Getting Top Jobs. Why top jobs go to rich kids.
Gary talks about schools, universities & jobs. He also explains why he did so well on the Trading Floor
"if the best people were in the best jobs then they'd come from all throughout society but right now they all come from the same schools and the same families so we're wasting like 90% of the population"
SOCIAL MEDIA:
WEBSITE - www.wealtheconomics.org
TWITTER - @garyseconomics
FACEBOOK - @garyseconomics
INSTAGRAM - @garyseconomics
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Performed by Gary Stevenson
GARY'S ECONOMICS
Produced by Simran Mohan
MOHAN MEDIA
“If you destroy social mobility a direct consequence of that is unintelligent people in top jobs” … “it’s a drive towards incompetency”…. Ah this is brilliant . 🙌
Thanks boss I'm glad you liked it, I thought that that was a good line and an important point!
People really underestimate that talents come from all levels of society. However, if you only get muppets in best jobs - everyone is worse off in long term.
I’ve been claiming that since I joined finance. I’m surrounded by kids from rich families. I’m a black swan: I worked as a waiter for 4 years and studied in London whilst working 30 hrs per week at the same time and I come from southern Italy which is a poor region. I have more drive, and I tend to do better than most of them! I agree it is the reason for poor productivity in the financial sector because it breeds incompetency and nepotism. It was also funny when @garyseconomics mentioned skiing. Colleagues keep asking me if I go skiing and then look at me like I’m an alien when I say I’ve never been skiing. Also, even when you get to a top uni, rich don’t have to work, the my commute less and they recharge better when parents pay for holidays and leisure. They also do more networking cause they have more spare time! And that’s why they end up in the top jobs!!!
It’s reassuring to hear my same thoughts shared by other people. It means I’m not a crazy resentful lefty but I just observe what surrounds me and I don’t discard that just because it’s “anecdotal”!
I was a working class kid at a former secondary modern, which became a comp. Based on my projected grades I was told I could apply to Oxford. I got totally phased out and said no. It's only for rich and clever people. At the time I didn't even think I could get to University. One teacher pulled me to aside and said I could make it. He even came to my house to talk to my parents. I wouldn't have applied if it wasn't for this guy, who was my History teacher. I'm 50 now and I still remember him.
Wow, your story shows the destruction of the Class system , bits of it exist everywhere, best to you, thanks for sharing
You are totally right. Most people are not told the career path of what to do to get what you want. The rich are guided through. But a difference between UK and USA in careers is: if you tell your American boss you want to be successful like them, they like that; if you tell an English boss the same, they won't hire you as they see you as a threat.
I worked in the gym at Warwick university and realised at 21 years old that the top students in UK get jobs at top firms on good money before they even graduated. Think everyone should know that before GCSE.
If only young people from poorer backgrounds got better career advice. Even if they did though, the odds are stacked massively against them. It's really not fair.
I learnt book keeping when i ran my business. I didnt bother with qualifications. This week i saw a " junior" accounts assistant role advertised. The tasks very definately " entry level" with filing and phone answering. The employer wanted a graduate! A flipping graduate for an entry level admin job on junior momey They are now deliberately exlcuding poorer but bright candidates out of jobs because they didnt go to Uni It's ridiculous. You dont need Uni for jobs like that. Bright and willing to learn is enough
You are right, a High School education is only good for McDonalds or a dishwasher , I-was once refused for dishwashing, in a recession there were 3 people applying, one of them had experience running the kitchen dishwasher which consisted of loading the dishes, pour some liquid, close the machine and turn it on, I-hope today they have a robot , forget about paying some poor schmuck, I had a few jobs like that ,you don’t feel needed, that’s for sure, minimum wage was low , too.
The day you are born your life is largely determined. Qualifications are largely irrelevant. Your family connections open the doors. I've worked with people who clearly were totally and utterly incompetent. Yet they have the job. This has always been the case and may well continue. The political system stacks the odds against you.
