Is Nepotism Dead?
Is Nepotism dead? I don't know if it is just my conception, but I feel like 15 years ago if your dad played golf with a GS MD you could get an internship and a job from Penn State (no offense). Now, not so much... Pressure from IB clients has pushed HR to promote more merit based hiring- for better or worse. That isn't to say that networking is dead, but rather just that who your dad is matters less. (Getting along well with alums and developing a good, social, reputation in junior roles is still alive and well). Is this just my perception or is it actually true? I know a smart sociable girl who is at a semi-target (think Vandy, Georgetown, Tufts, USC) with a 3.7+ who's parent is a well connected CIO at a 10B+ HF/PE firm and started in IB- her dad has told her it still may be a stretch to get her a junior internship at a BB? Is that really true?
Love to know your thoughts.
lol no
Less blatant maybe..... dead? Not even close
My dad plays golf with a GS MD and I got rejected there so I agree with you. Won’t say that connections are dead necessarily, but definitely not what they used to be
Trying not to sound like too much of a pretentious fuck, he is a client (hedge fund manager). Was able to get deep in some other BB processes thanks to that, but GS dinged me almost immediately.
Can Your Dad Adopt Me? Mines out Getting Milk
Pretty much. It's been replaced by the evils of diversity recruiting.
Here we go again with the salty white kids who sucked ass in interviews.
If nepotism was dead, Zachary Dell wouldn’t be an incoming Blackstone PE analyst straight out of USC
Be at the top of ur class at at semitarget and you have a slim chance At Blackstone. That guy isn’t the only one from usc this year
Or Chelsea Clinton getting hired by NBC for 600k a year with zero experience, and then sitting on the board of directors for IAC and Expedia group netting millions in payment fees over the last decade. People who really have nepotism to draw on do not go to IB to format powerpoint pages......there far more lucrative things they can do for less bitch work.
It exists, its just...different now. Now if you are purple haired lesbian dance theory major that's undocumented and gender fluid AND your dad golfs with a Goldman MD.....I'd argue you don't even need to show up to superday to get an offer.
Diversity (only the "right" kinds, not KOREAN, CHINESE, JAPANESE, INDIAN or ARAB) mixed with Nepotism is a DEADLY combo right now in recruiting.
I’m a Native American female and my dad and mom are MS and GS MDs. I have a 4.0 from Harvard STEM and started multi-million dollar asset management company. Neither of them could get me an internship though :/. You’re better off going to a non-target and trying your luck.
man, just how bad must your interview skills be for this to happen...
How did people not recognize the sarcasm here? Big time woosh
Nah. If kid were semi-competent, he could have used dad’s contacts to get hired at another shop. Then he’d be just another spreadsheet monkey like all the other first-years. If he got promoted, it would be earned.
Going to work for dad straight out of school means dad couldn’t talk his contacts into giving his boy a job. Might as well have “loser” tattooed on son’s forehead.
Can personally vouch that Shaw's son is a dumbass
alive as fuck homie
It's not just a matter of folks getting in the door through connections, and by extension keeping out those of greater ability and work ethic. The sons and daughters club also enjoys easier work, lower expectations, better treatment, and career advancement.
Eventually the chickens will come home to roost and organizations with much of this going on will fail. See Donald Trump and Jared Kushner vs. the novel coronavirus.
That last one is very much TBD
No, it's very much alive.. just hidden.
Four examples:
2018: My flatmate was hired at a BB, her dad is an MD there she didn't even really need to apply/interview she just had two very informal chilled interviews then got the offer.
2019: Another friend was hired at a different BB because her uncle is a client of the BB. She again just had a casual couple of chill interviews that were basically talking about hobbies.
2020: My friend was hired at an EB because a family member was a client.
Me: I got an interview because of example 1, my flatmates dad being an MD at the BB helped get me an interview which I converted into an offer.