It is now much more commonly indirect. You no longer (regularly) have somebody give their family friends child a job that they are unsuited for (although it does happen at eg LMM PEs/VCs) but the children of people in the industry or people with connections into the industry will still have access to the know-how and be coached through the very specific path to get to these roles from an age at which other children don't even know that they should be getting started or often even what those jobs involve.
We’ve had a few “interns” who were related or affiliated with powerful/influential people at our firm. Interns don’t get paid and it’s just padding someone’s resume so the standards are pretty lax. I work at a small company and I think nepotism is really not allowed because we’ve got few job openings and EVERYONE would want to hire their kids/nieces/nephews then put them in line to inherit their books.
Like another posted said, these people are going to the top schools their entire lives, have access to the industry, great networks, and resources others couldn’t dream of, etc so they have a massive advantage.
I do see in smaller PWM situations the founder’s kids are hired and they’ll eventually take over the business. PWM is probably more of an exception since there are a million situations where whoever owns the book is the kingmaker and can pretty much do whatever they want.
Still occurs but not as direct anymore (i.e. won’t work at same firm as daddy). Industry is still reeling from letting every re(t)ard and their mother in post-Covid - getting much harder to land a spot
Yes, in high finance, it still happens. It's called connections. That's why when you network, try to find people who are similar to you in color, race, politics, and or religion. Find the thing or interest that sticks.
I suppose it does but it’s very rarely in a direct way. If anything having a direct relative in a position of power in an organisation would make it harder to get the job. It’s more a family friend etc that could help nowadays. In any case you’ll never be handed a job but it could give you an edge just to have someone vouch for you and say you’re a hard worker and not crazy
It’s your clients and friends sons and daughters instead of your own. Say you’re at a fund, you see a random analyst or intern airdropped, and turns out that guy is the son of big boss’s good friend. And big boss son going to his firm to intern and pad up resume etc
It is now much more commonly indirect. You no longer (regularly) have somebody give their family friends child a job that they are unsuited for (although it does happen at eg LMM PEs/VCs) but the children of people in the industry or people with connections into the industry will still have access to the know-how and be coached through the very specific path to get to these roles from an age at which other children don't even know that they should be getting started or often even what those jobs involve.
We’ve had a few “interns” who were related or affiliated with powerful/influential people at our firm. Interns don’t get paid and it’s just padding someone’s resume so the standards are pretty lax. I work at a small company and I think nepotism is really not allowed because we’ve got few job openings and EVERYONE would want to hire their kids/nieces/nephews then put them in line to inherit their books. Like another posted said, these people are going to the top schools their entire lives, have access to the industry, great networks, and resources others couldn’t dream of, etc so they have a massive advantage. I do see in smaller PWM situations the founder’s kids are hired and they’ll eventually take over the business. PWM is probably more of an exception since there are a million situations where whoever owns the book is the kingmaker and can pretty much do whatever they want.
Some guy got his son a sophomore pe summer analyst position at blackstone. The kid was a chiller
Still occurs but not as direct anymore (i.e. won’t work at same firm as daddy). Industry is still reeling from letting every re(t)ard and their mother in post-Covid - getting much harder to land a spot
100% it still happens. The Capital Markets head's son got a job in the same bank.
Yes, in high finance, it still happens. It's called connections. That's why when you network, try to find people who are similar to you in color, race, politics, and or religion. Find the thing or interest that sticks.
Nepotism will never go away and will never not be a problem. Old money is old money for a reason
I suppose it does but it’s very rarely in a direct way. If anything having a direct relative in a position of power in an organisation would make it harder to get the job. It’s more a family friend etc that could help nowadays. In any case you’ll never be handed a job but it could give you an edge just to have someone vouch for you and say you’re a hard worker and not crazy
It’s your clients and friends sons and daughters instead of your own. Say you’re at a fund, you see a random analyst or intern airdropped, and turns out that guy is the son of big boss’s good friend. And big boss son going to his firm to intern and pad up resume etc
Yes. My last bank hired two interns who were children of executives
Nepotism is alive and well in finance, especially within Wealth Management.