10 Best Schools If You Want To Work At Top Hedge Fund http://www.finalternatives.com/node/29327 #1 Colgate Batting Average: 17.65% #2 MIT Batting Average: 15.12% #3 Johns Hopkins Batting Average: 14.89% #4 Brigham Young Batting Average: 14.71% #5 University of Pennsylvania Batting Average: 12.23% #6 Dartmouth Batting Average: 11.02% #7 Georgetown University Batting Average: 10.62% #8 Emory University Batting Average: 10.20% #9 Harvard University Batting Average: 10.19% #10 Princeton Batting Average: 9.09%
I went to #1 and find the rankings somewhat surprising. I'm wondering what their methodology was. What exactly is the "batting average?" How to explain hedge funders that go to two or more schools on the list? It seems to be an obviously better choice for most kids to go to Wharton undergrad, MIT, Dartmouth, etc.
I laugh at these rankings every time I see them. Personally, I would rather hire somebody from a public university who is hungry and has a chip on their shoulder.
Nor do I. But I do work with a lot of folks that come from these fancy universities and their performance is statistically indistinguishable from their public university counterparts.
The world isn't fair: http://www.payscale.com/college-salary-report-2014/full-list-of-schools Notice that none of the state schools are in the top 20. Not even the elite state flagship schools like Berkely, UVA or Michigan are in the running. This same breakdown is probably similar to the hedge fund world of hiring practices although I wouldn't know. I don't work there. If it is remotely close, networking, pedigree and family connections are more important than formal business education.
I'm aware this paradigm exists. But the cause and effect has very little to do with the capabilities of graduates. It is, as you suggest, more of a "who you know" sort of thing. And as far as hedge funds go, it is easier to get people to invest with your fund if you can say "70% of our traders went to Ivy League schools". People are stupid, and they think that stat means something. I certainly don't care one way or another, this paradigm doesn't effect me. But, if I ever find myself in a position where I'm hiring traders, I won't be paying an Ivy League premium for the results that could be had at a lower cost.
In defense of the 'Gate, I wrote many more papers and read far more books than my state school friends. There was a lot of debating with future lawyers and beer chugging. Go 'Gate!