trap: finance, big tech, and consulting

#265

Post by samvher »

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…

Even in the non profit world senior management attaches a lot of value to prestige (not explicitly, but definitely in practice). If you want a high position in an NGO you might be better off starting your career at Facebook rather than at that same NGO.

Re: The Prestige Trap: finance, big tech, and consulting

#266

Post by OJFord »

srtjstjsj wrote: post #200
OJFord wrote: post #156

Earlier quoted context omitted.

> I don't think a lot of people know what they want. I would go further: I think a lot of people don't know what they want.

That's the same thing

No it isn't, maybe python is clearer:

    not think(many({
        knowswhattheywant(p)
        for p in people
    }))
    !=
    think(many({
        not knowswhattheywant(p)
        for p in people
    }))

Re: The Prestige Trap: finance, big tech, and consulting

#267

Post by read_if_gay_ »

8note wrote: post #141
lumost wrote: post #85

Earlier quoted context omitted.

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.

Historically, hasn't monetary success gone to people who inherited the wealth? Monarchs and aristocrats and the like

Most wealthy families actually lose their wealth within two generations.

Re: The Prestige Trap: finance, big tech, and consulting

#268

Post by shuckles »

ativzzz wrote: post #237
shuckles wrote: post #222

Earlier quoted context omitted.

My experience has been that it’s a lot more gatekeeping than networking to the extent that I’ve seen banks move away from requiring it.

As with anything, it is what you make of it. HN has a stereotype of MBA students that doesn't always hold up to the real world (though not all stereotypes are wrong).

Help me understand why MBA graduates placing into technology companies as, eg, PMs see little leveling benefits for their efforts versus graduates from the same schools placing at consulting firms? Is the network really that much more essential to a consulting career than a PM career? And is the hours-adjusted total income of a consulting career that much better for wealth building than an extra million bucks pre-tax at age 30?

Re: The Prestige Trap: finance, big tech, and consulting

#270

Post by Aeolun »

JayPeaEm wrote: post #142
Gunax wrote: post #111

I don't think a lot of people know what they want. There is just as much guessing as to which job to take as employers have choosing who to hire. Taking the most prestigious or most compensation is the safest bet, given that you don't really know what you want to do other than 'I like coding and interesting problems'. Partly I think that Harvard students have been adapted to seek prestige (else they probably wouldn't…

> I don't think a lot of people know what they want. > Just a lack of other goals for which to substitute. Ding ding. I've mentored students/grads from aforementioned prestigious Universities and most of them just genuinely don't know what they want After a few drinks, many have voiced a fear of there being so many options in life and not knowing which would be more fulfilling for them. Many reach a goal (graduation~…

> After a few drinks, many have voiced a fear of there being so many options in life and not knowing which would be more fulfilling for them.

They better get used to it, because that is life :)

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