What will I learn about: how Wall Street aggressively recruits college seniors, using flashy presentations and 'polite stalking' to hook top talent well before graduation?

Discover how Wall Street aggressively recruits college seniors, using flashy presentations and 'polite stalking' to hook top talent well before graduation.

What will I learn about: why many graduates become 'accidental financiers,' using lucrative two-year contracts as a quick fix for massive student debt and career uncertainty?

Understand why many graduates become 'accidental financiers,' using lucrative two-year contracts as a quick fix for massive student debt and career uncertainty.

What will I learn about: Learn the grueling reality of a 'banker nine-to-five' schedule, where first-year analysts endure 100-hour workweeks, toxic management, and constant on-call expectations?

Learn the grueling reality of a 'banker nine-to-five' schedule, where first-year analysts endure 100-hour workweeks, toxic management, and constant on-call expectations.

What will I learn about: how extreme sleep deprivation and immense stress severely endanger the physical health and personal relationships of young financial analysts?

Find out how extreme sleep deprivation and immense stress severely endanger the physical health and personal relationships of young financial analysts.

What will I learn about: Recognize the manipulative ways firms isolate their employees from the outside world, using in-house amenities like gyms and barbers to keep them tethered to the office?

Recognize the manipulative ways firms isolate their employees from the outside world, using in-house amenities like gyms and barbers to keep them tethered to the office.

Young Money

Inside the Hidden World of Wall Street’s Post-Crash Recruits

Kevin Roose

★ 3.9 / 5(34 ratings)

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Categories:

Money & Investments

If You're Curious About These Questions...

You should listen to this audiobook

💡Have you ever wondered what life is really like inside the high-stakes, high-stress world of Wall Street’s junior analysts?
💡Did you know that behind the prestige and six-figure salaries of young investment bankers lies a grueling reality that most graduates aren't prepared for?
💡Are you curious about how the 2008 financial crash fundamentally reshaped the ambitions and ethics of the newest generation of financial titans?

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Key Takeaways from Young Money

✓Discover how Wall Street aggressively recruits college seniors, using flashy presentations and 'polite stalking' to hook top talent well before graduation.
✓Understand why many graduates become 'accidental financiers,' using lucrative two-year contracts as a quick fix for massive student debt and career uncertainty.
✓Learn the grueling reality of a 'banker nine-to-five' schedule, where first-year analysts endure 100-hour workweeks, toxic management, and constant on-call expectations.
✓Find out how extreme sleep deprivation and immense stress severely endanger the physical health and personal relationships of young financial analysts.
✓Recognize the manipulative ways firms isolate their employees from the outside world, using in-house amenities like gyms and barbers to keep them tethered to the office.

Learning Tools

Reinforce what you learned from Young Money

Mind Map

Young Money

Aggressive Recruitment+

The Accidental Financier+

Brutal Working Conditions+

Severe Personal Sacrifices+

The Reality of the Work+

Psychological Corruption+

The Compensation Illusion+

The Post-Crash Decline+

Quiz — Test Your Understanding

Question 1 of 8

According to the book, what is a key characteristic of Wall Street's hiring process for college graduates?

A. They require all applicants to have a specialized degree in finance or economics.
B. They wait until students have graduated before initiating the interview process.
C. They aggressively recruit students from top universities early, regardless of their major.
D. They primarily target state universities to find the most resilient and hardworking students.

Question 2 of 8

Why do many graduates become 'accidental financiers' on Wall Street despite not having a true passion for finance?

A. They are drawn to the 'two and out' plan to quickly pay off massive student debt and gain business skills.
B. They want to participate in and secretly fund the Occupy Wall Street movement from the inside.
C. They are legally bound to accept the first job offer they receive from their university's career center.
D. They believe the job will offer a highly flexible schedule that allows them to pursue creative hobbies.

Question 3 of 8

What is described as the hardest part of the long hours for most first-year analysts?

