Goldman Sachs HR Chief: What I say when college student asked 'how I made it';

Success is Personal

I spend a lot of time on college campuses as part of my job. I’m there to recruit, which means I’m there to listen. I hear from students – each of whom has huge ambitions, has already accomplished a lot and has plans to do much more. I meet mathematicians and economists and writers, and their dreams excite me and make me optimistic about tomorrow’s leaders, innovators and entrepreneurs. I leave these schools believing that the future – regardless of whatever uncertainties may exist in our current day-to-day realities – is actually quite bright, full of opportunity and promise.

Despite my best efforts to focus the conversation on them, many students ask to hear about my journey and how I “made it”. I’m always happy to share my own story, but I’m also quick to point out that I don’t believe my version of success will necessarily correspond to someone else’s. Work evolves, technology advances, circumstances change and, of course, people are different. The demands of the modern workforce and economy are certainly not the same as when I started out; they’re not even the same as five years ago. All of this can raise the question – how exactly do I manage my career and get to where I want to be? Over the years, the mentors whom I gained the most from have been those who encouraged me to pursue my passion and build my own path, rather than follow the one they blazed themselves.

With that said, I do believe that there are lessons which can help you on whatever path you choose. And so, as the year comes to a close and I begin to look ahead to 2017 with hope and purpose, I thought I’d share a few pieces of advice:

Success is personal. Don’t waste energy benchmarking yourself against other people. Rather than try to replicate another person’s achievements, determine what is important to you, and take it from there. Part of maturing as a professional is not just defining your goals, but also knowing when you’ve done well. When I think back on my career, I don’t look at promotions for validation – I remember specific projects, people and teams that brought out the best in me.Feedback is not. If you surround yourself only with people who compliment your strengths rather than call out your weaknesses, you are bound to limit yourself. More often than not, it’s your toughest critics who push you towards success. So, when you find someone who tells you the truth about yourself – keep them close.Surround yourself with difference. It’s natural to gravitate towards people who have similar styles, interests and experiences. While this approach can feel safe, over time, it will stifle growth, limit learning and impede innovation. Your best ideas are likely to be borne from conversations and interactions that occur outside of your comfort zone.Pick your spots. You’re not going to be great at everything every single day. Be clear about your priorities – to yourself and those close to you – and know that some days you’ll be the hero at work and some days you’ll be the hero at home. And that’s OK.People remember people. I’ve been fortunate to work alongside highly motivated and highly talented people throughout my career. Many of these folks have been among the best in their respective fields. As I look back now, what I remember most about certain individuals is not the revenue they produced or the titles they held – it’s the interactions that we had and whether our relationship was based on trust, respect and collaboration.

While these lessons have served me well, what I try to emphasize to others is - it’s not about how I made it to “the top” - it’s about what you will do when you get there. At Goldman Sachs, our firm is itself in a period of transition, with new leaders emerging and longstanding ones saying goodbye. Our workforce is nearly 70% millennial - even our latest partner class is composed of 11% millennials, and of course, that number will only increase as the years go by. More and more, our firm is passing into the hands of a new generation, with different expectations for work and different dreams for what our firm can be. And that’s the way it should be. As senior leaders, it’s our job to prepare the next generation. We must teach them the lessons that will help them take on the challenges Goldman Sachs will face ten or fifteen years from now, and empower them to lead us further into the future.

College student earns 4.0 GPA, then promptly drops out

Billy Willson, a student at Kansas State University, made an eloquent case against the modern college education system after earning a 4.0 GPA.

In a viral Facebook post featuring a photo of himself flipping the bird at the Kansas State University sign, Willson laid out his case for why he was dropping out despite earning perfect grades in all of his classes this past semester.
“YOU ARE BEING SCAMMED. You may not see it today or tomorrow, but you will see it some day,” Willson wrote. “You are being put thousands into debt to learn things you will never even use. Wasting 4 years of your life to be stuck at a paycheck that grows slower than the rate of inflation. Paying $200 for a $6 textbook.”
“Average income has increased 5x over the last 40 years while cost of college has increased 18x. You’re spending thousands of dollars to learn information you won’t ever even use just to get a piece of paper,” Willson continued, blasting universities for requiring students take courses that aren’t even tangentially related to their major.
“Colleges are REQUIRING people to spend money taking gen. ed. courses to learn about the quadratic formula (and other shit they will never use) when they could be giving classes on MARRIAGE and HOW TO DO YOUR TAXES,” Willson wrote.
While his math isn’t 100 percent correct, Willson is right in that the cost of college tuition has risen at a much quicker rate than household income. In one study , the Government Accountability Office (GAO) found that over a 15-year period, the average cost of living and household income increased at approximately the same rate while the cost of college increased roughly three times as much as income and cost of living. The same study also found that student financial aid has also failed to keep up with skyrocketing tuition
GAO found that:
(1) between 1980 and 1995, average tuition at 4-year public colleges for in-state, full-time students increased 234 percent, while median household income increased 82 percent and the Consumer Price Index increased 74 percent;
(2) the increase in colleges’ expenditures and a greater dependency on tuition as a revenue source were the two factors most responsible for the tuition increase;
(3) tuition revenues increased from 16 percent to 23 percent during this period, mainly because the revenue share provided by states decreased 14 percent;
(4) student grant aid has not kept pace with tuition levels, so students and their families are relying more heavily on loans and personal finances;
(5) increases in instruction, administrative, and research costs accounted for more than two-thirds of the 121 percent increase in total college expenditures;
In 2014, Graphiq further quantified the tuition crisis with a chart that showed Americans’ flatlining incomes were making college more inaccessible, and that tuition costs continued to outpace financial aid programs:
Willson’s point about student debt being a “scam” is spot-on, when considering that 43 percent of 22 million Americans with federal student loans were in default, meaning they hadn’t made a payment in over a year. To make matters worse, President George W. Bush signed a bill into law in 2005 that made it so student loan debt couldn’t be discharged through bankruptcy like other debt, essentially turning an entire generation of college students into indentured servants to their debtors for several decades.
In 2013, Senator Elizabeth Warren (D-Massachusetts) submitted a bill aimed at lessening student loan debt payments, by proposing the idea of making federal student loan interest rates the same as the interest rates given to big banks (0.75 percent) . However, as Donald Trump prepares to assume the presidency, that bill seems even more unlikely to pass.
Read Willson’s full rant below:
Zach Cartwright is an activist and author from Richmond, Virginia. He enjoys writing about politics, government, and the media. Send him an email at zachcartwright88@gmail.com.
Tuition vs. Median Income Over Time
In-State Tuition (Inflation Adj)
Out-of-State Tuition (Inflation Adj)
Median Income
Median Income
Sources: NCES and BLS. Show details 
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Still curious about our data? Contact us directly. (NCES) is the primary federal entity for collecting and analyzing data related to education in the U.S. NCES fulfills a Congressional mandate to collect, collate, and report complete statistics on the condition of American education; conduct and publish reports; and review and report on education activities internationally."
Data Sets:
i. IPEDS (nces.ed.gov). Refreshed annually. The Integrated Postsecondary Education Data System provides data on colleges, universities, and technical and vocational institutions across the United States.
The Bureau of Labor Statistics (bls.gov)
The Bureau of Labor Statistics is the principal fact-finding agency for the Federal Government in the broad field of labor economics and statistics.
Data Sets:
i. Consumer Price Index (bls.gov). "The Consumer Price Indexes (CPI) program produces monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services."
ii. BLS (bls.gov).

