Thank you for writing this up- I enjoyed reading through these.
Building on the argument about why those entering the highest-paying jobs are often not the ones who need the money most, I think these jobs also have high information barriers. Without strong networks and prior knowledge, it is harder for those who need the money most to break into these industries. In contrast, academia and the technology industry tend to broadly seek out talent.
Yes I agree! I think I might've even put something like this in a previous draft — one of the big benefits of these top-ranked universities is professional networks and getting to learn about different jobs, but even so recruiting for consulting & finance jobs is pretty confusing and as you note it's hard to break into them.
The rich vs middle class split might have more to do with funding: if you’re middle class and very gifted, you might get a full ride scholarship from a state school, but not from Harvard. But going to an elite school is incredibly expensive, so either you have rich parents or load up on massive debt.
Not sure about all these schools, but Harvard and at least some of the others have really strong need-based financial aid for the middle class! Everything is completely free for families making under $100k and is tuition free + some other fees covered for families making under $200k, and some aid for those above this level. So money shouldn't be an issue for most students there, but for other schools this may be true.
Thank you for writing this up- I enjoyed reading through these.
Building on the argument about why those entering the highest-paying jobs are often not the ones who need the money most, I think these jobs also have high information barriers. Without strong networks and prior knowledge, it is harder for those who need the money most to break into these industries. In contrast, academia and the technology industry tend to broadly seek out talent.
Yes I agree! I think I might've even put something like this in a previous draft — one of the big benefits of these top-ranked universities is professional networks and getting to learn about different jobs, but even so recruiting for consulting & finance jobs is pretty confusing and as you note it's hard to break into them.
The rich vs middle class split might have more to do with funding: if you’re middle class and very gifted, you might get a full ride scholarship from a state school, but not from Harvard. But going to an elite school is incredibly expensive, so either you have rich parents or load up on massive debt.
No affirmative action needed.
Not sure about all these schools, but Harvard and at least some of the others have really strong need-based financial aid for the middle class! Everything is completely free for families making under $100k and is tuition free + some other fees covered for families making under $200k, and some aid for those above this level. So money shouldn't be an issue for most students there, but for other schools this may be true.