These are the people taking your spots
While people on WSO wail against BIPOC hires supposedly taking spots away from "more qualified" candidates, both of Rupert Murdoch's youngest daughters will be summer analysts at Goldman in 2024. These are the people taking your spots: children of billionaires who get everything handed to them. Think about that the next time you complain about black women entering finance.
nepotism is based, can't wait to hook my kids up at my golf buddy's PE shop someday. Hell yeah.
Disclaimer. I went to to a random state school, poured a year* into securing a summer analyst offer doing all the networking coffee chat shit. Most BB/EB’s didn’t give me a chance at an interview bc I only had a 3.7, landed at a super low tier MM bank, spent 2 years there’s closed a couple deals, now at a solid MM PE shop.(well aware how lucky I am to have made it here) Didn’t benefit from any sort of nepotism whatsoever but I’ll be dammed if I don’t help my son/daughter in any way that I can. Family over everything, nothing else matters.
Appreciate the additional color, please see attached for revisions.
I have an image in my head of OP, and it’s a green/blue haired, tatted up, smelly liberal arts student.
Over/under: 7.5 total piercings ????
I’m taking the over for sure
Over. Regardless of odds.
I was thinking a post-MBA associate who got their summer internship offer via specific conferences that take place before they even set foot on campus and, once they hit the desk, it becomes readily apparent that they can't be trusted to review and sign off on any pages showing math / numbers (color me shocked....)
Hey! That’s hate speech!
I want to both downvote for being inaccurate and upvote for being funny
So what you're telling me is that these two girls (whom both go to Ivy League schools) and are daughters of a billionaire WILLINGLY chose to do a really shitty job (let's be honest about what IB is) instead of coasting on an easy degree / career path and leaching off their dad?
Sounds like they're pretty driven to me and I wish them the best of luck of this summer.
That's assuming that they actually accept a full time offer and do their 2 years like everyone else. If they do, sure I'll give em credit for that but most likely they're just using the SA position to pad their resume before entering a different line of work.
Also lol. Bud, they're there for the same reason they got a Goldman internship.
Stop crying and get back to work
Most diversity kids I’ve interviewed through recruiting would not even be able to get into their state school yet are at top Ivies. The rich kids at top ivies are rarely dumb as there are too many other smart rich kids available for those schools to pick from. If they set a floor at you need at 1400 on the SAT for acceptance they could easily fill it with rich kids. They would never come remotely close to their diversity numbers on the other hand if they admitted every diversity that scores over 1400 unless we are counting Asian women/white dudes from Brazil/Argentina as diversity.
They won’t last 18 months ~ it’s win for win for GS, nepos quit as soon as possible ~ the same case why Centerview Analyst quit.
More like they forgot what the point of life is… If they wanted the grind so bad they could’ve started a business or something
Surely they weren’t accepted into those Ivy League schools because of their lineage
Honestly kinda respect it. Arent they each set to inherit at least a billion yet they choose to do this shit for a whole summer instead of fking around in mykonos
A GS IB stint is like Yale 2.0. It’s just another credential they can throw on their resumes for the rest of their corporate careers. They’ll do their 1-3 years at GS and then go to some Ivy MBA and they’ll have knocked out all the credentials that careerist strivers love and admire so much before they hit 28 per the plan. It has nothing to do with IB as a career and if you think certain people don’t get preferential treatment at GS, you’re nuts. That job isn’t going to be shitty for them at all.
I get some preferential treatment, but are we really thinking the level of treatment needed for two silver spoon-fed people is available to really anyone else?
I know I wouldn’t if I were in their shoes.
I know I wouldn’t if I were in their shoes.
I do not care what’s happening with the world, Americans are idiots. The level of ignorance and stupidity is beyond comprehension. Maybe you should’ve been more educated and informed about your country’s history. Maybe have this conversation instead in person.
—
Thanks,
Rest of the World!
Then she will sue for damages, sexual harassment, and emotional distress from the toxic environment that Goldman Sachs has created. Other than will complain about the lack of sleep, ask another associate and analysts to help and explain basic economics concepts to them. A posh women who probably gotten to univ through daddy’s money, sleeping and party, they won’t last long. They get fucked over by sheer speed and intensity. Am here for it. 😅!
