"Why do so many smart young do-gooders, like Pete Buttigieg, ... go to McKinsey out of college?"

[redqueen]

This is an important story in its own right, but there's a meta-level that's easy to miss. Why do so many smart young do-gooders, like Pete Buttigieg, decide to go to McKinsey out of college? What's the appeal?

How McKinsey infiltrated the world of global public health

This is the appeal: McKinsey fights hard for a foothold in global public health and other governance projects, and it uses that to tell uncertain graduates that they can come to McKinsey and both save the world and learn the hard business skills college didn't teach them.

Then they get there and, as this story shows, the spots on those projects are limited and hotly fought over, they pay only 75% what other projects do, and you quickly realize that to advance, you need to be doing what McKinsey does: which isn't actually saving the world.

Way back in 2012, I did an interview with, yes, @AndrewYang about this, back when it was the problem he was trying to solve: Why grads should choose a start-up over Wall Street

"Our best and brightest are being absorbed by what I call ‘the meta economy,’" Yang said. "They’re heading into professional services and transactions and optimizing, but not into direct value creation."

The talent McKinsey, etc, employ is the case for hiring them. But they use superior resources and access to divert that talent away from jobs in nonprofits and public sector, and then charge nonprofits and the public sector to rent it from them.

So read this story on how McKinsey got into global public health, and think about how these same facts are used by their recruiting department, how powerful they are to kids who need a job, want to do good, and need to pay down student loans.


https://threadreaderapp.com/thread/1205544934033354752.html

Great article and also highlights one of the reasons I support Yang.

[RandySF]

1. Student loans.

[Lady_Chat]

2. +100

[Sherman A1]

3. K&R

Thanks for posting!

[PatrickforO]

4. This is very interesting. McKinsey, then, is a symptom of the neoliberal

disease of privatization, deregulation and gutting government programs. They hire the best talent that maybe would otherwise go to government, and instead rent that talent to the government for projects.

Generally, these firms pay less than government, don't have as good a benefits package, and lack any reasonable job security. We see these 'meta-economy' firms popping up in corrections, workforce development, human services, law enforcement and other places government has traditionally operated. And, generally, they don't do as good a job. They don't.

[Renew Deal]

6. Starting salaries range from $83,500-$149,000

How many government jobs have comparable entry level salaries?

https://www.caseinterview.com/consulting-salary

[Renew Deal]

5. I don't know specifically about McKinsey, but companies like that recruit hard for talent

The EY’s, PWC’s, Deloitte’s, and Goldmans of the world are heavily recruiting on campus. These are very good, prestigious opportunities. They pay well, work on interesting projects, and there can be significant travel. All of this is attractive to 22 year olds. It also looks great on a resume to spend time at one of those companies with a variety of projects under your belt. And most 22 year olds are not thinking about saving the world. It takes time to figure out what you want to do in life. In Buttigieg’s case, I believe he went to the Navy after Harvard, Oxford, and McKinsey. Buttigieg is a recruiters dream candidate.

I have not worked at any of these companies, but I can see the attraction. You work on interesting projects with other really smart people while traveling the country or the world. And the companies come looking for you, not the other way around.

[zonkers]

7. I sense I am organically migrating to Yang. He just makes sense so much of the time.

[redqueen]

12. His ability to see and articulate these issues - and propose solutions that make sense

Is one reason why a lot of people like him

[DownriverDem]

8. All the freebies

and not understanding who the voters nation wide are.

[oldsoftie]

9. Yes, its terrible that a grad would accept a well paying job offer out of college.

I dont begrudge anyone from earning a good living working for whoever they want as long as they like their job &the work being done.

[BeckyDem]

10. Good article, thank you.

A young family relative recently married a man who is now a partner in a private equity firm in NY. They just bought a 3 million dollar home, they're in their mid 30's. It is not possible for them to be unaware that private equity firms are vulture capitalism at its worst.

People make decisions based on their best interest and consequences be damned. Its the reason we need regulations, anti-trust laws and a host of other measures because we can't count on the scruples of people to do the right thing.

[aikoaiko]

11. Like most jobs - for the dollars and experience.

[Buckeyeblue]

13. It's great experience. You make great contacts.

And it's a good way to learn corporate America.