So, what do laxers do after college?

So, what do laxers do after college?

Postby Billax » Thu May 25, 2017 8:51 pm

With more and more NorCal guys playing NCAA Lacrosse, some fans may wonder what happens when they're in college and after they graduate. As you'd expect, there are a variety of outcomes, with a few guys dropping out of college and a few guys graduating with High Honors. Mostly, our NorCal college guys do just fine, managing their studies and their Lacrosse time with great efficiency. In many ways, time management is the key to getting a degree while playing a Varsity sport!

Here are three vignettes of recent college graduates from NorCal who played four years of Varsity NCAA Lacrosse and the paths they've chosen:

Scholar #1 graduated – with excellent grades – from a VERY prestigious DIII school which has a strong Lacrosse history. He was a solid contributor to his Team.
His interest was in finance and his interviews yielded an offer from one of the top Investment Banking (IB) firms in the world. He accepted that offer! He's been working at that firm for a year. Chances are he'll attend Business School in another year or two, as that's the standard path for IB guys.

Scholar #2 graduated from a fine ACC University with excellent grades, but because of an injury, he had a year of eligibility remaining (taking advantage of the infamous 5 years to play 4 rule). In the Summer after receiving his Bachelor's degree he interned at a prestigious Private Equity firm. He used his fifth year to attend the MBA program at his University. This past Academic year saw him playing his final year of Lacrosse while managing the first year of his graduate program in Business Administration (MBA). He is now between the first and second years of his MBA program and will spend his Summer as an intern with one of the world's finest Management Consulting firms.

Scholar #3 graduated from a fine Ivy League School with Academic Honors and Distinction in his major. He, like Scholar #1, sought employment with an Investment Banking firm. He, too, found a two-year analyst position with one of the top Investment Banking firms in the world. In this young man's path, he has already accepted a position as an Associate at a Private Equity firm in San Francisco once he has fulfilled his two-year analyst position at the Investment Banking firm. After two years as an Associate in Private Equity, he'll likely seek an MBA at a rigorous program, then – with luck – will continue on in the world of Private Equity.

Lacrosse players have extraordinary career opportunities in the area of investments! In particular, companies are eager to hire laxers for the worlds of finance, venture capital, private equity, Investment banking, proprietary securities trading, and position trading. I contend that guys who play Lacrosse at the collegiate level are considered among the most desirable of all graduates in the investment world. By way of evidence, I offer up that, at the Senior Day ceremonies for Scholar #3, all eight graduating lacrosse players had accepted positions in Corporate Finance or Investment Banking. We should all be so lucky!

I write this to help parents think through the places their Son might fit, and some career possibilites that may leverage the competitiveness, teamwork, and perseverance they honed while playing Lacrosse. Good luck!
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I should note that a high GPA is sometimes/often a requirement to qualify for a job offer in the world of investments. All three of these laxers passed that hurdle.
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Re: So, what do laxers do after college?

Postby Billax » Thu Jul 27, 2017 8:35 am

https://youtu.be/K8ZDdfz6WUM

Here's the report of an excited outsider who was astonished to learn that lacrosse has an "insider" community that takes care of its own. If you're a college laxer with quite good grades, this short vid is for you!
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Re: So, what do laxers do after college?

Postby Billax » Fri Aug 04, 2017 1:21 pm

Frankly, this thread is for parents – and, I guess, particularly for Dads of laxers. You're the career guide for your Son until he's maybe 20-22, when his experiences and his interests can be mapped by your Son onto his own career and career path.

