For people here who are at HYPS type schools ('top talent'), which fields are most of your graduates going into nowadays? Everyday I hear that less and less of these kids are going into BB IBD and heading into tech startups, which is the new wall street of the 1980s.
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anecdotal evidence vs stats son why ask
also, just do you
I go to UChicago and I think most top talent here still go into finance. We aren't particularly strong at tech.
How are HYP grads choosing Silicon Valley over Wall Street? (Originally Posted: 12/28/2013)
This is simply a question of logistics. I hear a lot these days about how graduates of top schools are choosing silicon valley's tech startups over wall street's investment banks. How is this possible due to the difference in skill set? If a graduate who was going to choose wall street, he or she most likely has no technical/coding skills which describes most people on wall street. How is it all of a sudden all these graduates from HYP (most likely don't have enough programming skills) who were choosing Wall Street pre 2007 are now choosing Silicon Valley which is the technology center of US?
Most of it is just hype to tell you the truth. There are less jobs on wallstreet so people who don't get in go do other random sh**. I will say you do see a lot smart kids who might have finance majors or premeds start studying computer science. I know a programmer straight out of college making 150k working for Microsft (in seattle!!!!!, talk about COL). He also works 9-5. Lets not even mention the gazillion kids making bank for start ups.
A little bit of thinking you can get the answer for yourself :)
1.) HYP graduates are generally fairly versatile, like most other smart college graduates. 2.) Some of them could have saved $150K in tuition by going in-state and studying engineering. They entered school in a different market and I would argue many made a mistake in the amount of tuition they paid.
3.) They now have $150K more in student debt to pay off; Silicon Valley is one of the few places besides Wall Street that allows them to service that debt, and Silicon Valley has seen jobs growth over the past five years while it has been the other way on Wall Street.
There's no magic in this; there is nothing special in this. People at HYP are choosing tech because like most other smart college graduates, there are fewer alternatives than there were 5-10 years ago.
I think what he is trying to ask (and what I am trying to ask), is where do these top kids acquire insane CS skills to get into Google, Facebook, etc.? From what I have heard talking to people who interned at google, they don't have a very rudimentary knowledge of CS and then attend a 1-2 week heavy training program. They basically live and breathe Comp Sci.
They're not going into tech roles if they're not comp sci majors. They're going into biz dev, ops, analytics, strat, etc.
Simple as @"moneymogul" said. A lot of sell-side advisors want to move into healthcare groups because of the turmoil in the sector; do they have to become doctors?
The explanation is twofold:
Pre-crisis, many top kids who were largely unsure about their career interests/aspirations as they headed into Harvard and the like followed the trend and did concentrations in Government or Economics, which naturally lead to IBD. Some, not all, of these undecided kids are now headed into CS programs. You hear about how computer science grads and programmers are in such shortage nearly every day, undecided freshmen at HYP hear the same and make a logical choice.
SV and startups in general are reliant on more than just CS majors and programmers. As mentioned above, grads with a business bent are getting jobs in marketing, biz dev, strategy, ops, analytics and pretty much every other function besides programmer at these tech companies and startups.
Are you suggesting that Google, FB, Oracle, MS and other major tech companies only have CS roles? So are you saying that the banking only has FO client facing IB roles?
Or are you suggesting that people graduating from HYP can not have any CS skills? Didn't Zuck go to Harvard or was that movie just a total fantasy?
For fucks sake use your brain.
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