Doesn’t Investment Banking Feel More Like a Path for the Privileged Than Something You Can Grind Your Way Into?

There are tons of career paths you can get into through studying engineering, nursing, computer science, law, you name it. And for most of them, if you work hard enough, you can reach a decent level of success regardless of your background.

But after spending a lot of time exploring career options back in school, I’ve realized that when it comes to securities firms; especially front office roles at investment banks or MBB consulting, things feel different.

For starters, these fields are probably among the most prestige obsessed out there. They put huge weight on your school’s name, and the so-called “target schools” are often expensive private universities. Sure, there are top public schools like UCB or UCLA, but there aren’t many of those options(Of course, even among top-tier schools, private universities that charge higher tuition naturally have lower student-to-professor ratios, and it’s pretty obvious they give you an edge when it comes to networking or grabbing coffee chats. No need to even spell that out) That’s already one major filter.

And statistically, the kids who get into those private targets often went to elite high schools places like Le Rosey, Choate Rosemary Hall, or Thomas Jefferson and etc.. We’re talking tens of thousands in tuition every year before college even starts. It’s no surprise these kids go on to expensive target schools loaded with impressive extracurriculars.

This is really different from fields like tech, where your personal portfolio and skills matter more, or accounting, where steady work and credentials can take you far regardless of your high school pedigree.

There’s a reason the phrase “Wall Street monkey” exists when you first start out in IB, the work is often pretty underwhelming compared to the prestige of your degree. You’re grinding away in Excel all day with no particularly unique technical skill involved. Then, if you get promoted, the job turns into bringing in high-profile clients from business and politics a sales heavy role.

So does IB really build strong technical skills? Honestly, I doubt it. They hire top tier graduates from elite schools, but compared to top professionals in other industries, I’m not sure their skill sets are all that advanced.

One thing that does seem consistent, though, is that people in these roles tend to come from money. They went to great high schools, had standout extracurriculars, and graduated from expensive private target schools. All of that takes serious cash.

That’s why I think aiming for Wall Street just to “get rich” doesn’t make much sense it’s more of a goal that’s naturally suited to people who were already well off to begin with. If you’re from a regular or low income background, even if you’re smart, it’s a much tougher climb. Fields like engineering or quant roles, where it’s more about math, technical skills, and measurable performance, might give you a better shot.

And yeah this whole rant is coming from someone who doesn’t come from money, but still dreams about working in an IB front office one day. Call it the lament of a finance romantic.