That is exactly right. Its the same in Ireland. Its who you know not what you know. Connections. I never went to college or even secondary education. After years of working my back got damaged from manual labour so I decided to try college. I graduated with first class honours. Nothing changed. I am still in the same place socially and otherwise. It was a waste of time. People like me working class people, will never get out of the hole we are in.
Gary said before the bank were “ recruiting “ people who were at London School of Economics who could make money for the Bank , it was a bit of luck somehow he went to London School E-con,then he was in the right place with top grades , please young people do get more education, I think you will be glad you did , ordinary wages have not gone up enough when the middle class can’t save enough to buy a home , I don’t have a home , stuck paying rent to someone else.
Dadpill is read af boys. You’re dads income and education is more predictive of your success than your own income and education 🤯
I’m really glad I’m listening to Gary before he becomes one of the most influential voices in our society. Nice one mate - keep it going 👍
Thanks boss - I hope it does grow like that! Keep following!
Me too. I’d love to think that his message will get too so many more issue over the years to come.
@@garyseconomics yep, guaranteed you will mate
Gary have you been invited on Question Time yet ?
I had an interesting conversation with someone who taught maths at a very prestigious fee paying school a few years back. He was giving his Year 7 pupils past GCSE papers and they'd complete them in a fraction of the required time, and passing. It really opened my eyes to how skewed education is in this country.
That’s insane.
The "old school tie" is not just to make you look smarter, it's to open doors that would otherwise be closed. Great content Gary, as always.
That point about taking the smarter kids out of schools so that then the ones left behind become an island of sorts where they don’t have the the same ‘competition’ , also the modelling and possibly the support, of the ‘smarter kids’ being alongside them. I was a poor kid in a grammar school too. It was a bizarre experience for me. Still reconciling! Glad Gary you ‘succeeded’ in the economical ‘achievement’ sense but more so in the sense that you’re putting your brain and heart to good use. And speaking up and out about this. I appreciate it must be difficult in various ways to do this.
Yes it is difficult sometimes, especially exposing so much of my personal life on the internet. But I think it's the best way to try and make some change. Hopefully the channel will grow and we can have an impact.
This goes double for law. In critical theory of law there is a frank discussion on capitalism and communism and the amount of kids in uni that are from well off to rich families earnestly believe that under communism you’d have no drive to be a doctor or a lawyer. Positions which are expressly about ethics to them are purely financial.
That, and the ones who are communists don't wanna hear solutions, they just wanna talk theory
Very true. Not to mention that in state schools they've got to focus their resources on those who "most need" their help, which means bright kids are falling through the cracks, likely aren't meeting their potential, are bored shitless because they're not being offered challenging work. I thought all I needed to do was to get the grades to go to college, which weren't high, and then do well at college. Hell, I didn't even know to go to a grammar school at 11, neither did my parents. There is a severe lack of investment in education which deprives poor kids of opportunities to fulfil their potential.
Thanks Alex. Yeah it's a big problem. It was a shame to me to end up on the trading floor and in big universities, and often be left thinking that poor kids from my area were often smarter than the people in those places.
Kids from better off backgrounds who go to a private school tend to be inculcated with high confidence and expectations. They can be mediocre but think they are great and this gives them an edge plus the contacts the family have. So many people from working class or ordinary backgrounds find it hard to break into this different world which still largely exists despite all the claims of change.
This guy is kind. I had a so called friend who knew all this stuff but never shared his knowledge
Yes, and people learn late in Life about Karma , the more you give ,the more you receive, I recently gave 20.00 to a homeless guy, I didn’t have change ,I realized I didn’t have a ton of money left, the next day or so , I won with my lotto ticket exactly 20.00 what goes around....thx
It's so true about social mobility being destroyed and how that's leading to unintelligent people in top jobs / positions of power. If you compare that with top level football for example then it's blindingly obvious. Footballers come from all walks of life and have that ability based on skill to make it to the top. In elite walks of life it's a closed shop and that's why the country is currently run by Eton boys for Eton boys.
