I wonder if students at the top elite schools are more likely to go into comparatively low-paying jobs like academia, philanthropy, or politics, compared to more students at second tier schools going into high-earning careers. I’d be very interested to see the % in each sector breakdown for differently ranked schools.
I wonder if students at the top elite schools are more likely to go into comparatively low-paying jobs like academia, philanthropy, or politics, compared to more students at second tier schools going into high-earning careers.
Politics is not a low-paying job, academia (if you can get tenure) isn’t either.
Otherwise I think that this is likely because a lot of these students come from wealthy families.
It is compared to other careers that are available to smart people who test well. The average pay of a college professor is around 81k. Congresspeople get around 174k. Junior hedge fund portfolio managers make upwards of 600k, including their bonuses. Third year investment banking associates make 250-500k. And of course, they make more as time goes on, so these people are usually way younger than your average professor or congressperson.
Junior hedge fund portfolio managers make upwards of 600k, including their bonuses.
No, they don’t. You’re succumbing to huge survival bias. Some, successful, junior hedge fund portfolio managers make north of $600K and so make the news. A lot make much less or blow up and go out of business, but you don’t hear about them and so assume they don’t exist.
And, of course, just being smart and testing well does not automatically get you an invitation to Wall Street.
In any case, if “comparatively low-paying” means compared to Goldman Sachs managing partners, well…
There’s a significant difference in income between the average high-IQ person who tries to be an investment banker vs. a politician or professor. The figure I saw was the average for people who made it that far, not people in the news, who make far more than that (the richest investment bankers have a net worth of over a billion). The other two professions are also extremely competitive at the top (most people who try never become professors or congresspeople. I would guess that becoming a member of congress is the most competitive.
I wonder if students at the top elite schools are more likely to go into comparatively low-paying jobs like academia, philanthropy, or politics, compared to more students at second tier schools going into high-earning careers. I’d be very interested to see the % in each sector breakdown for differently ranked schools.
Politics is not a low-paying job, academia (if you can get tenure) isn’t either.
Otherwise I think that this is likely because a lot of these students come from wealthy families.
It is compared to other careers that are available to smart people who test well. The average pay of a college professor is around 81k. Congresspeople get around 174k. Junior hedge fund portfolio managers make upwards of 600k, including their bonuses. Third year investment banking associates make 250-500k. And of course, they make more as time goes on, so these people are usually way younger than your average professor or congressperson.
No, they don’t. You’re succumbing to huge survival bias. Some, successful, junior hedge fund portfolio managers make north of $600K and so make the news. A lot make much less or blow up and go out of business, but you don’t hear about them and so assume they don’t exist.
And, of course, just being smart and testing well does not automatically get you an invitation to Wall Street.
In any case, if “comparatively low-paying” means compared to Goldman Sachs managing partners, well…
There’s a significant difference in income between the average high-IQ person who tries to be an investment banker vs. a politician or professor. The figure I saw was the average for people who made it that far, not people in the news, who make far more than that (the richest investment bankers have a net worth of over a billion). The other two professions are also extremely competitive at the top (most people who try never become professors or congresspeople. I would guess that becoming a member of congress is the most competitive.