If you were to think of a Wall Street worker, what would come to mind? Maybe a white male in a suit, perfectly styled hair, clean-shaven? Perhaps he attended an expensive Ivy League school and lives in a fancy penthouse apartment?
If you answered yes to those, it could be because Wall Street movies have created a stereotype that’s stuck in our minds. But also because it’s traditionally been a tough place to break into. And those with a leg up might have stood a better chance at landing a job or even an internship.
According to Business Insider, the system prioritizes people who “are lucky enough to be exposed to the finance industry and its all-important investment banking internship at a young age.” Meanwhile, investment firm Prescient reports that the industry is male-centric because not enough women are being exposed to it. Nor are they being encouraged to join.
“Historically, women interested in pursuing a career in financial services have shown a preference for banking or accounting rather than investment management,” reads the firm’s site. “Aspirations are the first step towards reality and more needs to be done to attract women into an industry that perhaps isn’t at the top of their minds when considering their career options in the financial services industry.”
Business Insider recently did some research to find out who exactly sits at the desks on Wall Street. And some of the answers might be surprising.
Contrary to what many imagine, BI found that only 11.7% of New York-based front-office workers at four big banking firms attended Ivy Plus schools for their undergrad studies. Those are the Ivy Leagues, as well as the University of Chicago, Stanford, Duke, and MIT.
Almost the same percentage got their undergraduate degree abroad. And almost four out of five went to other schools.
The only two Ivy League schools in the top five are the University of Pennsylvania, home of the Wharton Business School, and upstate New York's Cornell.
"Three of the five most popular undergraduate schools are in New York City, led by New York University, which charges more than $65,000 a year for tuition," reported Business Insider. "Next up is Baruch College, a public school in Manhattan known for spitting out finance talent, and Fordham University, a private Jesuit school in the Bronx."
Management at four of the largest Wall Street banks looks a bit different… BI found that of the 69 members of the management committees at JPMorgan Chase, Citigroup, Morgan Stanley, and Goldman Sachs, "17.4% of them went to an Ivy Plus for undergrad, and a striking 30.4% hailed from an international school."
As to be expected, working on Wall Street does pay well. According to Business Insider, entry-level bankers earn around $110,000 a year. And this doesn't include bonuses. "Bonuses can make up half or more of total pay but will fluctuate depending on how bad or good business was the year prior," notes the site.
BI adds that bank revenues soared last year. The Wall Street bonus pools stood at an all-time high of $47.5 billion, meaning an average bonus of $244,700 for every Wall Street worker.
