My assumption is most Ivy leaguers (specifically undergrads) generally have no monetary constraints after graduating so this very much reads to me as a bohemian “by choice” decision to be more interesting than an actual tragic story.
People have such an odd belief that the Ivy League is all trust-fund babies, even though for years and years, these schools have shown that they recruit disadvantaged people and make it affordable for them to attend.
What about what I said made you think I said everyone there had a trust fund? I have a problem with homeless to Harvard as much as I have a problem with billionaires kids at Yale. Do you not understand this? How can I be more clear?
I grew up in NYC and was lucky enough (or smart enough, I suppose) to get into one of the top public high schools in the city. Because of that (and doing well enough in that school), I was able to squeak into Cornell via its wait list.
But I don’t come from connections: my mother was a receptionist and my father was a sanitation worker. For a while after college, I managed to find work doing backend development for various local businesses, but nothing fancy. But even that has dried up due to various reasons (including a major health issue I developed after graduating).
For some reason, it seems people in authority positions are irked by me due to my humble beginnings & my insistence on continual learning, even after graduating from school. If I had a penny (or I guess now, nickel?) for every time an interviewer asked me, “How did you learn that when you majored in Industrial Engineering,” I’d be a very rich man.
Or at least able to afford all the books I want to read. :(
This generalization is very, very wrong. I can tell you, from my personal college network, many students had monetary constraints coming in, and many certainly had monetary constraints coming out. Some of that was choice of career path; some was not.
I don’t understand how someone coming out of Brown or Yale would have constraints coming out. Their degree is basically free, basically any degree can get them an analyst gig on Wall Street if they so choose, and at worst they can go down the law school path.
You don’t become one of the wealthy just by going to school with them. You’re still an outsider, lesser, just one of the little people, not their sort.
This is definitely incorrect. If you graduate with a low-value degree from an Ivy League, you're still going to be just as unemployable as somebody that graduated from Party U with a low value degree. The only real difference is that at top schools there are less people that are completely directionless in life (since you're less likely to get admitted in such a case) so if somebody is graduating with e.g. a philosophy degree, then they're probably doing it explicitly with the intent of going to e.g. law school or on an academic path, whereas many people at lower ranked universities end up there largely through inertia and may pursue degrees of minimal value with no real thoughts beyond taking the easiest path to achieving a college degree, which is the direction they were pushed onto without ever really thinking about it.
And even for valuable degrees, the advantage yielded is far less than you might think. It's not like the movies where you have dozens of companies begging you to come work with 6 figure starting salaries and fat bonuses up front. You open a few more doors, and people have a better than average initial impression of you, but at the end of the day - it's not a world-shifting advantage. The overall edge in outcomes is not because of the university, but because of the sort of people that the university admits. The sort of guy who graduates class president, valedictorian, wrestled at state, and with a near perfect score on his SAT is going to do disproportionately well in life completely regardless of whether he ends up at MIT, Party U, or just skips university altogether.
There are still a lot of jobs that (for maybe debatable reasons) require a college degree. Major is far less important. So if you have that degree, you at least have a larger job pool to work in. Of course, having a degree can overqualify you for some jobs, so it's not a purely better situation in all cases.
And (so I'm told) at least half the value of an Ivy degree is the people you meet while you are there. I guess that assumes you do some network-building, which maybe not everyone does.
There are plenty of directionless people in Ivy League who aren't emotionally invested in the paths their parents sent them, they just go into Finance or Consulting. And in those places, pedigree does matter alot, the actual skills are not as important as the cultural compatability.
BCG consultants and traders at Five Rings are very much not financially constrained after undergrad (about $100-200k difference between them but either way)
Statistically, you're correct. That said, the thing about statistics is that outliers exist.
Also, imo the "Ivy" advantage is moreso a "family background" advantage - traditionally high social prestige and high entry barrier vocations were gatekept by Ivy and Ivy-adjacent membership.
The rise of competitive salary and low barrier of entry vocations like Software and Accounting helped dampen the value of that "Ivy" premium.
Rich kids do get cut off from their parents but that's usually when they get off the rails, e.g start doing drugs or drinking heavily, drop out of school. When attending university most of them get some form of support from their rich families.
I want to improve my communication skills so I’d love pointers on this.
Where exactly did I imply that it was the cost of the degree that is the constraint? Everyone knows poor kids and even middle class kids don’t pay anything to go to elite schools. I simply don’t think that means they face financial constraints exiting undergrad (or during undergrad). Why would they when HRT is paying $500k for new grads?
There’s this weird belief that I should feel sorry for people that didn’t come from means but got into Yale or Brown or Stanford. Sorry, they’re just as alien and inrelatable to me as Jeff Bezos’ kids. These people are in an entirely different plane of existence and ability so I have a lot of trouble thinking they wouldn’t have unlimited opportunities exiting university that I can’t even dream of.