People wrongly harp more on diversity than nepotism on here for sure. Both should be addressed to make things more fair. There is a solution that would largely eliminate both. It’s not going to be liked though but would almost entirely solve for both if implemented and there is adherence. Weigh skills tests much more and then do blind interviews with personal info removed and ban asking personal questions. Interviews could be recorded and randomly audited for adherence. Short of that, you could eventually outsource the whole process to AI but we are not there yet.
Unfortunately, I don’t think big corp nepotism will go away and therefore, amongst other reasons, people will always advocate for diversity.
Personally, I saw a couple really crazy cases of nepotism that made me disappointed. One that sticks out is a guy whose application was rejected - he sent a half a page, poorly formatted and worded resume with a crazy low GPA. After rejection, he was still able to get an offer because his dad was an exec. He showed up with his full time class and the people who reviewed his cohort of apps from his school were shocked.
Half a page, poor GPA, poorly done resume—got an offer. Is his dad into adopting kids (I'm a competitive child-candidate I promise)?
Father of the year award
Nepotism is older than the IB itself and even with its existence, many normal people were able to get positions. It doesn't matter that one's father is golf buddies with Jamie Dimon and David Solomon, if you're a retard, you won't get through the door. Diversity is a whole new thing. It's about discriminating within the group of people without parents with influenced friends. It's about giving something to someone to greenwash the company's brand. If diversity candidates are as good as everyone else, big companies just need to go recruit in non-target places and put everybody to the same test.
You act as if they just take random diversity candidates on the street and give them a job. Every single one is a high achiever in their own right , more than qualified to do IB. They get priority in recruitment because after BLM, banks turned around and realised 95% of their personnel was straight white, even in some of the most diverse cities.
Stats will also show an increase in performance alongside the increase in diversity hires, you people forget the job isn't rocket science, out of 100 candidates for 1 spot at least 30 of them would likely be able to do it lol.
Diversity candidates meet the requirements, so they hire them instead of the 100th white dude with the identical resume and background they've seen thousands of times. Its really that simple
Lol this is not true at all. Time and again I've seen diversity candidates fail miserably. And there are no such stats.
"we'll burn down more cities if unqualified DEI candidates aren't hired"
What a great organization
Folks love to act like it takes so much to be in IB. Chill out, buddy. Do not fracture a finger trying to align logos and format the deck. Do not let your brain overload with all the addition and subtraction you need to do in a model.
Doesn't take much to be "qualified"
exactly. ppl on this site are just looking for a scapegoat for their own shortcomings. a lot of dog whistle racist coming out of the woodwork lately
In a way, these girls are qualified on their own, or soon will be. They will have they very own billion dollar personal portfolios which they could entrust to GS's wealth management group, making the internship a good deal for GS. I don't expect them to actually work, but in client development ( with themselves as client) they have already done the job.
well they will result in more fees for GS, whereas hiring a kid with a 3.4 from buttfuckU because of their demographic is purely dilutive in every sense. So while both are ethically wrong, only one is a detriment to the business. Also whoever said they’re willingly putting themselves through a shitty time is a retard. They will go home at 5pm because they know none of their superiors will have the balls to make them stay deep into the night, lol.
Yeah I would love to know what their experience will look like compared to your typical analyst. Likely will get great staffings and client exposure and really be put into a position to learn the business quickly as opposed to aligning logos and spreading comps for a pitch deck that will go nowhere.
definitely not. they’re there for status and the firm wants to give those staffings to people who will stay at the firm. the job will look like a regular 9-5 to them
Banks with the highest performance in recent years also happened to be some of the most diverse lol its fine if you wanna use diversity as a cope but truth is the businesses are doing just fine from hiring people of different demos
Murdoch gave GS the lead advisor role on his 70 billion dollar sale to disney. Dont think there are as many interns in the world that can provide value like that
Most VPs don’t. Hell even some MDs don’t have all that value generation.
Imagine having a family worth billions of dollars and you can do literally anything you want so you decide to align logos on pitch decks.
Mate I don’t think they’ll be doing that shit anyway.
Guarantee no MD/VP/Anybody is going to give Murdoch’s daughters something to complain about lol
Bootlickers coming out of the woodwork in the replies.
The idea they aren't qualified is that their dad is a billionaire? I don't follow the logic, can you explain?
What are the academic stats on non-BIPOC legacy admits vs BIPOC admits at Ivy League schools? The Harvard suit had this data. Weird you DEI fans / legacy haters never post it.
