FT: 'Elite Clubs' in Colleges

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Do you have a gift link? Or alternatively, can you post an extract?

Thanks

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Here it is!

A brief TL;DR (with my added 2c) as well:

  • Banks and financial institutions are starting to recruit college sophomores
  • The way for students to differentiate themselves this early into college is either by having a “hook” (NCAA Athlete, Military Vet/ROTC) or by joining selective clubs, which leads to juniors and seniors in those clubs vouching for their hiring to their companies
  • Such clubs are extremely competitive, stressful and opaque, with 18-year olds going through rigorous processes and getting selected by 21-year olds
  • Importantly: they are present in every school, from the Ivys to Public Flagships, and are the ticket to “elite” careers in investment banking (Goldman Sachs), consulting (McKinsey) and the like, which pay a lot more than a finance job in a Fortune 500 or consulting in Deloitte. This leads to an extreme stress and toxicity culture among students competing for the “best” (ie. highest-paying) jobs.
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The financialization of the economy means that there is more money in elite finance, hence more aspirants and greater competition.

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Non-paywalled link: https://archive.ph/6wv9A