How much of it is luck?
I’m working in recent grad outcomes for my schools and we are non target I am surprised by how many people are not working in their field or any field months after graduating. I am pretty proud of myself for getting my full time secured a before I graduated and have that stress of my shoulders. I know people who are legitimately twice as smart as me still looking for jobs and hear all the time students who have no internships yet and are applying to hundreds in my school. I know the market is bad but makes me understand why people say college is a scam in some eyes. I think it’s necessary for many low income or first gen who want to break into something different. Just wanted to share this and how it’s shitty everywhere but we go on.
A lot of it is luck. At the Ivy League level the luck is whether you get into Blackstone / GS or a LMM bank. At the non-target level, it is whether you get into the industry at all.
As a non target with unlimited resources, time and connections, this person is correct. It’s literally so difficult to break into a BB non target in this economy.
" all of it is luck"
Hmm...why are all the PE and IB kids in my class Affluent ashkenazi Jews?
I know Jew who aren't in ib, but e middle class & nice human beings.
Is "luck" code?
Even the gatekeepers in the hiring process who DONT W OK RK AT THE FUND Ctrl your admissions
And have Jewish last names and kosher knocking lattke lactators
A lot of it. Just gotta luckmax tho
A lot is based on grit and perseverance as well
A lot of immense success is luck/being in the right place at the right time IMO. Think about 2 similarly qualified EE grads 10 years ago. One of them took a job at a stalwart that was still doing well at the time in Intel while another person took a job at some random, small cap company called Nvidia. Think about how massive the difference in their net worth is despite being about equally qualified on paper and even having similar base comp. You can do this across multiple industries (i.e. a MechE grad that works for Ford while another works for Tesla) or even within the same company in the same industry. I have seen plenty of people get stuck with Ms/SMs in consulting that are difficult to work with and burn people out who get counseled out or leave prematurely while someone who isn't as smart stays and succeeds because they happened to get staffed with a person they click with.
Having said all that, I also strongly believe in the following:
1. You need to do whatever you can to put yourself in a position to be "lucky". This is something that is largely in your control (Nvidia guy can't get that job without meeting some bar of qualification that is rigorous) and all you should really be worried about
2. More likely than not, over the long-run, it should even out or be more equitable. Careers are marathons, not sprints. If you are actually good at what you do, you'll eventually do really well. There's plenty of money/wealth to be made even in smaller ponds. I know CFOs/Controllers at crappy MM companies that are making quite a bit of money, and the money actually goes somewhere because it isn't NYC/LA/SF
3. Note how I started the post with "immense success". I'm talking multi-millions of dollars at an early age-level of success. I don't think you need a disproportionate amount of luck to make it to the upper middle class/lower upper class - just hard work and lots of grit/perseverance.
On the one hand, I definitely agree with you about luck, but to be fair, Nvidia was doing really cool stuff with general purpose GPU computing 10 years ago... It definitely wasn't a no-name company [or even a well-known, but boring company] though, of course, it was not-at-all obvious that it would shoot through the roof.
Some jewels liked my career.
A good mix of luck, hard work, skill and determination. I think I was lucky to fall into the role I did out of college, even though it was a small bank on the credit side because I was able to take on so many responsibilities I surpassed my peers in industry knowledge. From there I just worked very hard, took on a lot of project/leadership type roles within my various orgs and built up a strong resume and bank of knowledge I could speak to in an interview. I definitely job hopped until I got to the where I wanted but it took a lot of resume building and a ton of applications.
One thing you can do if you feel lucky is create luck for other people. Answer the DM, go to lunch…etc. I didn’t get here by myself for sure and I try to never forget that. You could be someone’s big break.
Short term results are dependent on more volatility and thus luck is a greater factor. Long term results it basically is non-existent, unless you are measuring outlier outcomes (both positive and negative).
I had plenty of friends that in college didn't take anything seriously, and ended up with goober jobs after graduating. I remember thinking I 'won' at 23/24. Let me tell you it doesn't matter, there are many many routes to the top in America. Those that are hard working and somewhat focused will succeed, those that arent wont.
Luck can sometimes open unexpected doors or present opportunities that might not have been accessible otherwise. For instance, being in the right place at the right time led people to meet mentors who have profoundly shaped their career paths and opened up avenues that were previously unimaginable. However, luck alone is insufficient for sustaining success. It's what one does with those lucky breaks that truly matters
Hard work and dedication are the bedrock of any successful career. For example, in finance, the industry demands a relentless pursuit of excellence, a deep understanding of fundamentals, markets, and an unyielding commitment to continuous learning and so on. The late nights, the endless analysis, the constant strive for improvement—these elements have been instrumental in not just finding opportunities but also in creating them
Resilience helps people to navigate through the inevitable setbacks and market downturns. The ability to stay focused, adapt to changing circumstances, and bounce back stronger from failures is crucial. It's not the challenges that define us, but how we respond to them
Strategic thinking and planning have also played significant roles. Setting clear goals, assessing risks intelligently, and making informed decisions are all critical components of achieving success in the finance world. It's about seeing the bigger picture while managing the details
Lastly, building and nurturing relationships are very important. It's rarely a solo journey. It's the people we meet, the teams we build, and the clients we serve that enrich our careers. Effective communication, empathy, and establishing trust is paramount for long-lasting relationships
Think many students need more realistic expectations. See students aim just for IB, when they’re not meant for it and there are limited spots. See this specifically among non-target students. If you don’t get any first rounds or traction at all, it might be a sign to move on from your IB pipe dreams. WM, AM, S&T, and RE, are all equally great careers.
Lots of smart people don't know the first thing about interviewing or closing. I've had people implode just trying to walk me through their resume. But mostly they treat it as an interrogation rather than a natural conversation, a chance to build rapport, etc. Very easy to get dinged as a qualified person if you just sit there robotically answering questions (even if / when your answers are correct).
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