A few days ago, I texted with another NorCal 2012 grad (the year my Son graduated from HS) I've known the young man for some years. He went on to play DIII ball at a fine school and was a very strong contributor to his team. He achieved national honors for his Lacrosse. We've texted on and off for several years, so this was just an update. By way of background, he did a Summer Internship (after his Junior year) with a Private Equity* firm. After graduation, he joined a Regional Investment Banking firm as a first year analyst in the Investment Banking side of the firm. All the Investment Banking firms are organized roughly the same way, whether they're Bulge Bracket firms (in the US I count 9 of these, but others make the count 12.) or other categories, such as Major Bracket firms who – to some extent – limit the range of services they offer to clients. Finally, there are Regional and Boutique (read Specialty) firms, who know their region (or their Specialty) far better than any of their competitors, but do not offer a full range of IB services.

So, the young man we're talking about was recently offered a re-hire at the Private Equity firm he started with. It was an exploding offer, i.e., accept by X date or we'll hire someone else. That's standard practice in the industry. He accepted and therefore becomes (to my knowledge) the first full-time Private Equity guy from the Class of 2012. This is notable as the knowledge requirements and skill level is higher in Private Equity than most any other segment of the Investment world! Congrats to him!

I would be remiss if I didn't mention two MCLA "club" laxers who were All-American in their domain. Logan Quinn – of Acalanes – received an Engineering degree at Arizona State and was named – in his Senior year – the top MCLA player in the country. Let me just say that Engineers are in VERY high demand and make fine salaries! Secondly, Peter Doyle of Saint Ignatius, became an MCLA All-American from Stanford, now works in the Venture Capital industry, becoming, to the best of my knowledge, the first full-time Venture Capital guy in the Class of 2012!
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* There are many components to the world of investments. Generally, laxers interested in Securities choose among Security Sales, Position Trading, Sales Trading, Portfolio Management, Investment Banking, Private Equity, and Venture Capital. Each of these components of the Securities Industry require different skills and different innate talents. I'm a retired guy now, but was a former participant in three of these components and have tight relationships with guys in the other components of the Securities business.
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Re: So, what do laxers do after college?

Postby Billax » Sat Aug 12, 2017 3:50 pm

I'd like to put in print some comments of the guy whose video I linked to in the second post on this thread:

"All these folks go from Lacrosse to Wall Street and there's these pipelines that've developed and it's self-fulfilling. The college coaches promote it to the recruits... and the recruits know about it. The players pick programs, (i.e. colleges), that have these strong pipelines straight to Wall Street."

The interviewer then asks, Q: "Is it just Wall Street guys picking their buddies?" The interviewee responds: A: "That may have been true 20-30 years ago, but now, what everybody tells me, you better come with the bona fides, you better have the grades, you better have the education, and then... once you're there... you better produce."
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I do not know the salaries of ANY of the guys who were in the NorCal HS Class of 2012 (and, by derivation, the college Class of 2016), but anybody can look at websites like Wall Street Oasis (https://www.wallstreetoasis.com) and find average 1st year – just outta college – salaries for guys (and some gals) in Investment Banking, Private Equity, Venture Capital, and several other segments of the Investment world. Let's just say that in one's first year after graduation, Wall Street Oasis data shows that – if you're good (good grades, good major, good contributor to the team) – it is not unusual to achieve, first year, "all-in" compensation of $120,000 – $150,000. But, if you're looking for one of these Investment Banking kinda jobs, you'll need a GPA of 3.4-3.6 or more ( on a 4.0 scale) to get into the game.

I know that when Dom Starsia was the UVA coach he had a list of alums of – maybe – 200 Wall Street guys he'd show to HS prospects, with the comment that these guys can find a spot for you on Wall Street at a terrific salary. Similarly, I also know that Princeton has a LONG history of finding places on Wall Street for their LAX grads.

So, what's the point? If your Son is an NCAA Lacrosse candidate, it's important that parents find out how much the coaches and the alumni work to find great jobs for graduating laxers.

This is "the long game" I've written about. Parents are the best players of this game and they need to help their Sons understand why they're playing this role in their Son's recruitment.

Billax
Last edited by Billax on Thu Sep 28, 2017 11:21 am, edited 1 time in total.
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Re: So, what do laxers do after college?