A. Having to manually calculate complex mathematical formulas without modern software.
B. Being constantly available and expected to jump into action at any time, even at 3 a.m. or on holidays.
C. Traveling internationally every week to meet face-to-face with foreign investors.
D. Standing on the chaotic trading floor for 16 hours a day without taking a break.

Question 4 of 8

How do some Wall Street firms attempt to keep their analysts cocooned in their office buildings?

A. By legally confiscating their passports for the first two years of their employment.
B. By threatening to fire them if they are seen socializing with employees from rival firms.
C. By providing in-house amenities like gyms, coffee shops, and barbers.
D. By paying for luxury apartments located in the exact same building as the office.

Question 5 of 8

How did many young analysts view themselves during the Occupy Wall Street protests?

A. As the primary architects of the financial crisis who needed to aggressively defend their actions.
B. As part of the '99 percent' who do mundane support work, rather than the wealthy executives responsible for the crisis.
C. As future billionaires who viewed the protesters with complete disdain and amusement.
D. As political activists who used their Wall Street bonuses to secretly fund the protests.

Question 6 of 8

What personality change is commonly observed in analysts who decide to stay on Wall Street beyond their initial two years?

A. They become increasingly philanthropic and donate the majority of their bonuses to charity.
B. They become highly creative and start pushing for radical innovations within their firms.
C. They become deeply spiritual and prioritize work-life balance over financial gain.
D. They become cynical, short-tempered, and begin treating personal relationships like business transactions.

Question 7 of 8

Why is the impressive-sounding $100,000+ salary of a young analyst considered underwhelming upon closer inspection?

A. When factored against their 100-hour work weeks, their hourly wage amounts to roughly $16.
B. The majority of the salary is paid in company stock that cannot be sold for ten years.
C. Analysts must pay for their own expensive computer equipment and international travel out of pocket.
D. Taxes in New York City consume over 70 percent of their gross income.

Question 8 of 8

How did the 2007 financial crisis and subsequent public protests affect Wall Street recruitment?

A. It made Wall Street jobs more secure, leading to a massive surge in Ivy League applicants.
B. It forced Wall Street firms to strictly hire older, experienced professionals instead of college graduates.
C. It resulted in lower profits and smaller bonuses, causing potential recruits to become cautious and less interested.
D. It led to a government mandate that required all business graduates to serve one year in the financial sector.

Young Money — Full Chapter Overview

1Recommendation
2Wall Street recruiting is aggressive and starts during college.
3Many people end up on Wall Street because they’re unsure what else to do with their lives.
4Working conditions for new Wall Street analysts are truly quite shocking.
5Most people heading to Wall Street often sacrifice their personal lives and their health.
6For most young people, working in finance simply feels like any other job.
7Work on Wall Street changes you for the worse.
8There are numerous other industries offering adequate pay, with far better working conditions available.
9Since the crash and the protests that followed, potential recruits have grown cautious.

Young Money Summary & Overview

Kevin Roose spent three years following eight young Wall Streeters in an attempt to find how the 2007 crash – and its aftermath – influenced the financial industry. Young Money paints a decidedly grim picture of junior analysts who find themselves on a non-stop rollercoaster of all-nighters and extreme stress, while earning six-figure incomes.

Who Should Listen to Young Money?

Graduates considering a job on Wall Street
People already working as analysts on Wall Street
Anyone curious about life in the belly of the financial beast

About the Author: Kevin Roose

Kevin Roose is the author of The Unlikely Disciple, and has written for the New York Times and New York Magazine. He is currently senior editor and co-executive producer for the ABC–Univision joint venture, Fusion.

Young Money

If You're Curious About These Questions...

Listen to Young Money — Free Audiobook

Key Takeaways from Young Money

Learning Tools

Mind Map

Quiz — Test Your Understanding

Young Money — Full Chapter Overview

Young Money Summary & Overview

Who Should Listen to Young Money?

About the Author: Kevin Roose

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