Was an immigrant kid.... Grew up privileged, went to private school. But it was so racist, was basically isolated and excluded the whole time. Didn't learn to talk the talk or walk the walk. Didn't make connections from it. By the time I got to university, It was like being reborn socially. My parents aren't from here so they didn't know how things worked either... Had no idea you had to be hustling in internships and getting work experience. My family had survived so long, grandparents being refugees, by being proffesionalized. I didn't believe I needed to be that way, I thought why even move to the west if I just have to do the same STEM stuff just to get a decent job. So I did English, wanted to be an artist of some kind. but barely made connections at college except with other ragamuffins and punks ,didnt hustle the internships. So had no job afterwards. I guess in a way, my dad was right. Only some kinds of jobs are for p@kis and it aint the humanities.
Skin colour unfortunately, still matters! Schisms in Religion's doesn't help either, it causes distrust! The British system is deeply flawed, White, Black or Asian, many are excluded, social background, education, accent and interactions denied! I eventually chose a Spiritual path, no judgements there! Hope can put your bad experiences behind you! I didn't seen the corruption here, till I got in my 60s! An eye opener to be sure and know I see the World has similar characteristics, materialism and the political systems must fall to be replaced by a more humane pathway!
I think if somebody were to research the wealth of the people in Britain, you may find that they were descended from aristocrats and landed gentry from hundreds of years ago. This is a very unique situation in Britain which probably is does not exist in North America for example. So you get a historical imbalance of power and wealth that has perpetuated until today. Goes to show how the rich can only get richer while the poor get poorer and poorer.
You are absolutely correct. The UK ruling classes have existed for hundreds of years and will continue to do so.
Even down to their surnames which are more Anglo French- Norman than Anglo Saxon in descent. Some of the richest famillies in England have surnames descended from the Norman conquerors. Beaufort, Howard, Grovnesor, Cadogan, Godlophin. England is a barely reformed feudal society. Where I live in West Berkshire 40% of the land is owned by three families.
And in the last 3 minutes Gary sums up exactly what is wrong with "Great" Britain. Another brilliant video.
Thanks Nicki!
In UK comprehensive schools I'd go even further - we weren't even told what university was, never mind what the good universities were! Throughout high school to age 16 - university was never even mentioned. Even when going to sixth form we were never told what the good universities were and what grades we'd need to get into them. I feel if I'd been pushed a bit harder, I would have got grades good enough to get into Oxbridge (I pretty much did anyway - at that time at least), but I would still probably have failed the interview - for another reason - comprehensive schools didn't teach the self-confidence that you'd get taught in a public school that would be a key skill in passing the interview.
This is the most well articulated reasons for social mobility that I've ever heard. People think it's about being nice to a few clever working class kids. But it's essential to prevent crazy group think. But also it can't just be bright impressionable kids who are being schooled to conform to a middle class stereotype to fit in. You went in as authentically yourself and didn't hide who you were because you already understood the value of you and your journey and how that gave you an edge. Unfortunately a lot of young people get that social boost at an early age either through a grammar or private school then to a Russell group University and by the time they get the graduate corporate gig they will be trying their best to fit in. They won't see the value coming from working class background brings because they've been told their whole life its what they need to leave behind. Love your videos Gary stay true to you. Going to reference you in my diversity session I'm doing today.
Brilliant Gary, as ever. Especially relevant to my family from a single parent household on a council estate. My brother's intelligence (IQ 164) wasn't recognised and he ended up in trouble as a teenager.
JUST SOOOO RIGHT! We need more people like you speaking out like this.
It's never been any different. Back in the 60s the 'Careers Advisor' came to our comprehensive with a clipboard of jobs to fill. You're cheated out of an education... I have worked with public school boys and been told they Only got their job because of it. And their best job was the first job and they'd been working their way down ever since. My first job was as a messenger boy, wrapping parcels. In later years public school boys were employed to sell my ideas.
Guys we need to like more for this to grow! 👍👍👍 Thumps up for Gary
This resonates so much. I never even considered the possibility of becoming a lawyer or engineer etc or anything like that. Partly because I wasn't connected to any of those people in social circles and partly because my school did not lead higher achievers down that path. As you have mentioned in another video, state school students like me were still lost even when we got into a good university, because we did not understand the importance of chasing summer internships in the city or similar after our first year...
