Say No To The Finance Job, Create Jobs Instead
Andy note: This post was recommended by the author as a good one to repost to homepage - "Since it is recruiting season I think this post might be a good one to bump, VFA will be recruiting at all the top campuses around the U.S."
Every year a large amount of the best and brightest U.S. students head off to finance or consulting jobs. Seeing the success of programs like Teach For America led Andrew Yang to realize that the best and brightest were looking for more options, specifically options where they could "give back." He decided to create Venture for America a program that recruits those students and places them in roles in fast-growing young companies. The students work for the company for two years and learn entrepreneurship and how to build a company in a hands-on experience. Yang's goal is that VFA Fellows and the companies they help will create 100,000 new jobs by 2025.
“Our best and brightest are being absorbed by what I call ‘the meta economy.’ They’re heading into professional services and transactions and optimizing but not into direct value creation. If you can imagine a country where the equivalent wave of talent currently heading to professional services was heading to fast-growing companies, think about what that would do for job creation.”
Would/Will you consider applying to VFA? Will VFA be successful?
I think this seems like a great program for those who want to "give back" but still get something out of the experience. It seems like an excellent way to obtain an entrepreneurial understanding and by glancing at the current VFA Fellows it seems like they are definitely among the best and brightest.
Another interesting part of the article was this debunking of a common "myth."
You might have heard that small businesses create the majority of jobs. Recent research by John Haltiwanger, Ron Jarmin and Javier Miranda for the U.S. Census Bureau disproved that. It’s young businesses that create jobs. “Once we control for firm age there is no systematic relationship between firm size and growth,” the authors conclude.







Comments
Nice find will definitely
Nice find will definitely have to send in an app senior year. Looking much more into entrepreneurship over banking as the idea/mindset of banking just doesn't appeal. Still trying to find my niche.
Career suicide...
Career suicide...
relinquis... Killing the GMAT this December; Over/Under set at: 725 GMATs.
Just curious as to why you
Just curious as to why you say that Relinquis
$32-38k/year to work long
$32-38k/year to work long hours for a startup with no other upside?
For $30k/year, I want some equity.
Work hard, play hard.
When someone on this site
When someone on this site (you know...a forum mainly for people in finance or looking to get into finance) says "banking just doesn't appeal to me", "I want to do something that actually matters", or my personal favorite, "I'm glad I gave up banking before I even started" usually translates into "I couldn't land a finance job".
Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
Not saying that I failed at
Not saying that I failed at banking nor that I dislike finance, just thinking more along the lines of wanting to possibly do VC in the future and this could possibly be a good route to getting there. I know that banking is a possible route to get there as well but does not appeal as much. I will most likely apply myself for SA positions next year, but banking is not the do all end all to my life. Im only a rising Junior and WSO provides much more knowledge beyond a single banking forum.
Banking just doesn't appeal
Banking just doesn't appeal to me, I want to do something that actually matters.
To be honest, I am glad I gave up banking before I even started.
You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
Nefarious-: Banking just
Banking just doesn't appeal to me, I want to do something that actually matters.
To be honest, I am glad I gave up banking before I even started.
I've always hated you.
Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
It will be interesting to see
It will be interesting to see how many of these positions lead to long-term offers. Business schools will probably love people that do this. Still hard to imagine that many will turn down six figure salaries for this though.
Flake: When someone on this
When someone on this site (you know...a forum mainly for people in finance or looking to get into finance) says "banking just doesn't appeal to me", "I want to do something that actually matters", or my personal favorite, "I'm glad I gave up banking before I even started" usually translates into "I couldn't land a finance job".
Even if thats true, whats wrong with that? Not everyone can get a FO BB finance job, and lets be serious, half the reason these jobs are prestigious is because they are so selective.
This is a much better idea
This is a much better idea than Teach For Awhile, which is indeed career suicide. I'll be interested to see how many of these people stick around their respective company after the two-year commitment is up. I do agree with the previous poster who commented on an equity stake being needed to entice applicants further, although I think that might be an interesting aspect to unveil at the end of the two years: stay and we give you a share of the business.
utorrent1: Flake: When
When someone on this site (you know...a forum mainly for people in finance or looking to get into finance) says "banking just doesn't appeal to me", "I want to do something that actually matters", or my personal favorite, "I'm glad I gave up banking before I even started" usually translates into "I couldn't land a finance job".
