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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Young Money summary
Kevin Roose
Inside the Hidden World of Wall Street’s Post-Crash Recruits
15 mins
Brief summary
Young Money by Kevin Roose is a journalistic account of Wall Street's young, ambitious and disconnected bankers, exposing their obsession with money, their struggle with mental health and their journey to find meaning.
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Young Money
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Key idea 1 of 8
Wall Street hiring is aggressive and begins at college.
Scoring a job on Wall Street seems like a rare honor. But in fact, companies on Wall Street are as eager to hire a smart young person right out of college as graduates are to make it to Wall Street.
Wall Street firms begin their search early to ensure they get only the best graduates, and that means bagging them before they’ve finished their degrees.
Well before other fields even consider setting up interviews, Wall Street firms start pursuing young minds on university campuses.
As early as the fall of their senior year, most Wall Street firms inform student applicants about job openings. Take a look at the statistics: the majority of Ivy League graduates who have job offers prior to graduation are going into the financial sector. That’s 46 percent in Princeton in 2006 and 28 percent in Harvard in 2008.
The best Wall Street companies spare no expense on enticing the smartest young minds and ensuring the hiring process is as simple as possible. But although it’s an easy process, it’s also aggressive.
Top firms hold presentations on campus, often boasting Jay Z-style promotional videos. One presentation by Morgan Stanley at Penn’s Wharton Business School spouted phrases like “Boundaries will be shattered,” and “In the finance world, every day is a new day,” to a pop-rock soundtrack.
As well as the presentations, companies also provide interview workshops, treat potential candidates to expensive dinners and follow up with phone calls. The interest they show in exceptional students is comparable to “polite stalking.”
So do any students actually fall for these gaudy presentations? You’d be surprised.
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What is Young Money about?
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.
Young Money Review
Young Money (2014) by Kevin Roose is a captivating exploration of Wall Street's young bankers and their pursuit of success in the financial world. Here's why this book is worth reading:
- The book provides a raw and honest look into the lives of young bankers, giving readers a glimpse into a world that is often glamorized.
- Through interviews and personal anecdotes, Roose sheds light on the challenges and sacrifices made by these young professionals, making the book relatable and thought-provoking.
- It offers insights into the ethics and culture of Wall Street, forcing readers to question the impact and consequences of their own ambitions.
Best quote from Young Money
Make no mistake: financial firms will never have a problem filling their ranks with smart, capable 22-year-olds.
—Kevin Roose
Who should read 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
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Young Money FAQs
What is the main message of Young Money?
The main message of Young Money is an inside look at the high-stakes world of Wall Street through the eyes of young bankers.
How long does it take to read Young Money?
The reading time for Young Money depends on the reader's speed, but it generally takes several hours. The Blinkist summary can be read in just 15 minutes.
Is Young Money a good book? Is it worth reading?
Young Money is a compelling read that offers a unique perspective on the financial industry. It's definitely worth checking out.
Who is the author of Young Money?
Kevin Roose is the author of Young Money.
What to read after Young Money?
If you're wondering what to read next after Young Money, here are some recommendations we suggest:
- Dark Money by Jane Mayer
- Billion Dollar Whale by Tom Wright and Bradley Hope
- Money Men by Dan McCrum
- More Money Than God by Sebastian Mallaby
- Think This, Not That by Josh Axe
- How to Listen When Markets Speak by Lawrence G. McDonald
- Moneyland by Oliver Bullough
- Marriage Be Hard by Kevin and Melissa Fredericks
- Utilitarianism by John Stuart Mill
- The Ascent of Money by Niall Ferguson
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