I shared this advice with the leaders of a Wall Street investment bank who complained that all their young analysts have been jumping ship within 18 months. I asked who they hire. “Only the best from Harvard, Yale, Princeton and Stanford.”
I asked why. “Because we only want the best working here.”
“Where did you all graduate from?”
“Harvard, Yale, Princeton and Stanford.”
“Can a B student from a good finance program in the Midwest do well here?”
“If he or she works hard enough.”
“Well, there’s a much better chance that someone like that is going to stay for five years than the Ivy League hotshot who looks at your job as a stepping stone.”
They protested that someone from the Midwest would have trouble thriving in the culture.
“Whose issue is that?” I asked. “You can have the hotshots for 18 months or some hardworking B Students from the Midwest for five or more years.”
Sadly, they couldn’t seem to get their heads around that. So we parted company.