If you want to talk data, didn’t that study show a large portion of white students were statistically unqualified and getting in because of donations/athletics/legacy…
Not at all. First off, it wasn’t a “study” it was a court case and what has happened is that people have cut the data in a million ways to try to justify DEI since the stats were so damning. The reality is that when you cut it simply, eliminating DEI and legacies would have a net impact of near 0 on how many whites were admitted (slightly more males, less females), but dramatically decrease Hispanic and black population in favor of Asians (broadly) and very slightly white males.
Murdoch’s daughters took the spots from more qualified male billionaire children
No, from BU grad student with 4.0 GPA majored in EECE who parents are from Sri Lanka or Bangladesh, who comes modest middle class family from queens.
when rest of us Gen Z / people who grew up with the internet enter the workforce, the world is going to be so wild
😂😂
what would be your guess: how many billionaire kids are entering IB each year vs how many diversity candidates (can make a guess as a ratio)?
the actual good jobs in this industry at top shops have more great talent applying than there is space. (and you can get paid working anywhere not just top PE/EB/BBs or whatever) new hires are often selected based on their social skills and ability to relate well with the existing team/interviewer. most finance jobs are not rocket science. THAT’S why diversity hiring is a thing. because people self select for people like themselves (including candidates) and you end up with a bunch of the same kind of people/who think too much in the same way and CLIENTS (the reason why you’re paid in front office) aren’t all white men (or whatever the majority group is). a great client service business (which is what banking is at the end of the day - buysiders have clients too btw their “LPs”) has people on their team from different walks of life. no one is taking anyone’s spot and this whole conversation just needs to die
Air traffic controllers in the US, for one example of many, are being hired on the basis of ‘diverse qualifications’, there was an expose on this and many legal proceedings following, and it’s still an unresolved issue. So no, it isn’t just finance number-shufflers affected by these absolutely disgusting hiring practices, but fields which fundamentally deal with life or death situations. “Too many whites == bad!” They seemed to do fairly well for the last however many hundreds of years, so what gives now? One is either qualified or not, it’s pretty insulting to think “minorities” (not relative to world population share) can only succeed if they’re artificially given a leg up. Either way, can’t wait for the favelafication of North America, it truly cannot come soon enough. Some people won’t learn until they put their hand on the stove, and it’ll be too late by that point anyways. Enjoy the future you’ve crafted for yourselves.
I kind of want to give them props. Ivy League schooling and they want to work in a soul destroying IB career when they could have just coasted (granted they have a nice fallback if they flame out). They are better people than myself. If my dad was billionaire I would probably be a coke head lunatic leech the likes of which could only be surpassed by Hunter Biden, That dude is in a league of his own.
i'm just disgusted that rupert murdoch has daughters that are 20, isn't he like 100 by now....
should be inspired, not disgusted
I don’t think I can ever. Even if I make partner lol. That’s the stuff of dreams. Only accessible to billionaires my friend. Here’s hoping!
I see (2) opportunities, not disgust
I get the rant against nepotism. But, from a skills angle, the girls probably have more finance experience spending their weekly allowance than the typical SA does during an undergrad. Secondly, they likely have more business and finance exposure than the arts history major or football player who got a SA spot.
What a stupid fucking post. There are only so many unqualified children of wealthy people because there aren’t that many centi millionaires and billionaires out there. There are a countless number of unqualified diverse candidates (not saying every diverse candidate is unqualified, but there is still a countless number of diverse candidates).
This thread really shows that billionaires truly are underpaid for not just all that they do for us, but the no thanks that they get in return. This holiday season, let's give thanks to the people who really keep this country going. Firemen. Paramedics. Landlords. Managing directors. Twitter anons. And yes, billionaires.
Racism is a tool for the wealthy to change the subject off their own abuses.
I hope they enjoy doing company profiles and spreading comps
They're going to do the bare minimum and get ushered through the ranks. I've worked with these types before, they always suck at their jobs and get ahead because daddy makes some phone calls.
