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Javier E

Why Gen Z College Students Are Seeking Tech and Finance Jobs - The New York Times - 0 views

  • Harvard, where, at a wood-paneled dining hall last year, two juniors explained how to assess a fellow undergraduate’s earning potential. It’s easy, they said, as we ate mussels, beets and sautéed chard: You can tell by who’s getting a bulge bracket internship.
  • A bulge bracket bank, like Goldman Sachs, JPMorgan Chase or Citi. The biggest, most prestigious global investment banks
  • Not to be confused with M.B.B., which stands for three of the most prestigious management consulting firms: McKinsey, Bain and Boston Consulting Group.
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  • Even when they arrive at college wanting something very different, an increasing number of students at elite universities seek the imprimatur of employment by a powerful firm and “making a bag” (slang for a sack of money) as quickly as possible.
  • Elite universities have always been major feeders into finance and consulting, and students have always wanted to make money. According to the annual American Freshman Survey, the biggest increase in students wanting to become “very well off financially” happened between the 1970s and 1980s, and it’s been creeping up since then.
  • According to a Harvard Crimson survey of Harvard Seniors, the share of 2024 graduates going into finance and consulting is 34 percent. (In 2022 and 2023 it exceeded 40 percent.
  • Another student, from Uruguay, who spent his second summer in a row practicing case studies in preparation for management consulting internship interviews, told me that everyone arrived on campus hoping to change the world. But what they learn at Harvard, he said, is that actually doing anything meaningful is too hard. People give up on their dreams, he told me, and decide they might as well make money. Someone else told me it was common at parties to hear their peers say they just want to sell out.
  • “There’s definitely a herd mentality,” Joshua Parker, a 21-year-old Harvard junior from Oahu, said. “If you’re not doing finance or tech, it can feel like you’re doing something wrong.”
  • As a freshman, he planned to major in environmental engineering. As a sophomore, he switched to economics, joining five of his six roommates. One of those roommates told me that he hoped to run a hedge fund by the time he was in his 30s. Before that, he wanted to earn a good salary, which he defined as $500,000 a year.
  • But in the last five years, faculty and administrators say, the pull of these industries has become supercharged. In an age of astronomical housing costs, high tuition and inequality, students and their parents increasingly see college as a means to a lucrative job, more than a place to explore.
  • These statistics approach the previous highs in 2007, after which the global financial crisis drove the share down to a recent low of 20 percent in 2009, from which it’s been regaining ground since
  • Fifteen years ago, fewer students went into tech. Adding in that sector, the share of graduates starting what some students non-disparagingly refer to as “sellout jobs” is more than half. (It was a record-shattering 60 percent in 2022 and nearly 54 percent in 2023.)
  • “When people say ‘selling out,’ I mean, obviously, there’s some implicit judgment there,” said Aden Barton, a 23-year-old Harvard senior who wrote an opinion column for the student newspaper headlined, “How Harvard Careerism Killed the Classroom.”
  • “But it really is just almost a descriptive term at this point for people pursuing certain career paths,” he continued. “I’m not trying to denigrate anybody’s career path nor my own.” (He interned at a hedge fund last summer.)
  • David Halek, director of employer relations at Yale’s Office of Career Strategy, thinks students may use the term “sell out” because of the perceived certainty: “It’s the easy path to follow. It is well defined,” he said.
  • “It’s hard to conceptualize other things,” said Andy Wang, a social studies concentrator at Harvard who recently graduated.
  • Some students talk about turning to a different career later on, after they’ve made enough money. “Nowadays, English concentrators often say they’re going into finance or management consulting for a couple of years before writing their novel,” said James Wood, a Harvard professor of the practice of literary criticism.
  • And a surprising number of students explain their desire for a corporate job by drawing on the ethos of effective altruism: Whether they are conscious of the movement or not, they believe they can have greater impact by maximizing earnings to donate to a cause than working for that cause.
