Minorities on wall street?

You're joking right? Affirmative action galore.

Granted a moron won't get a job, but it is definitely easier.

How much easier is easier? What kind of GPA for an analyst position?

bumping...interesting topic

From what I've seen, I would say a 3.0 for a minority to get a look from a BB. I wouldnt even say that its affirmative action, its that we generally arent interested in banking, its so waspy. How many of us minorities (black kids) at ivys do you see who are majoring in business-related subjects? Pre-Med and Pre-Law and Engineering are way more common.

The BigHomie

Asians aren't considered Minorities on Wall Street, i take it

i know that at wharton they have a minority program that if you "qualify" for it, they simply place you into the top ib jobs.

that certainly is easier than for the rest of us.

know a kid. he's black ,minority program got him a summer analyst positionat GS, I swear. Granted he has alreay passed 2 of their exams.

just HIspanic/African American/American Indian that are considered minorities? somebody care to clarify

all the above

Thankfully, those who are given a fish will only eat for one day.

so true, and yet, so happy that its true.

It's a well established program that is designed to place minorities on Wall St.

Yeah, those three are UnderRepresented Minorities (URMs). Hey, I slightly understand when non-URMs complain about the "unfair advantage" and I hate how it likely makes many people automatically feel that I'm at wharton or will be at a bb firm in the future due to my race, but whatever. Even if it is an "advantage", nobody ever said that wall street is a meritocracy. A shitload of white kids get in due to connections that no black people ever had access to growing up, is that "fair"?
The BigHomie

If there is one thing I learned in Econ 101 it's that open markets are driven by competition. Sure, you can put some slightly under-qualified individual in a banking position. But for the most part, reality will catch up eventually. It's science!

The white, male American is the biggest target of discrimination in today's society. Affirmative action and other diversity programs have tipped the scales too far. You mother fuckers looking for a handout sicken me.

interesting. is it only ethnic or also sexual minorities (lesbian, gay, bi, trans)

HAHAHAHAHAHAHAHAHAHAHAHAHA

Show me a privileged white American male who is living on welfare, because a minority took his job or place in college. All the minorities I know going into banking have great grades, a long list of ECs, and good social skills. Meanwhile I can literally think of TONS white guys from my college who used family connections or frats to get onto Wall Street, no one gives a crap about that though, huh?

Also anyone who has done SEO will notice that the majority of black people there are Africans--those kids always have high grades, they're up there with Asians. It's that immigrant thing.

I would guess the most fair way to do things would be to have everyone apply online with hidden identities, and only grades, ECs, work experience info filled out. Then everyone would be on the same playing field!

Well in the UK we have to apply online, obviously they see your name though. At the end there's also some discrimination monitoring page (don't think it was called that but don't remember) which is optional, you choose your race and sex. Supposedly it is for "monitoring purposes" but I'm convinced they use it in determining who gets through, though legally they can't actually state that. I always left it blank out of principle.

i know of a tranny who works in TMT at Goldman.

LOL!!!!

Hey, don't talk shit about White Fratboys... uh, uh **thinking of a comeback...thinking of a comeback*** yeah, don't do it!.

FP175 always come up with good shit

fp175 you make some good OBVIOUS points...

Perfection breeds Perfection

All the minorities who got BB jobs had significantly worse grades the whites and asians. I go to a target. In fact, if I recall correctly, the percentage of minorities graduating with any kind of academic honors was much, much lower than their percentage in the student body.

Eh. Minorities and white frat boys have an advantage. Asians get screwed when applying to college and get screwed when searching for jobs, yet their numbers keep increasing. Whaddya know.

Either way, I don't care. It's not a fair, meritocratic process. Banks are looking for certain types of people to fill quotes. They can do what they want.

What's interesting is the very, very low number of minorities or frat boys at M/B/B, where frat boy connections and race mean nothing during recruiting.

The kid's right, the discrimination against White males is getting out of control. Don't think some of us aren't gonna fight back though. I hope to start a scholarship fund exclusively for White Males when I make it big, and my recruiting efforts are definitely gonna be biased towards them.

LMAO!

Perfection breeds Perfection

Hilariously false. You must be insane if you think M/B/B doesn't care about diversity.

No, not false at all. The number of minorities at M/B/B is much lower than at the BBs. I distinctly remember that at my school all three firms had GPA cutoffs for first-rounds (internships) and there were few, if any, minority (black and hispanic) students there. While I was interning, I didn't meet that many minority consultants either. I mostly met Indians and Asians, who seems to be represented at these firms in equal numbers to caucasians.

I remember that several consulting firms pulled out of SEO because they weren't getting good employees...

Of course, a more likely explanation is that minority candidates prefer banking to consulting, at least out of undergrad.

