@collegemomjam , just so you know, I am recruiting for tax and accounting positions. For the past 5-7 years, the supply of talent does not meet demand. We see that changing in the future with the use of AI and other technology.
In any case, our policy is nobody under 3.0. Anyone 3.5 or over will get interviews unless they did absolutely nothing on campus and just passed through. Of course, someone like your daughter is more attractive to us (and every accounting firm) as a candidate than econ majors. She’ll have the tools that are in demand, especially if she has an internship, but even that isn’t an absolute must. We also understand the financial accounting, intermediate accounting, tax, finance, business statistics, and other core courses are tough and getting through a rigorous program says something about these kids.
@data10. I don’t have any knowledge of Yale or the starting salaries of its graduates. The purpose of my original comment was to provide an example of where school name appeared to have mattered since every single intern came from an elite school. My kid has no family or friend connection to the company where he will be working upon graduation. He has taken many computer classes in college, but it was his math skills that got him though the numerous rounds of interviews and resulted in the internship which resulted in the job offer.
Thanks @Mwfan1921 and @ljberkow. That all makes sense. My daughter was fortunate enough to secure an internship with a great company that turned into an offer and I think without the accounting she would not have gotten it. I just feel like she works so much harder than all of her friends…her choice of course, having the double major. But I guess it paid off. And her school is a target, so that helped.
This reminds me of a funny story back 30+ years ago. DePaul did a salary survey of its CS grads in my graduation class and the top person was $350K/yr. Tyrone Corbin got that as an employee of the San Antonio Spurs.
^that’s one person, and clearly not hired for CS (was a coach right)?
This comment makes it look like several students are getting hired with a bachelor’s, for over 225k starting salary. Which is eye popping. I agree this doesn’t add up.
[Quote]
Without exception, every other intern that was working with my son at his summer internship is attending an elite school. These kids all now have jobs waiting for them upon graduation with starting salaries between $225,000 to $300,000+ depending on the company.
Yes, several students with a bachelor’s were hired with that first year compensation range. If I hadn’t have seen it with my own eyes, I probably would also think that it didn’t add up.
If you scroll down to page 26 you can find the starting ranges for the class of 2017. The upper range for the class of 2019 will be higher.
@itsgettingreal17 Yes, they are extreme outliers. Many of my son’s friends did not make it through the multiple rounds of interviews. However, my point was that for some jobs, the name on your diploma seems to matter as all of the kids working at the summer internship hailed from elite schools.
For several years, there has been competition for extreme math talent, which by definition makes them outliers. These kids are all recruited by tech and finance companies, and at this level finance usually wins the comp battle.
Note also that many of these finance companies have long sponsored national and international level math competitions at the high school level. The typical entering college freshman may not have heard of Jane Street or Two Sigma, but all the exceptional math kids certainly have.
Top students at top schools are getting offers that are higher than that information reflects. The Yale salary info seems correct but does not include the signing bonus or equity, which can be significant.
Tyrone Corbin was a player in the NBA from 1985-2001 (initially as a second round draft pick (#35 overall) by the Spurs) and a coach from 2004-present.
@ucbalumnus The difference between what DePaul reported as Corbin’s total earnings vs. contracted salary could also be due to a signing bonus, other fringe benefits and/or achievement of certain performance milestones in his first year
As I noted elsewhere, the extremely few >$200k reported salaries in the MIT survey all occurred in a single employment sector -- "financial services", which includes listed employers of Goldman Sachs, JP Morgan, Morgan Stanley, etc. The median for this sector was under $100k, but there were a few outliers with more than double that. Princeton's salary survey at https://careerservices.princeton.edu/sites/career/files/Annual%20Report%202016-17_web%20%281%29_0.pdf doesn't report any salaries above $150k for those working in CS/math, and reports the same maximum across all majors and employment sectors as Yale -- approximately $200k
It does seem that an extremely small number of MIT students working in “financial services” have self reported salaries above $200k, higher than anyone self-reported in the Yale or Princeton survey, I’d expect there are some kind of unique circumstances and explanation for the few outliers receiving double the median MIT salary for this employment sector than involves more than just getting an internship at the company or doing well in several rounds of interviews. My guess would be it often relates to a combination of lots of relevant experience, special connections, or inaccurate self reporting (for example, including special year-end performance bonus as part of “salary”).
“Besides, finding a judge who did not go to Harvard would be a tall order. It turns out that nine of the 13 judges in the Boston courthouse went to Harvard, records show, not including three judges in Springfield and Worcester or the magistrate judges.”
And if you go all way to the Supreme Court, ALL current justices graduated from either Harvard or Yale Law School. Their undergrad degrees come from Princeton (3), Stanford (2), Harvard (1), Yale (1), Cornell (1), Holy Cross (1).
I’m pretty sure that the total package (salary, bonus, other stuff) added up to 300K+. Another funny thing, Corbin was a pretty good friend of mine. He was known for being a bit too unselfish at times, and after a game where he passed up numerous good-looking shots, I mentioned before class (somewhat jokingly) to him that he should take the IBM offer and not think about the NBA. Ty worked as an intern at IBM as a systems consultant during the summers. Average starting salaries for 4-year CS majors for DePaul back in 1985 was around $23,000 a year, places like Baxter, Northern Trust, CNA, McDonalds, Ameritech, etc. I decided to take a job in Silicon Valley for $27,600 a year. Of course, a pretty nice one bedroom apartment in Sunnyvale back then was $700 a month. That same 1 bedroom apartment is probably around $2500-3000 a month now.
Was just on Capital One’s Strategy Group’s site (their internal consulting group which happens to be MBB ish). I suppose you can get there from other places but they recruit from Harvard, Yale, Brown, Georgetown, Maryland (location). Meaning they have numerous OCR events at these specific schools and not much elsewhere. Then you look at the background of their staff and those schools dominate with other elites sprinkled in.
Don’t kid yourself that it doesn’t matter. Doesn’t mean you can’t get there from elsewhere but it’s a hell of a lot harder (to even get an interview).
