Why Is Wall Street So Addicted to Prestige Colleges?....or GREAT MOMENTS IN ELITIST HISTORY
Click the link above for the full article. //sigh A recent paper by Kellog management professor Lauren Rivera “uncovers” something most of us already know: elite investment banks, consultancies and law firms are education snobs. In the following article, I analyze how hiring agents in top-tier professional service firms use education to recruit, assess, and select new hires. I find that educational credentials were the most common criteria employers used to solicit and screen resumes. However, it was not the content of education that elite employers valued but rather its prestige. Employers privileged candidates who possessed a super-elite (e.g., top 5) university affiliation and attributed superior cognitive, cultural, and moral qualities to candidates who had been admitted to such an institution, regardless of their actual performance once there. However, attendance at a super-elite university was insufficient for success in resume screens. Importing the logic of elite university admissions, firms performed a secondary resume screen on the status and intensity of candidates’ extracurricular accomplishments and leisure pursuits. I discuss these findings in terms of the changing nature of credentialism and stratification in higher education to suggest that participation in formalized extracurricular activities has become a new credential of moral character that has monetary conversion value in labor markets. The snobbery is very precise: you have to go to Harvard, Princeton, Yale, Stanford and, perhaps, Wharton. And the reason for this is not the belief that these schools provide the best education—in fact, many of those evaluating job candidates were critical of the education offered by these schools. Rather, it seems that the elite firms are simply using getting into Harvard, Yale, Princeton, Standford and Wharton as a proxy for intelligence.
