Project 55: The Wall Street Alternative

Ari Altman, the chair of the AlumniCorps DC Area Commitee, recently brought to our attention a Washington Post article (http://www.washingtonpost.com/business/economy/wall-street-steps-in-when-ivy-league-fails/2012/02/16/gIQAX2weIR_story_1.html) that really resonated with me. According to this article, 35.9% of students graduating from Princeton with jobs in 2010 when into finance, as opposed to 17% at Harvard and 14% at Yale. The number didn't really surprise me--I expected it to be high. What I found to be intriguing was the author's theory behind why such a large percentage of Ivy League graduates end up on Wall Street. Of course, some go for the high salaries; some go for the social prestige; some go because they are actually interested in finance. But many end up going because, after three years of studying English literature, or philosophy, or history, they don't really have a clear direction in which they want to go, and when Bain and Goldman roll onto campus senior fall offering a secure, relatively short term position in which they can develop more marketable skills than their liberal arts background afforded them, it's very hard to explore beyond to potentially more rewarding career paths.

The author interpreted this phenomenon to mean that our Ivy League educations are not giving us enough opportunities to develop the skills that a pre-professional major offers. I would agree with Ari's alternative interpretation: namely, that Ivy League institutions are in need of more programs like Project 55. Certainly, we may not be making six figures, but we are, like the finance and consulting crowd, employed in major cities that attract lots of recent college grads. We are granted a short-term position in which we have time to figure out our strengths and weaknesses, our likes and dislikes, our interests and disinterests in the work environment. We are given numerous valuable opportunities for professional development. For instance, in the last week alone I received a private tour and attended the filming of PBS News Hour with the other DC fellows (thanks to the generosity of Kate McCleery '75), and I collaborated with one of CEP's Board members (the former executive VP at a giant private foundation who earned his doctorate in moral education from Harvard) to conduct an environmental scan of CEP's competition and give a presentation to the staff on our findings. I feel like it was a challenging and intellectually stimulating week, one in which I honed my public speaking and presenting skills, learned how to more smoothly navigate the sometimes murky waters of working with a new superior, and was exposed to a new and interesting career path. In other words, I am developing the much-needed professional skills that others go into finance to obtain, while doing something I am passionate about, and without the long hours. All in all, I think it's a pretty incredible deal!