Postby Billax » Fri Sep 01, 2017 7:54 am

Bloomberg BusinessWeek published an article (a few years ago) about WHY lacrosse-playing college grads have great appeal to Wall Street firms. Here it is:

"Attention, undergrads! Do you want to groom your resume and land a job on Wall Street? Pick up your lacrosse stick.

Bloomberg Businessweek reports that lacrosse is a breeding ground for bankers, funneling them from high school to college to junior positions at big banks. But why?

Here are the Top 5 Reasons Lax Bros Make It On Wall Street:

#1. Success in lacrosse (lax) is not determined by your physical size or your supernatural athletic talents, but by pure tenacity and willpower. Long nights at practice, determination, and smarts will get you ahead on the lacrosse field–and at your trading desk.

#2: Lax is an elite sport–one which distinguishes a candidate when it appears on his or her resume.

#3: Former lax players help new lax players get hired through the “lax mafia,” as Businessweek terms it. For example, nine out of 11 of the senior lacrosse players in Duke’s 2006 graduating class ended up in finance. Some college lacrosse teams actually have their own alumni career network that helps to place graduates at financial institutions.

#4: Star lax players get recruited to big-name colleges, which helps them land post-grad jobs at big-name banks.

#5: Lacrosse team cameraderie transitions easily into banker camaraderie and a lacrosse background gives exclusive–if sweaty–executive networking solutions. Cornell lax alum Matt Gleason remarked, “Not long ago, I found out that Peter Cordrey (Princeton ’82), who I’ve been playing tournaments with for years, is the managing director at Prudential in fixed income, which is what I do for my firm.” Businessweek reports, “Many ex-players in New York gather for a regular game organized by a Morgan Stanley executive director, Slater Carberry, who played for Hamilton College. Afterwards they convene for drinks at Pete’s Tavern near Manhattan’s Union Square. Pete’s bartenders have rewarded Carberry’s patronage by naming a drink after him.”
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Re: So, what do laxers do after college?

Postby Billax » Wed Sep 13, 2017 5:07 pm

I'm gonna keep publishing these "Lacrosse players on Wall Street" articles until a reader finally says, "OK, Billax, I believe you! There, now will you stop writing on this topic?" So, here's an article from seven years ago, when Brokerage and Investment Banking firms were beginning to organize the Wall Street Lacrosse League. It's a great story from the Wall Street Journal:

On Lacrosse Fields, A Battered Bank Is Still a Player

Bear Stearns May Vanish, But Will Team Live On? Scoring Jobs for Traders

By KELLY EVANS

Among the remaining questions hanging over Bear Stearns Cos. is this: What happens to its lacrosse team?
On ultracompetitive Wall Street, lacrosse-loving traders are keenly watching the fate of the battered firm's squad. Bear Stearns vanquished rival Lehman Brothers Holdings Inc. in triple overtime and then upset Credit Suisse First Boston last summer to win bragging rights in the Street's inaugural Gotham Lacrosse tournament.
"I had a couple buddies [at Bear Stearns] who gave me a hard time," says Chad Burdette, Trinity College '06, who is now at Lehman's private investment-management division and is the Lehman team's informal manager. "I guess I got the last laugh now," he jokes.

