Any advantage for those clients' kids? pissed off
just being told that one of my peers during the interview was accepted for full time, but he performed really bad at it, his friend told me that his father is a client of that bank.
do they really stand on different starting point if their family is a client of those BBs, say your father's company went public and Goldman is the underwriter, will it give those kids more advantage, unfair.....
cry more
Your question is will it help?
Let me put it this way, not only does it help, but most banks actually reserve slots for relationship hires.
The one thing you really have to get used to is... the entire concept of investment banking is based upon relationships. For the most part, many of these BB banks can execute the same deal, so the deciding factor of who gets the deal relies on stuff like this (e.g. The CEO's son works was a summer intern at x-BB bank)
And just an aside... with the exception of academia (and even that is a bit iffy), the real world tends to work like this. Who you know matters as much as what you know.
Welcome to the real world.
Think of it this way: By accepting the job at the bank, the kid (through his father) has provided more opportunity for the bank than you will in your entire two years.
Okay, seriously, it sucks, but that is the way the system works. Everyone, except the few who are fortunate enough to be the son/daughter of clients, plays by these same rules.
Hmm... I was told I could work in the private banking division.
Wish my family were a client of the IBD.
Yes there is an advantage and life ain't fair.
iF your family is a big client on the PB side, you can get into IBD too.
.......sigh....... what if,,,,,they just performed really bad at interviews??? will they still get that? the other interviewees are not stupid.......
^ Yes. It doesn't matter how they performed. As long as they don't kill anyone, they're guaranteed a spot. What's even worse is when they start working, they're untouchable.
You should get over it. Life isn't always fair, and there's nothing you can do about it. Groaning about it on a forum isn't helping anyone.
Agreed.
Most of the kids interviewing do not have connections such as those. You had ample opportunity to prove yourself.
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