You probably need to be a white, Cambridge-educated male if you want to get ahead in financial services
The Financial News has published its new list of the 40 rising bankers under 40. Several things are immediately apparent:
1) They’re almost all men
2) They’re almost all white men
3) Many of the white British men have been to Cambridge University
Of the 40 on the list, only 3 are women. Judging by their names (and – occasionally – their pictures) only 7 are non-Caucasian; Asians are the most typical sub-category.
Not all the Caucasian-male-rising-bankers are Britons, although quite a few are. 18 in total appear to originate in the UK. An educational history isn’t available for all of them, but four have been to Cambridge, one has been to Oxford, one has been to the LSE and one studied at Edinburgh.
The Financial News list is interesting in the light research by theGraduate Center of the City University of New York showing that white males earn substantially more on Wall Street than anybody else does.
The table outlining their findings is below. White males earn an average of $154k, white females earn $100k and Asian males earn $113k.
Financial News’ research also through up some interesting details on the aspirations of some of the young star financial services professionals. One, Emma Matebalavu at Clifford Chance, aspires to be a teacher who keeps horses. Another, Ed Stevenson at BNP Paribas, owns some ex-British rail diesel trains which he runs on private lines and intends to develop into a haulage business when he retires.