Kyle Sweeney

Turnberry Capital versus Credit Suisse, 2007

Lacrosse, a contact sport in which players fling a rubber ball from a net attached to the end of a stick, long has been part of Wall Street's culture. It's popular in the New York area and at many prep schools and Ivy League colleges. According to one old joke, the only way to get a job on Wall Street is to have high test scores or play lacrosse.
"Specifically with lacrosse, people hiring on Wall Street have a lot of respect for athletes," says Bear Stearns's Pete LeSueur, Johns Hopkins '05 and an Academic All- American. "There's definitely a strong correlation between being able to handle pressure as a trader and being able to handle pressure as an athlete."
Bear Stearns players are trying to keep the team together even though the firm, a casualty of the subprime debacle, is being sold to J.P. Morgan Chase & Co. Garssen Wong, 31 years old, who played for Division II champs C.W. Post and is now a vice president in credit sales at Bear Stearns, says, "We're going to try to keep the legacy alive and defend our title."
But, Mr. LeSueur says, ruefully, "We don't know what name we'll be playing for."
Bear Stearns has never been particularly well-liked by rivals on Wall Street. Its insular, street-fighting culture alienated some peers. Many still remember Bear's refusal in 1998 to help join the bailout of hedge fund Long Term Capital Management.
Within the Wall Street lacrosse fraternity, such slights don't seem to register. "All these guys I've known from playing lacrosse since I was little are reaching out to show their support," Mr. Wong says. "Everyone's asking what they can do to help out with résumés, to help spread the word or speak to certain people, to do whatever they can."
Indeed, for the past couple of years, junior and senior lacrosse players from Georgetown University have been invited to spend a day on Wall Street meeting with alumni who now work at a handful of banks and hedge funds. "It's one of the best things we do for our student athletes," says longtime Georgetown coach Dave Urick.
James Kenny, 40, co-head of global credit trading at Bear Stearns, Georgetown '91, says alumni connections helped him get a foot in the door. "The transition from college lacrosse to Wall Street is one that makes a lot of sense," he says.

100% Employed

Bill Tierney, coach of the Princeton men's lacrosse team, says that in his 21-year tenure, he has seen 140 or so of his players go on to Wall Street careers. For the past few years, all of his juniors who wanted internships in finance were "100% employed." Lacrosse is good prep for the corporate grind, he says: "One of the things I'm always saying is: If you think you're working hard now or sacrificing now or I'm being tough on you now -- this is a game -- when you get to the real world and your boss says Friday at 5 p.m. that you've got to get a report back in his hands Monday morning -- too bad!"
"It's like a big fraternity, the sport is such a tightknit community," says David Rabuano, Hopkins '00, an associate director in Bear Stearns's mortgage-sales group. "My boss was a very athletic guy in high school, but he missed the lacrosse scene by a few years, and I think he feels a little jealous...."
"At our college tailgates," he adds, "a lot of people's parents worked on Wall Street, some were big Wall Street executives," he says. "It's better than a country club."

For many years, lacrosse -- a game invented and mastered by Native American tribes -- was played primarily in central New York, Long Island and Maryland. And college football players in the U.S. still outnumber lacrosse players by better than 7 to 1. But the sport has grown rapidly. The NCAA counts 238 men's collegiate teams in 2007-08, up from 187 a decade earlier.
Forming a League
A ragged Wall Street lacrosse league had existed for years, but the formal Gotham Lacrosse league was formed last year with encouragement from John Gagliardi, 33, Johns Hopkins '97, an All-American who now runs Maverik Lacrosse, a maker of gear and apparel.

Co-founders Billy Pymm and Kyle Sweeney, who work with Mr. Gagliardi, knew that many players missed the sport. "It was crazy that there were so many guys in Manhattan that had played high-level lacrosse and wanted to continue playing but couldn't do it," says Mr. Pymm, 34, who played and coached lacrosse at Providence College. The pair arranged to use Columbia University's summer turf fields for their Tuesday-night games. They hired referees, trainers and stat keepers, and arranged for uniforms.

"It didn't take long for it to really catch on," says Mr. Sweeney, a Georgetown standout who now plays lacrosse professionally. "Wall Street's a very competitive place. The second week in, people realized that we had the scores and stats online." (They're at http://www.gothamlacrosse.com.)

Among the teams last year were Turnberry Capital Management, Goldman Sachs Group Inc. and Amaranth, the now-defunct hedge fund that was forced to close in 2006 after losing roughly $6 billion on energy trades in a single week. Most teams recruited players from a variety of firms, including Morgan Stanley and Merrill Lynch & Co., which didn't form their own. The Bear Stearns squad included a handful from Bank of America Corp., which didn't have enough players for its own team. J.P. Morgan Chase didn't have a team, either.