I hope they have fun exporting charts and tables from excel to powerpoint all day
Sometimes I’m indifferent to the whole nepo thing. I wasn’t a nepo hire, I don’t even have a single relative in the industry, but honestly, nepo hires happen EVERYWHERE. I’m from the Midwest, yea I’ve got some friends who have jobs after school working as entry level engineers at their dad’s mid-size engineering firm. No one gives a crap. The increased salary in IB is easy to point to as the point of contention, but don’t pretend nepo hires isn’t the way of the entire world. Sure, you’re pissed their dad/mom has the connection, it doesn’t mean they are unqualified. It simply means that they quickly closed the hiring process because a qualified, trustworthy candidate filled the role (in some cases). Maybe I’m off on this, but if I wanted to stay in the Midwest and work at my dad’s more local firm, I’m sure I could have applied and my dads employment there would help my odds, duh.
Kids from wealthy backgrounds are more qualified because they have someone (family or family friend) who is going to explain them how the game works and that advice early on is LIFE CHANGING.
Shit, I never hear of GS nor did I know the difference between a debit or credit card until I was 19.
keep in mind that they start very early (biggest advantage of them all) and have the option to focus on landing a spot at an Ivy League or a top-tier bank without sweating over bills, unlike the rest of us pulling shifts at Domino's on top of studying the same degree and interview prep as them (without guidance, again the most critical factor).
Stop hating on the rich, beat them
Their Father provided more to GS than the diversity students will in their whole career
Or most GS employees for that matter.
There is strong evidence suggesting that billionaires' offsprings like the two Murdoch daughters are more qualified for IB summer internships than the diversity hires (and most IB applicants actually).
Reminder that it's not a myth that underqualified BIPOC are selected over extremely well qualified Asian and White kids. IBs don't release their selection data but colleges which have quite comparable selection processes do. At Harvard for instance Black candidates from the 4th academic decile have a higher admission rate than Asian candidates from the 10th academic decile.
source: The Economist. (2018). A lawsuit reveals how peculiar Harvard’s definition of merit is. https://www.economist.com/united-states/2018/06/23/a-lawsuit-reveals-ho…
Regarding legacy type students like the Murdochs, college data also suggest that there would be stronger IB applicants than the BIPOC type. Here's a chart from an academic paper comparing the average GPA of legacy students vs. non legacy students at elite US colleges. Legacies tend to have a higher GPA and be much better students than non legacies.
source: Monks, J. (2000). The academic performance of Legacies. Economics Letters, 67(1), 99–104. https://doi.org/10.1016/s0165-1765(99)00207-4
So sorry OP but I will stick with my view that BIPOC hires take spots away from more qualified White and Asian candidates because it's simply what is actually happening. Keep your "look at the children of billionaires interning at Goldman" gaslighting for yourself.
Cope and seethe.
Thank you for cutting through the bullshit. Numbers don't lie.
I am top decile and visibly not diverse. Recruiting is hell. My diverse friends are not bad people, but they are cruising through processes and getting literally zero technicals. It is another level of soul crushing.
What's the point of the job if there are no technicals? America is weird
What's the point of the job if there are no technicals? America is weird
keep using diversity as a cope buddy unfortunately you don't have to be a genius to do the job, you are both qualified but they get picked over you because they've already seen another thousand people like you
This analysis leaves out the raw # of applicants, which is pretty necessary to draw the final conclusion of “x is taking y’s spot”.
According to the Peter S. Arcidiacono paper (which is the source of The Economist's chart), there would be less than 1% of Black students at Harvard (vs. the current 16%) assuming Harvard admissions were truly merit based i.e. Harvard only admitted applicants from the top academic decile, and less than 3% of Hispanic students (vs. the current 15%).
source: https://cases.justia.com/federal/district-courts/massachusetts/madce/1:…
There are 2,000 students per class at Harvard College. So a basic calculation would imply that 2,000*(16%-1%+15%-3%)=540 BIPOC students take the spots of more qualified non-BIPOC students (Whites and Asians in this specific case). Feel free to apply a similar calculation method to IB interns and IB analysts classes to get an idea of how many "X take the spots of Y".
you people are such miserable complete losers, it’s insane. enjoy blaming other people for your shortcomings. no wonder you didn’t get that BB/EB or tier 1 offer lol I’ll make sure to hire MORE women and minorities to offset the vitriol from this board :) keep it up! anyone can do the job anyway. no one gives af about “your grades / credentials”. that’s not the end all be all. if you weren’t so narrowed-minded and actually was a well rounded person in the business you’d already know that.
