I was having a conversation with someone, and he was basically telling me how he doesn't have to worry about anything because he plays lacrosse and that will automatically get him "a good job on Wall Street". So I started to question him, and the bottom-line is he goes to Fairfield University, is a sophomore, GPA 2.7, no internship experience, no plans to get an internship, no ec's, but because he goes to Fairfield which he thinks is a target, and the fact that he plays lax that he will be set with an offer at ain .
This is not the main part of my post, but I wanted to start with this story to pose the theory that "It's not what you know it's who you know" is dead, and I wanted to see what you guys think about this. My theory is that you have to actually have talent and merit nowadays in order to break into IB. Yes, definitely in the past it was true that if you knew someone who worked on Wall Street, you got a job. However, after looking at the facts and how the industry has made monumental changes after the financial crisis, I think going forward people are going to have to actually work for it if they want to break into IB.
Why? There are more people applying than ever before for less jobs due to the industry consolidating over the past few years. Back in the day there were a lot more smaller firms around, and they would be the ones to hire sports guys just because. I think what I am referring to and networking are two different things. In networking, one goes out of their way to try and meet people at different events to try and obtain their contact info and see if they can pass there resume along.
However, I am referring to the people who get interviews and offers because they have an uncle, grew up in wealthy families with a lot of connections, played a sport in college, etc. Most of the time those kinds of people are lazy, dumb as a rock, and have this cocky attitude like they're the shit. Therefore, I think the industry has changed and it will require getting a high GPA, having 2-3 internship experiences, a lot of ec's, and meeting people on your own in order to obtain ajob at a BB. And you will start to see that the people I'm referring to in this post will be out of luck. Oh btw, I got a SA at a BB offer this summer all on my own because of my talent and merit. Your thoughts?