Prestige in the US Today

Robin Hanson:

Lauren A. Rivera’s Pedigree: How Elite Students Get Elite Jobs is a depressing book because it tells how the world works:

Pedigree takes readers behind the closed doors of top-tier investment banks, consulting firms, and law firms to reveal the truth about who really gets hired for the nation’s highest-paying entry-level jobs, who doesn’t, and why.

A big % of graduates of elite colleges take such jobs, and the other jobs they take don’t make nearly as much money. The other big employers, such as hedge funds, private equity firms, and tech firms, choose similarly. And elite colleges use similar criteria to pick their students. So this is a window into how we pick a big % of the top elites in the US today.

While I often assume that prestige is a big driver of human behavior, my poll respondents hardly admitted to putting much weight on prestige when picking experts. And many complain that I put too much emphasis on the concept. However, these elite employers strongly confirm my view, as they focus overwhelmingly on prestige when picking junior employees.

They only recruit at the most elite colleges, and they want recruits to be attractive, energetic, articulate, socially smooth, and have had elite personal connections, jobs, and extracurriculars. They don’t that much care about your grades, what you’ve learned, or what you did in your jobs or extracurriculars, as long as they were prestigious.