Ok Karen.
um no. i’ve held some of the most coveted jobs in the industry and don’t want new people joining my team to read this bullshit and think it’s right or the status quo. i have actually found good insights on WSO (that i wasn’t able to get in real life) over the years. but seriously — post and comments like these attacking diversity ain’t it. fuck “your spot” that you got beat out for (college or work). and stop being a whiny bitch and do better. clearly a lot of you weren’t and aren’t good enough :)
Bro what
I used to know a bunch of people in the true blue old money hamptons scene and every single one is an analyst at a BB - upper MM. While they are smart people (so definitely qualified, at least the ones I know) and I like them from a character standpoint too, they kind of have an infinite safety net to try to succeed from, while for the average joe who may or may not qualify for a DEI program, this IS that shot. From that perspective, opinions on DEI aside, that’s frustrating.
Ideally firms wouldn’t hire out of nepotism or diversity. We don’t live in an ideal world tho so u gotta play the hand ur dealt. Everything is competitive in the this career path, I say use whatever u can to ur advantage.
I'm an intern so idk shit but I think of this whole nepo vs diversity debate from a social mobility perspective. IB at GS/any BB is an insane opportunity for a determined middle/poverty class kid to completely change their family's trajectory around. The Murdoch girls, based on their family's connections, could have landed any role in any field (fashion, art consulting, etc) that wouldn't have taken such a transformative opportunity away from another kid. But it's also their prerogative to use any opportunity they have to shape their reputation (hard worker, willing to put in the effort) so I can't fault them either.
One of the few sane comments on this thread haha
IB isn’t meant to be a transformational agent of class mobility, it’s an ivory tower to make money for banks. In IB, you are only as good as your network, and nepotism hires are cheap and easy ways to keep a strong network. If anything, banks should be promoting more nepo hires like the murdoch girls.
Babysitting a (potential) client's kid for a summer is sometimes the cost of (winning) doing business
Why do libs think that people against diversity hiring/admissions are pro-nepotism? They're not mutually exclusive to dislike. Both are issues and are anti-American, but one is inherently racist.
lets be fr if i was a child of a billionare id spend my summer hooking up with a broad in ibiza not getting railed by a balding MD at goldman named gerald who has never felt the touch of a non-sex-worker female
real
Which division? Where did they study?
----
Ok flip side if their dad throws merger business to GS he’s likely paid for those kids to be lifelong employees of GS many times over. This isn’t some MDs daughter from Greenwich (yea I remember that post too) this is a major industry player with fees that can keep many analysts employed.
Companies always have a new initiative, If they want new colors in their team they will hire more diverse candidates. Bunch of failed interns thinking they lost something that they were never entitled to in the first place. ANY mildly competent person can do IB, so they pick the people who match their initiatives over others. Same way they will pick someone with a lower GPA simply because they are a better cultural fit than the next hardo loser with a 4.0.
a lot of my 'diverse' friends didn't get any traction because they were not qualified, whilst others were getting interviews left and right, because they were. Some of you retards think they jus grab people off the street and hire them as tokens lol
FWIW I worked at a bank 5-10 years back as an analyst that is basically the most over indexed to diversity hiring. I would say when you fast forward to today, the “diversity” hires were generally some of the best candidates. The women tended to be better bankers and the one black guy ended up being a rockstar over time.
Of the guys who got in on merit, most all of them didn’t stay at the firm and left early, myself included. The type of white dude that gets an ultra elite banking job on merit wants to go work at a hedge fund or megafund PE firm.
I actually all in all don’t think it’s that crazy to do diversity hiring when you really think about it. Not a single Asian or Indian dude who was summa cum laud or whatever stayed to become a VP at the bank. That type wants to either go back to their home state to work in Pe, go work at a multi or go work at KKR depending on personality.
also I interned at a group in Texas that was basically all white dudes. And let me tell you they were vile. They would say the most racist and sexist stuff. One of the partners literally sexually harassed a woman at an art museum in front of me. The way the one female analyst was treated was honestly appalling. Diversity was actually a big reason why I full timed somewhere else because I think people are just more civil when they are in more diverse groups.
and to be clear I’m generally pretty anti woke. I do think diversity admissions at ivies is messed up with how skewed it is etc. but I see the point in banking specifically. It makes good business sense and creates a better environment.
If even a billionare decides to put his Kids in IB, that demonstrates the business world learning potential you get with this job. Of course they will just stay for a couple of years and do some business with his dad, but I think his dad wants them to do this for them to learn how the business world works. And a summer at a top tier investment bank is not a bad choice.
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