Thanks boss! Yeah it is a big problem. The smartest comprehensive school kids are just not getting the right information to lead them into the top jobs, and that is before even considering the imbalance in "connections". I was lucky really to go to ICHS where I got a lot of good advice from the Indian community there.
This is exactly it. I got into the top course in the world in my field, but because I wasn't told by my parents, tutors or friends about the importance of getting a really good placement, and how to get one, I just let the university find me one. It wasn't a great one and the company went bust in my final year. As a result, although I got a 2-1, I never got a job in the industry and my career took a different (worse) path for several years. I noticed afterwards that all my course mates who got the best placements got hired by those companies when they graduated. It was really frustrating when that lightbulb went off in my head, several years too late.
Yes me too. I went to grammar school a king time ago but even then we were given very little advice as to what jobs would be available when I went to university. I finished university and had very little idea what I wanted to do. I ended up doing accountancy, which was ok but very boring and my work life could have been so much better had I really thought about what I was doing. Btw I was very, very working class.
I graduated top of my class. I come from a working class background. I was told I wasn't suitable for a position in a local company because my mum lived in a council house. I laughed at them. Seriously. I wouldn't want to be around any of those people.
Your channel is outstanding Gary, please keep it up. Love from Scotland x
Thanks boss appreciate that! Do share it around!
I've got a lot of time for Gary because he can do what I can only do from a theoretical standpoint. He's lived it, knows it and tells it how it works in the world of finance. "Making it" in this world is more about who you know than what 😔 Brilliant vid, Bro 👊🏾
Thanks boss! I saw the tweet too - appreciate that!
So much awareness and common sense in these videos. Totally get it. Cheers Gary
Thanks Tom!
Great video!!! There is nothing better than getting a top job coming from a humble background over someone with a mega rich back ground. You are far more valuable to a company with knowing both side's. I can not understand why companies are not looking out side of the normal fishing grounds for talents.
You have no idea how satisfying this was to hear
Good watch, thanks!
last minute is insane. so profound
I went to a secondary modern school and I believe going there ruined my life. There is no way I could catch up with someone who went to a grammar school, and no employer would choose a sec mod boy over a grammar school boy. The school did nothing to build up your confidence, self-esteem and character. In fact, I picked up an anti-authority attitude - anyone in authority was my enemy. Some how I got to a low ranking college of higher education. This was when 12% of young people went into higher education. Most of the students there were middle class and full of themselves. I struggled to make any friends. Finally, I found a good friend; he was from a council estate and his dad was a welder. Since my dad was a waiter we were of a similar level. When applying for graduate level jobs I struggled to get a single interview. When I did get one interview I was interviewed by a very middle class person and I did not get on with him. I spent 15 months unemployed after graduation which broke my heart as I am a workaholic and my work means everything to me. I finally got a clerical job at the Post Office. Here I got along with everyone and made many friends.The people there were like the people I knew at my secondary modern school. It is like my school set the class I should be in. There are few top and professional jobs at the Post Office but I am very grateful for them giving me a job.
Thanks for sharing, I studied Sociology 4 years and I care about people, it’s hard to stay positive when things are not working, god bless , take care
This man needs to write a book!
I agree with you and I can relate to the finance field, from which I graduated also coming from an ordinary family, it is 90% elitist. Not only that they promote further into the jobs the idiocracy, they also sometimes don't mind being paid less (since their families have so much money), so they also stagnate or lower the wage standard that affects the ordinary individual. It's sad that skills/performance seems like is not important any more, it is harder and harder to stand out, negotiate for a good deal and gain the trust of the employer.
I was in the toilets of Citi and the 2 heads of the company were talking about their $1 bet on getting Gary to be successful at the company....oh wait that was haha. You done very well.
Great motivating video; succinctly says why you should do your homework rather than battling with your parents or procrastinating creating the illusion of doing it. You have some serious drive Gary this channel is going to be huge, 👍🏻
Thanks James!
