How Wall Street recruits so many Ivy League grads

Post by gertef » Fri, May 16, 2014, 11:42 PM UTC

walshemj wrote: post #86

dba7dba wrote: post #63

Earlier quoted context omitted.

> But this is more a criticism of K-12 education, not the wall street industry! No matter if K-12 system is doing its job or not, Ivy League should not be sweeping up a their of Ivy League graduates. > By suggesting that investment banks are "printing money," you've shown that you aren't well-informed on the industry. Yes I apologize. I was just venting my frustration. But are the finance companies THAT important tha…

Well other professions need to pay more then - unless you think rigidly planned economies are good idea? "ah yes comrade brin" for you we have a nice job as third assistant boiler maintenance operative.

Post by nostrademons » Sat, May 17, 2014, 12:26 AM UTC

rayiner wrote: post #69

dba7dba wrote: post #55

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> Ivy-league grads go into finance because it's an industry that really values their particular pedigree, and is willing to pay for it. OTHER industries value the Ivy-league grads just as much. It's just that the budget doesn't allow paying at the rate to compete with Wall Street. That's the problem.

Google and Facebook generate more than $1 million of revenue per employee, quite comparable to Goldman and substantially above Morgan Stanley. The money is there, at least in tech, just more of it goes to shareholders and less to compensating employees. Why do banks pay out so much more of their revenues out in compensation? Because investment banks are service businesses and not product businesses. Their product is…

Post by karzeem » Sat, May 17, 2014, 1:52 AM UTC

Post by yannyu » Sat, May 17, 2014, 3:39 AM UTC

chimeracoder wrote: post #41

nymph wrote: post #19

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BTW: the point about drug testing applies to the handful of cool, geeky, "Agile" companies that adhere to this ridiculous practice, too. In fact, a certain company by the name of Pivotal Labs comes to mind. So -- anyone from Pivotal reading this? You're more than welcome to share your true thoughts about your employer's urine fetish, here and now -- safely and anonymously! On the off chance that upper management migh…

This is the first that I've heard of Pivotal Labs requiring drug testing. That makes me really sad - I thought the tech industry was free of this incredibly invasive, offensive, and counterproductive[0] practice. Do you know any other tech companies that have these policies (particularly startups)? I wonder if this is an outlier or just a commonplace practice I've been unaware of. [0] Because not all drugs remain det…

Post by ForHackernews » Sat, May 17, 2014, 3:56 AM UTC

rayiner wrote: post #18

a_c_s wrote: post #7

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How necessary are the 7am-11pm hours really? Could the banks do just as good of a job if they hired more people who worked 40 hour weeks? (Increased salary costs notwithstanding)

I'm going to disagree with the other posters. At least in investment banking, the hours are driven by the pace of corporate transactions. Mergers and divestitures are fragile things, and there is a tremendous incentive to get them done as quickly as possible. Investment bankers are at the service of their clients, and when the client wants someone to run the numbers on some idea on Thursday evening so he can have the…