Asking a family member who works in finance for an opportunity when you work in finance does not equal nepotism. Clearly, you would not be a fish out of water or be looked upon unfavorably because you are qualified in your own right without the contact. Nepotism would be.asking your father-in-law to hire you as hedge fund analyst when you have been working as a pre school teacher.
Maybe I should include this in my resume: (Job title), XXX Company (2008-present) -Not hired by father-in-law or cousin’s spouse’s brother-in-law
If you don’t get it, then you dont “get it.” Finance, at it’s core, is a meritocracy. If you’re getting the hook up through your family, then you’re essentially saying; “Ok, I acknowledge that I wouldn’t have gotten this opportunity on my own merits, it’s ok, I rode the coat tails of someone else busting their ass to get to my position.”
I know plenty of people who got high-profile jobs through the nepotism route. Sorry to burst your bubble AM but thats just the way it is. More power to you if you wanna have a go at it on your own, but its much easier if daddy dear was a former partner at GS.
wake2000 Wrote: ------------------------------------------------------- > I know plenty of people who got high-profile jobs > through the nepotism route. Sorry to burst your > bubble AM but thats just the way it is. More power > to you if you wanna have a go at it on your own, > but its much easier if daddy dear was a former > partner at GS. I’m not under any illusion. It’s just lazy.
I think most people would agree that cousin-spouse-in-law is not the same as your dad being a partner at GS.
ASSet_MANagement Wrote: ------------------------------------------------------- > Finance, at it’s core, is a meritocracy. While this makes me feel good about myself and my apparant accomplishments, it is somewhat laughable. The Peter Principal is alive and well in finance, which is reflective of the fact that there are many rewards but few punishments in the the comp/promotion system. Really, finance at its core is charging people for giving you money. Brilliant
brain_wash_your_face Wrote: ------------------------------------------------------- > ASSet_MANagement Wrote: > -------------------------------------------------- > ----- > > Finance, at it’s core, is a meritocracy. > > While this makes me feel good about myself and my > apparant accomplishments, it is somewhat > laughable. The Peter Principal is alive and well > in finance, which is reflective of the fact that > there are many rewards but few punishments in the > the comp/promotion system. Really, finance at its > core is charging people for giving you money. > Brilliant From an outside-in perspective. From an insiders perspecitive - or compensation perspective - the harder you work the more you make – again, I’m not under any illusions, I know it’s not REALLY like that.
Don’t do it, pimp. You’ll be “that guy” every Thanksgiving.
The connection is to open the door for gaining experience. You then have to perform in the job. You have to meet other people in your work capacity and impress them. The family member opens a door for you. There is nothing wrong in that. What is wrong is if the family member lies on your behalf or covers up the fact that you’re not really doing a good job (any more than any other person would). The family member is not setting you up on the board of directors for their fund or any other job for which you are clearly not qualified. That would be nepotism. But helping you get a bit of experience and providing an opportunity to show that you can do the work is not a problem. You still have to perform and stand on your own too feet. They just give you a place where you can try to stand. It’s also true that once you have demonstrated that you can do the work, you really ought to try to distance yourself from the connection and move out on your own. But it’s a perfectly legitimate place to start. Some people are born into money, some people are born with brains, some people are born into families that install a healthy work ethic, some people are born into families with spouses of cousins of sister-in-laws that work at some kind of fund. People work with what they have to work with, and - especially in finance - that’s the idea… work with what you have to get more (and try not to cheat, or at least don’t get caught). It’s called “capitalism”. Some people like it… and most of them are on Wall Street. It’s not like you are inheriting the family business or anything.
ASSet_MANagement Wrote: ------------------------------------------------------- > > Finance, at it’s core, is a meritocracy. thats precisely why getting an opportunity through a distance relative is not that big of deal. if you get hired through favoritism, sooner or later your incompetence will be exposed, and the incompetence of the hiring manager as well.
I only care about nepotism in government. If it’s a private business, then who am I to say someone less qualified shouldn’t have received the position? Someone else used political capital that they had accumulated and will be somewhat held accountable for. If the guy turns out to be an idiot, then the firm will be hurt for deciding to accept nepotism or hire managers who are comfortable with the practice. If they’re not held accountable and this type of behavior is rampant, then chances are everyone will lose what they currently have. Bad decisions are rewarded properly in business. It’s government where bad decisions hurt us all.
pimp Wrote: ------------------------------------------------------- > my cousin is married to someone who’s > brother-in-law runs a boutique Private Equity > shop. How is this guy your relative ? In any case, to get a proper introduction you would need 1 - your cousin 2 - her husband 3 - and maybe her husband’s dad (as a link ) to go with you and drop by the guy’s house.
ASSet_MANagement Wrote: ------------------------------------------------------- > If you don’t get it, then you dont “get it.” > > Finance, at it’s core, is a meritocracy. If you’re > getting the hook up through your family, then > you’re essentially saying; “Ok, I acknowledge that > I wouldn’t have gotten this opportunity on my own > merits, it’s ok, I rode the coat tails of someone > else busting their ass to get to my position.” If finance at its core is a meritocracy, then those who have the position soley because of nepotism will eventually fail and hurt the one who brought them in. Otherwise, it’s not a meritocracy.
Ass Man, so connections are ok to use but family connections aren’t ? I mean I don’t really see the difference between using a college buddy to get a job or using a cousin. Of course you’re maybe stealing the job from somebody, but this is the way the world works. Oh and disclaimer : I am building my career from scratch in a country in which I am a foreigner, but I would use every ressource I could, fair or not. Screw it, the world won’t be fair with you so don’t be more catholic than the pope.
you’d be surprised how many people get jobs through family/friends/etc. it really doesn’t matter. if a guy owns a company and places his kids in it - that should be a good sign that he’s going to keep the firm, right? yeah, he’s going to have to deal with the politics, but its not anything that shouldn’t be expected. who knows if you’re even a good fit? i’m doubting it just because you’re asking.
Danny Boy Wrote: ------------------------------------------------------- > I only care about nepotism in government. > > If it’s a private business, then who am I to say > someone less qualified shouldn’t have received the > position? Someone else used political capital > that they had accumulated and will be somewhat > held accountable for. If the guy turns out to be > an idiot, then the firm will be hurt for deciding > to accept nepotism or hire managers who are > comfortable with the practice. If they’re not > held accountable and this type of behavior is > rampant, then chances are everyone will lose what > they currently have. > > Bad decisions are rewarded properly in business. > It’s government where bad decisions hurt us all. Excellent point. I hadn’t thought about it that way.
I’ve never benefitted from nepotism. If I’m lucky enough to have kids who want a job from me, chances are they’ll be under more of a microscope than everyone else. I know they reflect on me and if I’m bringing that risk in to the workplace, then they better be able to perform.
I think you should employ every option at your disposal and not worry about any moral doubts over nepotism. Nothing is wrong with nepotism if it benefits you. Now I don’t think cousin’s spouse’s sibling is really “family” but, there is no harm in trying I suppose if done tactfully.
Hmm, I have a feeling that cousin-spouse-sibling-in-law is going to become another of those AF things…