You’re right ,I just discovered Gary’s channel and I think he is bringing a lot of awareness to hundreds if not more of people, he also Now has written a book , can’ t wait to read it, younger persons will have a view of Life from a young persons perspective, that is important, Peace
That Carlsberg pint glass hitting me in the feels
BRO.. this should be compulsory watching for ALL teens and parents of children... have you thought of teaching this in schools?
Glad you liked it! I have been approached by a few teachers at schools but just struggling to fit it into my schedule right now!
@@garyseconomics I hope you have time to go to schools esp in deprived areas so you can explain to kids where you came from, what you've achieved etc and explain the basics as it will have enormous reach way beyond the school kids. Anyone who encourages kids to work hard and show them it IS a route to greater financial security will have their parents on board. In a heartbeat! Importantly the movement will grow. IMO your talk will be esp good if you point out the BS behind all the get-rich-quick internet 'gurus' who both repel parents (eg Andrew Tate) and/or annoy them because they get-rich-quick off innocent people and/or show off their (probably hired) yachts, jets, mansions and Caribbean 🏝 islands ....To be fair the 'owning an island' shtick went out of fashion after a pal of Prince Andrew (+ many more leaders!) kicked the 🪣.
Been through both education systems - hated the Public school system - You're so right with your analysis of the educational system in this country - I secured positions, because of the school I attended and only that.
"Prestigious" The whole problem boiled down into one word.
Bingo. I go to what is apparently a “prestigious” uni. Place should be burnt down tbh
Absolutely nailed it. If we had a true democracy, people from all economic backgrounds would be running things in government. We often hear about fulfilling 'diversity' targets - but what about 'economic diversity'? Case in point - current labour leader Sir Keir Starmer has a net worth of approximately £7.7 million. - I bet he thinks he's not rich compared to Rishi Sunak's net worth of approx £730 million... Politics is just a posh boys club!
Realised something the other day - the way the economy seems to work right now once someone starts earning more than they can spend then they are almost locked in to an accelerated path to getting more and more - the excess money automatically goes towards buying assets - either directly (buying stocks or a house) or indirectly (they leave the money in the bank and the banks use it to buy assets or lend out - which is buying assets through another route) - which start generating passive income which will also get re-invested into *more* assets (because they're already spending as much as they can) which will generate more money and so on until they die and pass the accumulated wealth on making the situation worse. So increasing the taxes on high earners and passive income may also be needed to slow growth in inequality.
Great advice, had the same problem with information: hadn't a clue. But its not just a good University, its the league tables for the department that's key to career prospects. Rubbish dept in a good university isn't very helpful, unless you have an old school tie to fall back on.
What the "Careers Teacher" at my Grammar School was so astonishingly narrow, that he only knew to showcase traditional jobs. Living in a Northern town, jobs in "The City" were an another inconceivable planet. Of course in the end I went into IT -a whole range of good Tech jobs that simply didn't exist when I was at school.
The key point you make for me in this video is the failure of the present education system. The lack of social mobility and the continuing ignorance of those who lead society. Most people sadly don't achieve their potential - in part because they are deliberately kept ignorant by the system they live under. But it's hard to bootstrap yourself above the swamp so you can see a different way to be - so millions can see it and work together to build it. Better economics teaching and critical realism can certainly help. People need to know how best to find things out for themselves. How to work out what is true and not so true. I think it would help to have a philosophy, politics and economics PP&E course like they have at Oxford designed especially for comprehensive kids. A kind of 'way things work' for working class kids. I don't think even our open university yet offers this
Working class kids are very bright through adversity... mine did good. PhD and Masters.....but wouldn't be allowed in ,"The Club'..... thanks Gary
Social mobity. You hit the nail on the head.
