Institute for Fiscal Studies, 2014
(Eide, Showalter, & Sims, 2002)
National Center for Education Statistics (NCES)
Affluent individuals often have - and understand the importance of - extensive networks and connections to professionals in high-status positions, giving them an inherent leg-up in the race for prestigious undergraduate internships. These recruitment processes launch in the early innings of college and firms tend to hire candidates who have already made some personal connections with their team; students who understand this will start building these connections early. Specifically, recruitment for junior-year Investment Banking roles will begin in the first two years of college, including events that give students chances to network with the firms. Successful candidates make the most of these opportunities.
Early access to these high-status professionals promotes development of the social skills, behavior, and vernacular associated with the industry. This exposure also aids in building a better understanding of the fundamentals of the industry. Demonstrating these skills and foundational knowledge of the industry is a key component of the hiring process in any sector, especially finance.
Private and well-funded high schools are able to offer courses in economics and finance to help establish technical competence, skills, and financial literacy. This early foundation not only prepares students for personal financial management, but also provides a strong basis for relevant college courses. Many universities require underclassmen to excel in prerequisite economics, business, and accounting courses in order to be accepted into their business programs. Alternatively, students at universities without undergraduate business programs who wish to pursue careers in finance tend to major in economics. Achieving the grades necessary to pursue jobs in finance can be challenging without developing foundational knowledge in high school.
Private schools have the resources to provide students with extracurricular activities like investment clubs and entrepreneurship programs that introduce young people to the business world and its potential career paths. Combined with more frequent access to college counseling services, these students are better able to navigate the college admissions process and pursue the universities and majors that best position them for future careers in finance. Furthermore, programs like finance clubs and investment simulations allows students to begin building attractive, finance-centric resumes.
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.