Even if thats true, whats wrong with that? Not everyone can get a FO BB finance job, and lets be serious, half the reason these jobs are prestigious is because they are so selective.
This comment is definitely not surprising after skimming through your first post. Just more excuses on top of excuses.
http://www.wallstreetoasis.com/forums/sack-up-or-g...
Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
How are you supposed to
How are you supposed to afford french cuffed shirts on $30k a year?
I was taught that the human brain was the crowning glory of evolution so far, but I think it's a very poor scheme for survival.
littleredman: Just curious as
Just curious as to why you say that Relinquis
As a recent grad looking to build a career you'll want to acquire a few things::
- Business / Professional affiliations...
i.e. the branding that comes from working for a certain type of firm, F500, top consulting firm, top investment bank, Big 4 accounting, etc... This stays with you for quite a while.
- Transferrable & marketable skills...
Key is for potential new employers to have confidence in the fact that you have these, otherwise they're not marketable, even if you have developed them.
- A network of people to do business with and who can connect you with various opportunities
Working for a no name, small / new company for a small wage will not get you any of these... Also, the corporate world doesn't really care about past achievements. They care about affiliations, skillsets and networks, because that is what they are buying when their hire a young professional (or any other kind of white collar labour). As a venture worker, you will be less marketable to future employers then your PWC / BAML self on these counts, and at such an early part of your career marketability to future employers is important as you wouldn't generally have the ability to make money on your own.
Also, as IP mentions, it seems like these recent grads are getting a raw deal... $35k for selling your youth to a new'ish company... No stock, bonus, affiliations or network of alumni?
relinquis... Killing the GMAT this December; Over/Under set at: 725 GMATs.
Relinquis: Career
Career suicide...
I think this is a pretty short-sighted statement.
I do agree with the previous poster who commented on an equity stake being needed to entice applicants further, although I think that might be an interesting aspect to unveil at the end of the two years: stay and we give you a share of the business.
I think what many of you are missing is that they don't need to offer an equity stake..........
Next year, the organization expects to have more than a thousand applicants for 100 positions, allowing expansion to Baltimore; Cleveland; New Haven, Connecticut; Pittsburgh; and Raleigh-Durham, North Carolina.
See my WSO blog
Nefarious-: Banking just
relinquis... Killing the GMAT this December; Over/Under set at: 725 GMATs.
I'm trying to understand how
Read the part about he 'meca
I was taught that the human brain was the crowning glory of evolution so far, but I think it's a very poor scheme for survival.
mdk6c: I'm trying to
WSO's COO (Chief Operating Orangutan) | My story | Connect with me on Linkedin.
2013 WSO Conference
Sweet deal for start-ups. Not
Relinquis: Nefarious-: Bank
You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
Nefarious-: Relinquis: Ne
relinquis... Killing the GMAT this December; Over/Under set at: 725 GMATs.
I am highly skeptical...why
Flake: When someone on this
Completely idiotic and
Relinquis: Nefarious-: Re
You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
Im confused. I thought ive
GBS
This is a perfect opportunity
GoldmanBallSachs: Im
West Coast rainmaker: I am
Xepa: I know people who have
"The people I saw doing TFA
GBS
VFA: I had been looking
seedy underbelly: VFA: I
Xepa: West Coast
You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
GoldmanBallSachs: "The people
^Not sure if you're implying
GBS
Nefarious-: Relinquis: Ne
relinquis... Killing the GMAT this December; Over/Under set at: 725 GMATs.
Relinquis: Nefarious-: Re
You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
Nefarious-: Relinquis: Ne
relinquis... Killing the GMAT this December; Over/Under set at: 725 GMATs.
Nefarious: The people I have
Life, liberty and the pursuit of Starwood Points
It seems like a great
Lol not going to lie, the
petergibbons: Nefarious: Th
You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
CEO/CIO or bust. If you are
The program isn't as good as
I just don't think the
Firstly, on the TFA point:
Modeling Training
Finance Interviews Guide
Resume Review
I've never heard of this
Baby you're the perfect shape, baby you're the perfect weight. Treat me like my birthday, I want it this way and I want it that way. It makes a man feel good baby.
Although this thread is old,