Going to a prestigious prep school is going to put you further ahead than even a prestigious college?
An Institute for Fiscal Studies report shows that UK graduates who went to private school earn thousands of pounds more a year than their state-educated peers – £4,500 more, in fact. We don’t just have a gender pay gap in the UK, we have a class one, too. This is not only because privately educated students are more likely to attend elite universities, or to study subjects that are more likely to lead to higher-paid careers. Even when the researchers compared students who went to the same university, and took the same job after graduating, the pay gap between state-school and private-school students was 6 per cent, or £1,500 a year on average
Rest of the article is here. Thoughts?
You don't say? Culture of youth produces far more success stories than simply graduating from Harvard. Whats really funny about this is they are talking about around 2,200 dollars a year for people making on average 100k plus coming out of college. Its not like it is causing some massive divide between being able to eat or not.
So tired of hearing about privilege. Nobody owes you anything in this life. Get the fuck over it.
Thank the dear lord, I thought I was the only one
The data in these types of studies (gender pay gap is one other example) is usually not descriptive enough to make a reliable conclusion. It's usually dissected in a way that suits the person analyzing it. If that person has some sort of bias, he/she will present the data in a way that's consistent with that bias. There is no arguing that a person with better education early on will likely get into a better university but the pay gap analysis for "same college" peers taking the same job is a load of shit and there is no reliable way to come up with that 6% number.
First of all what types of schools are they looking at? If £1,500 is 6%, that translates into £25,000 per year. Who the fuck makes that little in our world coming out of the gate? This might be more relevant to kids who graduated with degrees in journalism and are now bitterly "analyzing" heaps of numbers in an attempt to figure out why they're complete failures in life.
If you attend a prep school chances are your parents are well-off and your friends' parents are as equally well-off. Wealthier students generally have an advantage over the rest of the population in academics because they have access to tutors, may not have to work a part-time job and of course could always ask their parents for help with their English essays.
However, I think the real value of attending a prep school is not the academic advantage they receive, it's the social advantage. The connections you foster during your years at prep school will give you a significant advantage when applying for jobs and well into your career.
If you want your child to succeed send them to the best prep school not because it will get them into the most prestigious university but because the friends they make will raise their career trajectory by a significant amount.
This.
Everyone talks about their network and, for example, to look at LinkedIn for commonalities. Aside from the fact that top prep schools feed into the top colleges, when you're looking to talk to someone at McKinsey or GS and you went to Eton in the UK or Phillips Andover in the US, there's a good chance you're going to be able to connect with someone at those firms. And your family is most likely pretty well connected as well.
It's not exactly deciphering the human genome to extract this type of conclusion from the data.
I was fortunate enough to have been born to very intelligent, hard working people (and also very successful financially, the two are highly correlated) who drilled the same things into me.
As heister said, it is the CULTURE of youth that matters. Regardless of what your parents' socioeconomic class is, the values they instill in you as a child, how involved (obviously within reason) they are in your upbringing, etc. etc. will drive who you become. That people who want to be involved in rearing successful children also tend to have been successful themselves and thus able to provide a 'privileged' life for their kids is no coincidence in my opinion.
Have you ever spoken to someone who attended a prestigious prep school? The academic advantage is the main advantage to these schools -- it's why Ivies and MIT and Stanford routinely swoop up a huge chunk of them. If you think going to Exeter or Andover entails four years of a high society social club you're dead off. These kids are required to be involved in sports, music/art, and other intensive activities like debate in addition to grueling academics. It's not the rolodex that they get out of a prep school degree, it's the preparation to maintain an intense academic/professional life in addition to other passions and activities. This is why prep school kids dominate target schools academically and socially.
Besides the prep school's network and actual education, I do think there's a very strong correlation with kids from wealthy families attending these schools. When your doctor/lawyer/bank/other white collar professional dad is paying your college tuition, it's a lot easier to do that unpaid PWM or whatever internship during freshman summer that gets your foot in the door; other kids have to spend summers immediately working at McDonald's to pay off tuition.
Right. I'm so sick of hearing about someone going to a prep school and having an advantage. I've seen people who have all these contacts and cannot get a career going. I went to a non target, never had a prep school education and never got connected with a son of a hedge fund guy in junior high. I am a fixed income sales trader. People need to stop pushing this Andover, Choate garbage.
Are the reasons not obvious?
Probably picked a bad pull-quote. Here's what I think was most interesting, the lack of confidence:
I can't tell you how underwhelmed I've been from people I've met from Ivy's or other elite schools. It's hard to have a convo with some of them about the markets or what's going on in the world - They just have pedigree. When I try to talk to them about macro issues, etc. they stand there in awe and it's hard for some of them to connect the dots. And I went to a nontarget.
What jobs are out there where people don't get paid a standardised salary? I imagine in big 4 / professional services / law firms / banks / graduate programmes everyone gets paid same wage except for performance bonus....which can't be expected to be the same . Unless this research only looks at ssmall firms where you actually negotiate a wage?