I am just relating my experience. Anyone who's been at a M/B/B on the East coast can chime in.

most of their recruiting is for FT, the internship program is for snapping up the stronger students, which is why it is so small

The only people I know from my graduating class at M/B/B are ethnic minorities.

Plus my lover/favorite singer John Legend worked at BCG out of Penn...and this was several year ago too.

lover ? Right.....

Yet you will be labeled a racist for doing so, while the benefactor of a scholarship aimed at minority students will be revered. Sounds fair, doesn't it?

What about white history month or white male pride parades? When will the day come that white males can stand up and be proud of their heritage without the perception of bigotry?

Dude, I don't want to stir shit up, but every month is pretty much white history month. The last time I checked we don't celebrate any non-American holidays in this country...I'm not saying we should necessarily because after all this IS America, but my point is that American history is pretty much all white male history. I mean it's pretty much all we learn up until college. The reason that people applaud scholarships for minorities is because as a whole they're worst off. I know there are plenty of poor, broke disadvantaged white guys, but compare that with the percentage of poor, broke disadvantaged minorities, and you'll see a big discrepancy.

Just my 2c.

CLEARLY...

white MALE history? LOL

Perfection breeds Perfection

A girl can dream...

I have interviewed for incoming analysts and I will say consistently, while Asians had the highest GPAs on average, they were also the least interesting people, on average. Of course, there were superstars as well. Let's just be honest - GPA proxies very little in banking. They do not call us monkeys for nothing.

As far as other minorities (blacks, hispanics etc.) I've found that it really varies firm to firm. My firm has 2 black analysts between all three years, a sprinkle of Asian and vast majority white. I think the lack of minorities, in general, in banking is simply a reflection of lack of minorities in college period. For those who say banks will take underqualified minorities to fill quotas, I can tell you have no idea what you are talking about. A bank has ABSOLUTELY NO INCENTIVE to take a kid they don't think can hold their own. Take it as you will, the only advantage minorities have may be a result of general naivety. Most people assume have a stereotype of what a minority should look, act and talk like, and when they meet someone that does not fit into that mold, it stands out to an ignorant person. So they may be more likely to single you out and remember you down the line.

*my 2 cents

You know this is stupid and you know it. Banks take all things into consideration above and beyond grades. Maybe a black student has a different and more informed perspective than the silver spoon andover yale dime a dozen history major?

Meritocracy is silly when it comes to hiring. It's about what experiences you bring to the table and how you shake things up. Everyone knows you don't need above a 2.3 anyway to work anywhere in banking unless you're trading derivatives and shit like that. But for any banking job, it's about the soft skills more than you getting a 3.9 at Dartmouth.

White males are clearly becoming a minority. However, it's the white male who has let this happen. Just look at Congress. Affirmative action could not exist if white males voted against it.

How the fuck could anyone possibly think white males are becoming a minority? The sheer idiocy of that statement is astounding.

How come Asian are not considered as Minorities?

The percentage of college and ibank populations comprised of asians is way higher than asians' percentage of the american population. Plus, asians dont really have the same disadvantages in america as blacks and hispanics do (no need for assistance of programs).
The BigHomie

What disadvantages to blacks and hispanics have vis-a-vis poor asians? Have you ever been to Flushing or Chinatown? Ever seen a NYC magnet school? There are poor immigrant families from China, Korea and the like that live there and have to make it on their own. They don't get preferential treatment for college admissions or job placement. They get discriminated against if they have even a hint of an accent. Why do blacks and hispanics deserve these opportunities more than Asians?

Either way, I don't care. They way the global economy is converging, such preferential treatment in lieu of hiring the best, most qualified, hard-working individuals will soon disappear.

Go to Seattle or San Francisco and you will realize that Asians are not a minority. Phoenix or LA and you realize hispanics are not. Everyone should nut up and quick making excuses why their race isn't as successful as the rest and go do something about the perceptions that you are perpetuating. Stop looking for a handout.

No one is looking for a handout. But as long as SEO exists, people will apply for it. Same way that as long as AKPsi or other business frats exist, people will join. Everyone wants an edge, it's not nearly the same thing as a handout. You're talking about university students with at least a 3.5 (I think that's the minimum for SEO)--hardly beggars on the street.

And for the record, I didn't use SEO or any minority programs, but am an Ivy League legacy and has a ton contacts in banking (although I didn't use them). Am I worse or better than the other minorities then?

Banking should be reserved as the sole profession of the white alpha male Elite gentleman's club.

All minorities, especially skilled asian number-crunchers should be utilized to support the White Elite' in back office operations.

Blacks and hispanics have an over 70% greater advantage over whites in entering top universities. Truly unfair.

This thread isn't going anywhere.