Why are diversity events so competitive?
I've been applying to several banking diversity programs and I haven't been able to get one yet. Am I screwed for regular recruiting? Why is diversity recruiting so competitive?
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Diversity recruiting is less competitive than regular recruiting. Doesn't mean you're screwed though.
Depends.
As do most things.
I know that diversity *events* can be very competitive, and I am not trying to denigrate OP in any way.
Some of the diversity events are very competitive but the process, overall, is less competitive than the regular process.
Whether right or wrong, this is a fact. It has been discussed ad nauseam on this site.
Ummm, maybe cuz you’re a straight white dude?
Because just because people aren’t straight white males doesn’t mean that they’re grossly under-qualified?
The only applicant pool that is filled with ding dongs is for post-MBA associates
Edit: to all of the post-MBA Associates shitting on me — everyone hates you and I’d gladly rid of all y’all and spread that comp amongst the analysts who are actually doing the work
Post-MBA associate diversity recruiting is probably more egregious than for analysts.
They're not finance wizard but privileged (most) kids go to top school just happened to be POC. Most of them went to Andover, Exeter, Taft, Deerfield, Choate, Hotchkiss
They are more selective on paper. When I recruited, I had super days at every bank that I wanted from a non target but couldn’t even get into one diversity event. So yeah it is more selective on paper since networking doesn’t carry that much weight as normal recruiting.
Definitely can relate to you, I applied to some diversity programs too late and got immediately rejected based on the fact that they had already filled up. Regardless, apply to the normal timeline and if you are a great candidate I'm thinking it won't matter much.
It might be because they're not sure which diversity pool you're in. If you don't have any indication of being a minority ethnicity or a woman or queer on your resume they have no reason to accept you just in case you're just a straight white/asian male who applied
lmao if you think diversity recruiting is competitive wait until you try regular recruiting
^^Exactly; how is diversity recruiting more competitive or as competitive when the recruiting pool for regular recruiting is so much larger. At my school the regular pool was easily 4x bigger for a smaller intake; apparently half the spots in my program this year went to diversity only which is very abnormal compared to past years but a reflection of the times. Seem it's never been a better time for diversity recruiting.
They are not competitive as much as they are random. Seriously, you may be a 4.0 in a combined finance and astronuclearthermodynamics computer engineering science at whatever the most target school is for that bank and still not get in. And you can come from a random school with a random degree and get in (the student will still be extremely competent as most of them are, but for IB, which is obsessed with elitism, it is indeed odd for this to happen).
I believe it stems from the idea that diversity programs have to be as diverse as possible, so banks look for students who would otherwise never get a look. The only criticism I would give to those programs is that the interviews tend to be much lighter than for the rest, which many times hurts diverse applicants as they end up hiring ppl who quite frankly, aren’t good enough to make it long term. It also creates a stigma that they “cheated they way in”.
Agreed; but diversity only gets them in the door. Once they're in, management doesn't give a shit if you're black, green, binary, etc.; if you don't perform, you're out just like everybody else. The churn is so high that underperformers never get to stay long, because the next wave of diversity and non-diversity new hires come in every year. I know someone who was a diversity black associate at GS that didn't get the VP promote so he was let go. Banks are so packed with junior talent that if you're not top-bucket, you're out regardless if you were a diversity hire or not. Banks only care about publishing initial diversity hire numbers anyway; the rest is up to meritocracy.
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