  • Roger Woolsey, executive director of the career center at Union College, a private liberal arts college in Schenectady, N.Y, said he first noticed a change around 2015, with students who had been in high school during the Great Recession and who therefore prioritized financial security.
  • that might be why students and their parents were much more focused on professional outcomes than they used to be. “In the past few years,” she said, “I’ve seen a higher level of interest in this first-destination data” — stats on what jobs graduates are getting out of college.
  • “The students saw what their parents went through, and the parents saw what happened to themselves,” he said. “You couple that with college tuition continuing to rise,” he continued, and students started looking for monetary payoffs right after graduation.
  • “Twenty years ago, an ‘introduction to investment banking’ event was held at the undergraduate library at Harvard,” said Howard Gardner, a professor at the Harvard Graduate School of Education. “Forty students showed up, all men, and when asked to define ‘investment banking,’ none raised their hands.”
  • Now, according to Goldman Sachs, the bank had six times as many applicants this year for summer internships as it did 10 years ago, and was 20 percent more selective for this summer’s class than it was last year.
  • “Harvard is more diverse than ever before,” Mr. Contomanolis said, with nearly one in five students eligible for a low-income Pell Grant. Those students, he said, weigh whether to, for instance, “take a job back in my border town community in Texas and make a big impact in a kind of public service sense” or get a job with “a salary that would be life changing for my family.
  • according to The Harvard Crimson’s senior survey, as Mr. Barton noted in his opinion column, “The aggregate rate of ‘selling out’ is about the same — around 60 percent — for all income brackets.” The main distinction is that students from low-income families are comparatively more likely to go into technology than finance.
  • In other words, there is something additional at play, which Mr. Barton argues has to do with the nature of prestige. “If you tell me you’re working at Goldman Sachs or McKinsey, that’s amazing, their eyes are going to light up,” Mr. Barton said. “If you tell somebody, ‘Oh, I took this random nonprofit job,’ or even a journalism job, even if you’re going to a huge name, it’s going to be a little bit of a question mark.”
  • “Even if you don’t want to do it for the rest of your life, it’s seen kind of as the golden standard of a smart, hardworking person,”
  • Matine Khalighi, 22, founded a nonprofit to award scholarships to homeless youth when he was in eighth grade. When he began studying economics at Harvard, his nonprofit, EEqual, was granting 50 scholarships a year. But some of the corporations that funded EEqual were contributing to inequality that created homelessness, he said. Philanthropy wasn’t the solution for systemic change, he decided. Instead, he turned to finance, with the idea that the sector could marshal capital quickly for social impact.
  • Part of that has to do with recruitment; the most prestigious banks and consulting firms do so only at certain colleges, and they have intensified their presence on those campuses in recent years. Over the last five years or so, “the idea of thinking about your professional path has moved much earlier in the undergraduate experience,” Ms. Ciesil said. She said the banks first began talking to students earlier, and it was the entrance of Big Tech onto the scene, asking for junior summer applications by the end of sophomore year, that accelerated recruitment timelines.
  • The marker that really distinguishes Gen Z is how pessimistic its members are, and how much they feel like life is beyond their control, according to Jean Twenge, a psychologist who analyzed data from national surveys of high school students and first-year college students in her book “Generations.”
  • Money, of course, helps give people a sense of control. And because of income inequality, “there’s this idea that you either make it or you don’t, so you better make it,” Ms. Twenge said.
  • Mihir Desai, a professor at Harvard’s business and law schools, wrote a 2017 essay in The Crimson titled “The Trouble With Optionality,” arguing that students who habitually pursue the security of prestigious employment foreclose the risk-taking and longer-range thinking necessary for more unusual or idealistic achievements.
  • Mr. Desai believes that’s often because they are responding to the bigger picture, like threats to workers from artificial intelligence, and political and financial upheaval.
  • he’s observed two trends among students pursuing wealth. There’s “the option-buyer,” the student who takes a job in finance or consulting to buy more time or to keep options open. Then there’s what he calls “the lottery ticket buyer,” the students who go all-in on a risky venture, like a start-up or new technology, hoping to make a windfall.