Willson’s point about student debt being a “scam” is spot-on, when considering that 43 percent of 22 million Americans with federal student loans were in default, meaning they hadn’t made a payment in over a year. To make matters worse, President George W. Bush signed a bill into law in 2005 that made it so student loan debt couldn’t be discharged through bankruptcy like other debt, essentially turning an entire generation of college students into indentured servants to their debtors for several decades.

In 2013, Senator Elizabeth Warren (D-Massachusetts) submitted a bill aimed at lessening student loan debt payments, by proposing the idea of making federal student loan interest rates the same as the interest rates given to big banks (0.75 percent) . However, as Donald Trump prepares to assume the presidency, that bill seems even more unlikely to pass.

STUDY ABROAD: A WAY OUT.

  According to internationalstudent, Studying abroad may be one of the most beneficial experiences for a college student. By studying abroad, students have the opportunity to study in a foreign nation and take in the allure and culture of a new land.

 

Who are Study Abroad Programs for?

As an undergrad, you want to venture out, build confidence, participate and learn by doing, seeing, and traveling. Maybe you want to study marine biology and rescue birds from oil spills but you live in a non-coastal state. Or maybe you are trying to understand history and archaeology from an urban jungle. Understanding new environments, languages, and cultures breeds an appreciation for what you have, or where you come from. It also opens your eyes to what is going on in the global landscape. Rather than studying words on a page, the element of participation, learning to say hello in a foreign language, or visiting heritage landmarks and museums might just stretch the parameters of your thinking. So for those of you who aspire to potentially open new avenues – academically and personally, read on to get started searching for study abroad college programs.

How to Find Study Abroad Programs: WHAT - WHERE - WHEN

Study Abroad Programs are available around the world! If you are interested yet slightly intimidated about how to find Study Abroad Programs? No worries. Here are a few tips to get you started.

WHAT Do You Want to Study?

Study Abroad Programs are available in different subjects. If you know what you want to study, go right to the ‘select a specialty’ menu. Are you a musician? Consider studying music in Vienna. Maybe you think it would be to fascinating to study technology in Japan, art history in Italy (as you sip a perfect espresso), Fashion Design in Paris or business in London, England. Or maybe you are interested in a Spanish Immersion program. Learning a second language is considered a fantastic way to strengthen the brain. Programs are available for elective credits and to support your major or minor.

WHERE Countries to Study Abroad?

If you know what country you want to go to, initiate your search for college study abroad programs with the ‘select a country’ menu. Spain, Italy, UK, Ireland…popular countries to study abroad around the world. Each of the countries may even have cities to choose from. Countries to study abroad are vast and each have its own nuances so choosing one that fits your personality and lifestyle will help your study abroad program be extremely successful for your personal growth.

WHEN Do You Want to Go Abroad?

If you know when you can actually get away (you’re thinking MayMester Intercession or Summer), use the ‘select a term’ menu to find year round or undergrad-term specific study abroad programs. This also gives you some food for thought. Using your spring break to learn about the rainforest in Brazil or learn French in France might be a pretty great way to spend your time.

Why Consider Study Abroad Programs?

There are so many personal reasons that undergraduates study abroad. Apart from learning about (fill in the blank) you are opening up new possibilities for personal growth and discovery. Whatever you decide to ‘do’ in your work life, confidence and self-reliance are assets. And let’s not forget communication skills! Navigating new surroundings (literally) is an experience that is likely to help you when it comes down to landing a dream job and learning the ropes of a new position. Studying abroad puts you into a new category, the ‘international’ potentially cultured, bilingual, self-assured student. So get excited about your education…look for Study Abroad Programs from just about anywhere on the globe!