Lehman's team, like others, had players ranging from interns and former professional lacrosse players to 40-year-old dads. Many nonplayers rallied behind the team, says Mr. Burdette, the informal captain. "Whether it's business or recreation, everyone wants to beat another firm," he says.
But after the games end, the lacrosse bond overwhelms corporate loyalties. Says Mr. LeSueur: "If you're out of a job or looking, it's not unheard of to call up a guy you used to play against and say, 'I'm looking for an opportunity. Can you help me out?'"
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Re: So, what do laxers do after college?

Postby Billax » Wed Sep 20, 2017 1:37 pm

Yet another article on the best way to get a prestigious job on Wall Street:
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Ivy League: The best route to Wall Street
By David A. Kaplan, contributor @CNNMoney June 2, 2011: 5:28 AM ET
The Ivy League advantage for jobs on Wall Street
FORTUNE -- So you want a job at a top investment bank like Goldman Sachs (GS, Fortune 500), or consultancy like McKinsey, or law firm like Sullivan & Cromwell. In our meritocratic society, where CEOs can begin in the mailroom and Siliconillionaires have dropped out of college, the trick is to work hard and produce excellence, right? Not so. You're better off just attending Harvard and playing lacrosse, according to a recent curious study.
Confirming so many suspicions about Wall Street hiring, Lauren Rivera -- a 32-year-old sociologist who teaches management and organizations at Northwestern's Kellogg School of Management -- has concluded it's still where you went rather than what you did there that makes the difference. "Plus ça change, plus c'est la même chose," she fittingly wrote in the journal Research in Social Stratification and Mobility. "The means of educational credentialism have changed, but the ends remain the same."
lauren_rivera.03.jpg
Lauren Rivera
She says "elite professional service employers" rely more on academic pedigree than any other factor. For recruiters, it's prestige that counts, rather than "content" like grades, courses, internships, or other actual performance. That's because if you got into a "super-elite" school -- which essentially means Harvard, Yale, Princeton, Wharton (University of Pennsylvania), and Stanford -- you must be smart. Plus, time spent at those bastions in turn will make you "polished" and attractive to corporate clients. It is, according to Rivera, a largely self-perpetuating hiring process that prizes efficiency: Why spend effort looking for "that one needle in the haystack" at a "safety school" like the University of Michigan or, heavens forfend, Bowling Green, when the run-of-the-mill Yalie's still a prince. Even "second-tier" Ivies like Brown, according to Rivera, are suspect for the top firms.
The most surprising finding in Rivera's research -- conducted through observation and anonymous interviewing -- was about the role of extracurriculars. While going to a super-elite gets your penny loafer in the door, that isn't enough. Rivera says it's leisure pursuits that seal the deal. Employers use these as "valid markers" or "proxies" of a candidate's "social and moral worth," all the more so for time-intensive sports that "resonate with white, upper-middle-class culture." Think lacrosse, squash, crew, and field hockey. Skip football, basketball, and soccer. And no sport at all suggests "nerd," which correlates to future "corporate drone."

Top 10 executive MBA programs
Rivera, herself nicely credentialed with a BA from Yale and a doctorate from Harvard, is no ideologue. What she sought primarily to do is describe a hiring universe about which much is assumed but rarely analyzed. (Last year she published a study about "social selection" at a fancy Manhattan nightclub, even going undercover as a coat-check girl, the better to watch bouncers pick among the wannabes.)
Nonetheless, she isn't thrilled with what she learned. It may be that the best Wall Street firms are economic triumphs. But Rivera, as a sociologist, says hers is not to measure financial performance but social good. And she's pretty sure that extreme credentialism isn't fair. Given that perspective, if you're one of her students at Kellogg, would you be asking her to write you a recommendation?
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