Analysis: Litquidity x Rich Handler - How can we improve diversity in the financial services industry
So, Litquidity and Rich Handler (apparently his daughter came up with the idea) decided to ask their followers what financial services should do to improve diversity in FS.
They received more than 600 responses, his daughter picked top 100, and then they all together picked 25.
The results are: https://www.jefferies.com/special/pages/1668Summarising points raised vs Submissions counted
Educate people from underrepresented communities via things such as high school presentations or mentoring - 10 out of 24 (3,7,9,11,12,13,14,16,17,21)
Misc [showing them their skills are valued to retain them (1), retaining senior bankers who will retain and mentor junior talent (4), increase referral fee if the referred candidate is diverse from the referrer (1), female leaders speaking on-campus (1), new analyst hires mentoring undergrads from their university (1), exactly what Mr. Handler is doing, which is being present on social media and offering advice (1)] - 9 out of 24
Recruit from non-targets - 6 out of 24 (1,2,4,5,16,17)
CV Blind processes - 4 out of 24 (5,6,8,16)
Submission number 20 was ignored because it doesnt make sense.
===================================================================
Please do not take this as a reason NOT to read the responses from the link. If you don't have a lot of time, at least read reply n7.My thoughts (Disclaimer: I'm a non-target who didn't get any impressive internships despite having a strong profile)
Out of those 600 responses, I bet a much larger chunk was "stop recruiting from Ivy League schools". Now when I summarised it, I agree that because of the fast recruiting processes high schools should be targeted and ideally alumni of those underprivileged high schools should speak to their kids. After all, they will come from the same background and only have a few years age difference (e.g. GS SA going back to his high school to tell kids his story).
However, I believe this is all fake PR BS. Investment bankers sell expertise/knowledge. MBB is even worse - you can't expect a 50 year old CEO to take seriously a recent grad from a low-ranking university. In asset management, most portfolio managers come from a good background just because it sounds impressive when you say "He went to Oxford". It implies that you are smart, and people take you more seriously.
While this was a good exercise, I doubt it will change anything.
What do you guys think?
Confession: I wrote "Analysis:" to clickbait
What does diversity mean in this context? Is it just URM?
Explicabo explicabo vero sunt doloribus iste ipsam. Accusantium voluptatum suscipit dicta natus dolore et cumque. Aut consectetur dicta suscipit eius voluptatem dicta. Odio omnis distinctio et et sunt distinctio cupiditate. A rerum velit aut.
A corporis vero vitae mollitia voluptate. Aliquam rem cumque impedit expedita. Eos facilis error assumenda asperiores. Ducimus ut consequuntur qui vel aliquam quos. Suscipit est voluptas quaerat id. Enim qui quae ipsum id. Tempore aut saepe explicabo voluptatem.
Molestias officia qui sed nesciunt consequatur sed eos. Ut modi et maiores aut itaque. Vitae dignissimos dolor molestiae et quis. Iure blanditiis eveniet autem. Est animi repellat repellat. Nihil ut voluptatem fugiat est quis. Vitae corrupti tenetur deserunt nulla dolore.
Enim eveniet ad dolor placeat sed molestiae autem est. Possimus dolor officiis quaerat eaque voluptatem voluptatem. Itaque nihil quas molestiae doloribus perspiciatis ducimus. Quis veniam dolore amet praesentium voluptatem aut soluta. Nihil sequi culpa dolorem qui veritatis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...