In my job search, I've recently come across a new channel of getting noticed by investment banks. A startup called "Suited" is meant to match candidates with investment banks who are looking to hire for different positions.
Suited was founded by a team of investment bankers, data scientists, and software engineers who were frustrated with the inefficiency, bias, and high cost of the modern recruiting process.They use machine learning and AI methods to analyze your personal information and your answers to a behavioral test to match you with employers.
Do you guys know of any one who has been hired through their services? Is there more to being hired at an IB beyond your brand name school? Will you sign up?
A couple of the firms I applied to and am in process with used this as a concurrent required step to the resume drop - haven't heard of people who were contacted directly as a result of the software. I'm on pretty good terms with one of the recruiters who Suited highlights on their testimonials, she had good things to say about it (as you can see on their website).
"When an industry’s senior-level managers are 83% male and 85% white, it’s safe to assume there’s a diversity problem."
https://www.wellsuited.com/blog/how-suited-removes-bias-negates-adverse…</a">https://www.wellsuited.com/blog/how-suited-removes-bias-negates-adverse…
"When training models, it is best practice to create balanced classes of sub-segments. For example, women are often underrepresented in the data we collect. Prior to building a model, we would generate a set of synthetic candidates that are similar to the existing set of female candidates until the proportion of men to women in the dataset becomes 1:1. We always strive to hit the 1:1 ratio with any gender, race, age group regardless of the percentage of the population they represent."
"For example, let’s say we don’t have enough data from African American women in the data set — not even enough to synthetically generate appropriate estimations (see above). To correct this, instead of artificially creating samples, we will tell the machine to assign more value to the female African American data in the algorithm."
Lots more on that link above. No surprise HR recruiters love it. As a typical candidate I would be careful what you're typing into that app.
I don’t think you’re reading this quite right - it just explains that in order to prevent a feedback loop where the current socioeconomic makeup of hired candidates at banks feeds into their model such that candidates matching that makeup are assumed to be the best candidates, the model instead takes steps to even this out such that race, gender, etc. are not the driving determinants or who the app recommends. It doesn’t favor minority candidates - it just doesn’t favor white males, either.
You realize at those seniors age groups the country is probably 80 percent white right? Theres no diversity provlem.
is this only for the US or are UK banks using them as well?
I actually was contacted today for an interview for a firm I haven't applied to through Suited. If anyone has had a similar experience, I would love to gain some insight on how the next step of this process works!
How is the assessment like?
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Is it worth signing up for if you are non-US? (UK, London based)
Just do it when the firm asks you to. No need to sign up
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