3 ms·

"Why are working class kids unlikely to get elite jobs?" Because they don't have rich dads who'll get their rich friends to give them the jobs ..

EC1 11y ago
That's really all it is. Me and a couple others were the only "outside" students to get internships at a big bank. Rest of the interns had parents working at the firm. They all went on cruises and to their multi million dollar cottages every weekend. It was like some weird sick incestuous extended corporate family.
- carsongross 11y ago
  There is nothing weird about it, it's incentives: parents are always going to be more interested in their specific children than in the more generalized problem of maximizing the value of the company they work for. Particularly in the world of high-end banking, which is extremely competitive to get into but, at the end of the day, not particularly challenging for a reasonably smart person, we should expect rampant nepotism. And so we find it.
  - deleted 11y ago
    [deleted]
teambob 11y ago
That is basically what the article said. In addition skills that would help to get those jobs independently are also taught within the family. Students from a poor background (like me back in the day) may still be better of studying because they haven't been taught the networking skills to profit from socialising more. Conversely maybe they should try. I am just lucky that at least university is heavily subsidised in Australia. Coming from a poor background puts you one step behind but at least I am one step behind, not ten steps behind.
metaobject 11y ago
I grew up with two blue-collar parents and was the first one in my family to go to college (while working full time for most of it). I now have a BS and MS in computer science, and along with my wife we probably make 4-5 times what my parents are currently making. We certainly aren't rich (considering cost of living, etc), but I must say that I'm glad I went to school and broke the pattern of (1) maybe graduate high school (2) find the first job you can and stay there as long as you can.

EC1 11y ago

That's really all it is. Me and a couple others were the only "outside" students to get internships at a big bank. Rest of the interns had parents working at the firm. They all went on cruises and to their multi million dollar cottages every weekend. It was like some weird sick incestuous extended corporate family.

carsongross 11y ago
There is nothing weird about it, it's incentives: parents are always going to be more interested in their specific children than in the more generalized problem of maximizing the value of the company they work for. Particularly in the world of high-end banking, which is extremely competitive to get into but, at the end of the day, not particularly challenging for a reasonably smart person, we should expect rampant nepotism. And so we find it.
- deleted 11y ago
  [deleted]

teambob 11y ago

That is basically what the article said. In addition skills that would help to get those jobs independently are also taught within the family. Students from a poor background (like me back in the day) may still be better of studying because they haven't been taught the networking skills to profit from socialising more. Conversely maybe they should try. I am just lucky that at least university is heavily subsidised in Australia. Coming from a poor background puts you one step behind but at least I am one step behind, not ten steps behind.

metaobject 11y ago

I grew up with two blue-collar parents and was the first one in my family to go to college (while working full time for most of it). I now have a BS and MS in computer science, and along with my wife we probably make 4-5 times what my parents are currently making. We certainly aren't rich (considering cost of living, etc), but I must say that I'm glad I went to school and broke the pattern of (1) maybe graduate high school (2) find the first job you can and stay there as long as you can.