Cost of living now has gone up so much , many people have done the Math they realize they cannot afford to buy a home even in 15 years and they must pay rent forever to live, the sad part now is people at 64 years realize their Pension will not be enough and they will have to continue to work just to live and eat , prices for rents apartments in Canada went up went up hugely almost immediately, people have no choice but pay a huge rent unless they are homeowners, people are being squeezed from all angles , rent , groceries, energy, insurance, without assets you’re screwed, no wonder people want to gamble with Bitcoin
I've been following Gary and find him passionate about so many issues, informative and a really good communicator. Hearing him talk about education I couldn't disagree more with what in my opinion are ill informed and naive sweeping statements such as kids don't get told what grades they need to get into top universities, what subjects to study or which universities are "top". This is of course nonsense, where is his evidence? as a result I now am doubting just how knowledgeable he is on other subjects. Of course we've know for centuries that well connected families who hoard the money and levers of power ensure their kids and their "type" get the top jobs- the old boy network. This has seen generations of dim wits leading our institutions. The best analogy has to be the privileged class of teenage boys commanding ordinary men often up to 20 years their senior into battle in the the First World War- The Reece Moggs commanding the Harry Kane's
It will be interesting to look into social mobility of people from poorer backgrounds, and if they are getting top jobs after taking degree apprenticeships with large companies and then job promotions.
Such as solicitor and accountant degree apprenticeships.
in sixth form, im sending this to everyone I know now lol
A lot of us were brought up with a ‘not for the likes of us’ attitude..
Hard to listen to you with the background music....Great content as usual though !
Yep
That’s the problem , you always get used to your bubble and surroundings so you always subconsciously want more.
At 3:12 did you say ‘exams isn’t about ‘luck’ it’s about memorization’ ?. Can you clarify what you said there because I don’t know if you mentioned ‘luck’.
Med Pracs Legal pros Consultants Tech Finance Maybe engineers and some sales jobs These are the only jobs you can do and go from working class to upper middle income. And all of these require good education and ever higher and more elite unis. And even networking!
I think the system has to change.Going to private schools they start networking straight away.This means when top jobs become available they give it to their mates.We never have lived in a meritocracy. You only have to look at the politicians.Who have went to Oxford and Cambridge and can't do basic maths.
you are 100% correct and white working class boys especially. I have seen this first hand working in schools in areas where bright children are stuck in failing schools. Grammar schools at least give them a chance. Even so not everyone is capable and the way things are set up now if you don't go to university there are not many other options.
Yeah it's a really difficult and unfair game for many right now
man imagine if you hadn't come back to our comprehensive... I'd never have learned about GAMESTONK
Thanks boss!
You can go to a top uni from a poor performing school with poor grades. There is a pathway but not many people know about it.
Gary, without being crass, do you think that the card game entry method to the bank was engineered to get you in?! Eg maybe you didn't fit the mould so they couldn't be seen to hire you at the expense of not hiring another kid from a rich family? Also they couldn't be seen to be hiring a normal common guy, albeit with incredible intelligence?
Surely these banks should understand that only hiring rich kids means they make less profit as the rich kids don’t have the life experience to bet on the market properly.
Wtf ? I was told this from nursery school and as long as I can remember 🤷♂️ I did have some smarts though so I was able to do well in school. 👍
You can see how much "rich" investors don't understand poor economy is because of how many £1 shops and cheap shops keep being opened up in my hometown. "Oh they're a poor working class city (Newport), what do they want/use/consume?" "Cheap shops. Junk food. Supermarkets" and they keep collecting all of our pennies.
+1
Gary, you are a lucky Rich young man, but don’t you think you should have set up your own firm and became a hedge fund manager that is where the big money is working for yourself not for someone else then you could have done what you are doing now, but on a Much bigger scale?
When the system gets reset society will become a meritocracy. It will be a bit dark for a while but after we rid ourselves of the problem, things will get better
Seriously, a few hours on the internet will give you the answers you are looking for. We know, because we''e just done it
Because they played fucking oboe at the Royal Albert Hall, amirite?
A tragedy for our country.
.
What’s more.. I bet in ZERO top uni’s and schools do you have to battle against loud incessant super annoying background music in order to hear the valuable stuff that you’re being taught. HINT HINT!
If people need to do the meaningless hoop jumping nonsense of passing exams to do ok in life, that's a system that needs smashing to smithereens.
Dude, you worked at Citi for a couple of years and you think you know every trading job in every institution - please stop this nonsense. There are institutions actively searching for candidates from challenged backgrounds.
Perhaps they were bright like you ?