  • In the last five years, Roosevelt Montás, a senior lecturer at Columbia University and the former director of its Center for the Core Curriculum, has noticed a new trend when he asks students in his American Political Thought classes to consider their future.
  • “Almost every discussion, someone will come in and say, ‘Well, I can go and make a lot of money and do more good with that money than I could by doing some kind of charitable or service profession,’” Mr. Montás said. “It’s there constantly — a way of justifying a career that is organized around making money.”
  • Mr. Desai said all of this logic goes, “‘Make the bag so you can do good in the world, make the bag so you can go into retirement, make the bag so you can then go do what you really want to do.’”
  • But this “really underestimates how important work is to people’s lives,” he said. “What it gets wrong is, you spend 15 years at the hedge fund, you’re going to be a different person. You don’t just go work and make a lot of money, you go work and you become a different person.”
Javier E

Opinion | How 'Twisters' Failed Us and Our Burning Planet - The New York Times - 0 views

  • Extreme weather events are on the rise. Headlines this summer have been filled with news of devastating hurricanes, droughts, flash floods and wildfires. If ever the time was right for Hollywood to take on the one disaster that affects us all, this is surely it.
  • In a poll conducted between April 25 and May 4, the Yale Program on Climate Change Communication found that 62 percent of registered voters “would prefer to vote for a candidate for public office who supports action on global warming.”
  • That number includes 47 percent of respondents who identified as a liberal or moderate Republican. Only 15 percent of registered voters believed the U.S. government “is responding well to global warming.”
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  • Nevertheless, in more than two hours of extreme-weather depiction, the makers of “Twisters” opted to exclude even the tiniest nod to the chief driver of extreme weather.
  • In an interview with CNN’s Thomas Page, the movie’s director, Lee Isaac Chung, said, “I just don’t feel like films are meant to be message-oriented.”
  • It is not — and does not aspire to be — high cinematic art.
  • It is, however, a golden opportunity to talk about what scientists know and don’t know about how climate change might be affecting the formation, strength, frequency and geographic distribution of tornadoes, or why they now tend to develop in groups.
  • There’s a lot of talk in this movie about how tornadoes are getting bigger and more frequent, how they’re popping up in places, like New York City, that don’t historically experience the meteorological conditions that would spawn a tornado
  • There’s no talk at all about the science of global climate breakdown and what it will mean for people in the path of its destruction. That’s all of us.
  • if these filmmakers had allowed their characters — who include, after all, research scientists and climatologists — to muse aloud about how climate change might be affecting their work. In between lines like, “We’ve never seen tornadoes like this before,” would it have hurt to introduce, however briefly, the idea that something much bigger than a tornado threatens the planet those scientists are studying?
  • I’m guessing the decision to exclude even a passing reference to climate change in a film about weather disasters has very little to do with cinematic art, or even with climate science, and everything to do with avoiding the cross hairs of political polarity.
  • artifacts of popular culture have always had immense power to articulate changing attitudes, engage empathy and open firmly resistant minds. Think about how swiftly Rachel Carson’s “Silent Spring” changed attitudes toward the fragile natural world and led to new regulations of synthetic pesticides
  • how Joni Mitchell’s “Big Yellow Taxi” and John Prine’s “Paradise” expanded awareness of the environmental movement.
  • the CBS drama “Madam Secretary” proved that even a single episode with a climate-based story line could significantly affect viewers’ understanding of the human costs of climate change.
  • his is why Percy Bysshe Shelley called poets “the unacknowledged legislators of the world.” When art changes opinions or opens hearts, it changes the world as profoundly as any legislation does.
  • With MAGA politicians at every level denying that climate change even exists, real climate legislation is now nearly impossible to pass. And with the Supreme Court determined to quash all executive-branch efforts to address the changing climate, too, we seem to be at the mercy of artists to save us.
  • In a missed opportunity the size of an F5 tornado’s debris field, we got no help from the makers of “Twisters.”
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