$34K a year puts you in the global top 1% and we're over here arguing about being underprivileged making $99K when your prep school buddy makes 100. It's all relative. Nobody is brought into this world with the same genetics, has the same experiences, and is brought up in identical environments.
How long has this whole, 'Everyone should be the same' shit been around? When did this start? It's fucking stupid and annoying. We aren't the same and we never will be. Imagine a world of identical gray blobs all acting the same way and doing the same thing. Fuck that world.
And on the whole gender equality, neo-feminism shit: Men and women aren't the same. What's with all these SJWs showing up all of a sudden like, "We should have more stay-at-home dads; why don't women make the first move more often?" Because, motherfucker, we are different. Embrace it and learn to live with it. Why does everyone wanna be the same?
I feel like all of this stems from a core entitlement that some people have, which is a repulsive personality trait in my opinion. Why do you feel entitled to equality? Why do people think this world owes them a damn thing? Be glad you were born and have the chance to run around being all indignant and shit. Why do they think others' successes are their own failures? People need to stop being buttmad over their neighbors' lawns and cut their own fucking grass.
I would have thought it would be a lot more than £4500. They are probably including religious schools and not just elite prep schools.
In other news: tall people have an advantage in basketball and smart people have an advantage in chess.
As a former competitive chess player, reading this made me very happy.
It's all a game and you just need to learn how to play it. Stop whining and get it done.
Btw, most prep schools offer scholarships, aid, etc., as do many elite secondary institutions. if you really want to attend one of these horrible places, you can present the case for why you deserve to be there. Missed out on the pretentious high school or undergrad experience? Work hard and earn your spot in a graduate program. People act as if there are mystical force fields surrounding the Ivies, but they really just need to accept the fact that they're mopey, whiny lazy asses.
98% of my graduating high school class competed in vying for spots at "target" schools, and plenty of privileged kids didn't get in. Furthermore, many of the dorm mates, classmates, and college friends that I ultimately met came from backgrounds completely dissimilar to my own. It isn't like going to some preppy school or playing lax affords you a General Admission ticket to HYP.
Tl;dr a prep school diploma isn't a ~4eva~ meal ticket. Get over your pity party and get to work.
Successful Kids of the Privileged (Originally Posted: 12/20/2013)
We've all heard the stories of the rich and privileged kids who squander their money and not taking life seriously. But what about those super wealthy's offsprings who work hard and attend target schools? Does this subset of people have any advantage if they would like to pursuit a career in Banking?
ATTN: Stupid fucking post.
Oh, Jesus Christ.
Short answer- most likely yes, because of the network they will be able to tap through their parents.
I go to a top-target (Harvard, Wharton), and there is this one kid who is the stupidest motherfucker on the planet; I'd be surprised if he could even spell finance, but his dad is a C-Level executive at a top BB. Thus, he has Wall Street firms sucking his dick. It quite sad.
Yet he goes to Harvard/Wharton and his dad is a C-Level exec at a BB. Go to your room and fap.
I only believe you if you mention that kid's name.
Don't ask questions for which you already know the answer.
you're retarded. banking is the industry made for kids like this.
@higamaster24
Congrats, you found out how the world works. I'd worry less about the dumb rich kid and focus more on putting yourself in position to do what you want to do. The kid will probably still make an ok analyst. The job requirements of most analyst positions, regardless of division, can be taught to anyone with above average intelligence. The hard part is getting the job.
Some do, some don't. The odds are higher for sure. The odds are also higher that this kind of thing is what they'll do: http://www.latimes.com/nation/nationnow/la-na-nn-affluenza-anger-lawsui…
Mind you this is Texas, where all sorts of crazy people are roaming around with heavy firepower and may very likely take this punk out.
Look. Some of the MD's here come from poverty, others come from wealth. The bottom line is that if you find a way to make money, you'll be fine. If not, or if you don't think you can, or if you just don't want to....then pick another job. That's all I can say.
Rich kids know about high finance earlier. That is an enormous advantage.
Also depending on how well-connected they are, there are actually high school investment banking internships at very strong places like JPM. The only way you can get something like that is through connections.
Definitely. I went to the most prestigious school in Europe for a a year or two and there where kids had already sorted out their wall street careers before year 12. Some of the high school internships are only organized by parents and only available to kids at that certain school.
I knew some students at school whose parents have jobs ranging from owning private banks to being partners at big four or BB or PE firms to being oil executives. They have it made out HOWEVER they undergo a different type of pressure. They have to constantly prove they are worthy of being their parents child. You might think that sounds stupid as hell but dont knock it if you have not suffered it. That pressure is ok if you are smart but not everyone is smart. Not everyone wants a office job. Also anything you achieve is perceived as being handed down to you by your parents, this is the worst bit. Take that stupid kid at Wharton or Harvard. Its not his fault he is in the situation he is in. If someone gave you the opportunity to attend Harvard you would not say "umm let me check my GPA first and make sure I have enough Extra curricula activities" would you? You would jump at the opportunity.
who gives a fuck about kids like that. so what if the old boy culture still dominates the street. complaining about it accomplishes nothing, i just keep hustling and stay on my grind.
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