Daddy got kids into PE and IB

Let me tell you how frustrating it is when daddy's kids get them into these internships that many of us have worked our tails off to be at. Some of these kids don't know what a valuation even is. This is just brutal. Am I wrong for this?

Comments (37)

 
Jan 22, 2021 - 6:49pm

That's how it works

Money can purchase freedom, if you have the guts to buy it

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  • Analyst 1 in IB-M&A
Jan 22, 2021 - 8:12pm

I mean I guess, but you'll be better off once you accept that thats just how life is. Some people are born better connected and in better positions, some people get lucky, etc. The world isnt a true meritocracy. Just stress over what you can control because the harder you work the luckier you tend to be. In the future, you would want to help out your kids too. 

 
  • Analyst 1 in IB - Ind
Jan 22, 2021 - 9:21pm

There are many opportunities for non daddy kids to get jobs. You are just not working hard enough and looking to blame someone for being lazy. Source: Housing&Food Stamp Gang

 
  • Intern in IB-M&A
Jan 22, 2021 - 9:25pm

A classmate of mine has a dad who's a very senior executive in a top group at a top 6 IB. My friend failed to get any IB internship for SA21. He got all the superdays but never an offer. I guess even ur daddy can't get you an internship sometimes.

 
  • Intern in IB-M&A
Jan 23, 2021 - 8:59am

You're not wrong- it sucks and is unfair, but worrying about it doesn't help you at all. Just focus on yourself king, and don't compare yourself to others. 

 
Jan 23, 2021 - 12:21pm

When people talk about things like this, I always think the following:

- Did the kids deserve this life? Probably not. They just got lucky to be born into this family.

- Did the parent deserve seeing his kids successful and happy? Absolutely. The parent worked hard dreaming that one day his kids won't have to work as hard because he'll be able to support them. It could have been his motivation all along the way - to be able to provide his kids with a great life. And he deserves seeing his kids happy.

 
Jan 23, 2021 - 12:31pm

I grew up solidly middle class but through an anomaly managed to get tuition for a top private middle/high school, so I was surrounded by pretty privileged people. One went to college with me, spent the whole time screwing around, got a shitty GPA. 4 years out he owns a downtown three bedroom apartment and drives a brand new German car. Has a cushy job in commercial banking with an MD who happens to be his father's best friend. 

It sucks, but there's nothing you can do. 

 
Jan 23, 2021 - 1:15pm

The reality is that life rewards hard workers. They might get the internship now but this doesn't guarantee life success. Learn as much as you can, network, and continue to work hard. Everyone's path is different and just know everything you accomplish is self made not from any parent. Head Up!

 
  • Analyst 1 in S&T - Equities
Jan 23, 2021 - 8:37pm

Who cares? I didn't grow up with much either but got to where I wanted to go, didn't really think of those kids much along the way. I'm gonna do it for my kids if they want so c'est la vie. 

 
  • Analyst 1 in IB - Ind
Jan 24, 2021 - 7:03am

If you would have kids you'd do the same thing, right?

Or are you telling us you'd be like: "No sorry kids. Can't give you my contacts from +20 years of finance. Go cold e-mailing/applying yourself. We gotta play it fair and square!"

???

 
Jan 24, 2021 - 3:03pm

Were you born in the US? Did you go to college? Do you have food, shelter, and prospects of making 6-figures at 22 for adjusting slides? Congrats, you're luckier than 99.9% of the planet's population.

For every one person luckier than you, there are thousands more who are suffering a lot more than you do. Keep that in perspective. Besides, success feels hell of a lot better when you know you did it yourself. Cheers :)

 
  • Intern in IB-M&A
Jan 24, 2021 - 3:07pm

I absolutely understand what you feel and empathize with you because I saw something like that myself. I used to lead the organizing team of my uni's most "prestigious" finance association but many in the team just slacked while letting a few people do all the work. I almost killed myself for the association and my studies, and was lucky to even get a half-decent internship that year and then this guy, who let me do all the work because he is useless, tells me that his dad cleared a PE internship for him (w/o prior finance experience and with really bad grades).

The bottom line is I am not angry anymore or complain because 1) it's not in my control so why care (not going to let this guy ruin my mood) and 2) I was still born privileged in a first-world country with loving parents. Some hungry kid in sub-Saharan Africa is probably smarter and works harder than you or me but he has no chance to get to where we are because we were born privileged on a global scale, so don't complain about the

 
Feb 16, 2021 - 12:09pm

What i find funny about this dynamic is that the response to nepotism is always a grudging acceptance yet the response to diversity programs seems to be pure outrage

It makes my blood boil and quite honestly is comical given that most of the people complaining about diversity programs are the ones who benefit from nepotism

 
Feb 16, 2021 - 7:48pm

John Stuart Mill

 

It makes my blood boil and quite honestly is comical given that most of the people complaining about diversity programs are the ones who benefit from nepotism

This. People would rather turn a blind eye to nepotism, easier to use diversity recruiting as a scapegoat.

 
Feb 16, 2021 - 1:15pm

I feel you, i really do but I have no problem with it as I don't see myself as a victim. I would want to place my kids in the best position to be successful too. It's not where you start off in life, its where you end up. If those kids don't know what they're doing or are unqualified for the role, sooner or later, they'll be fired and it'll be evident. 

 

The only thing that pisses me off is what the comment above mine stated - getting in through nepotism and turning around and bitching about quotas and "diversity." Pretty hypocritical and grinds my gears. Equivalent to running a competitive race with someone that just got shot in the leg by your coach, and then complaining about your opponent getting a wheelchair mid race to compete with you, and catch up/bridge the obvious gap that might've been created as a result.

 
  • Intern in IB - Gen
Feb 16, 2021 - 1:37pm

I love how there are so many threads bashing diversity recruiting, yet when there's a thread on nepotism, 90% of the replies are "that's how it works" or "who cares" or even "life isn't fair, get used to it". If diversity recruiting is wrong and against the spirit of meritocracy, then so is nepotism, except that one may argue that nepotism is even worse because it doesn't even try to help historically disadvantaged groups

 
Feb 17, 2021 - 12:45pm

I despise nepotism just as I do diversity recruiting. However, I recognize that I can do absolutely nothing about it either. I know it sucks, believe me, it is excruciatingly painful to watch, but if you allow yourself to get sucked into that you will have less energy to put into outshining the dumbs. Chamath spoke about how it is rarely the case that the children of successful people have what it takes to have achieved the same success on their own. I do not subscribe to the idea that successful people have a right to ensure their idiot children's success in a field that they have no aptitude for and if I ever have children they will not receive an ounce of help from me other than me teaching them what I know. I hope you can find a way to ignore this bs and focus on your own skills and success because unfortunately the vast majority of the american population is just a bunch of morons hoping for a handout (government or daddy makes no difference to me). 

 

edit: Those of you that believe these people will eventually fail if they do not "rise to the occasion" so to speak are comically wrong. This world is full of worthless idiots sitting in positions of power making fortunes on the shoulders of the capable and smart. 

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