1. Thank goodness, the Chinese aren't interested. Tired of competing against the progeny of real Chinese Tiger Moms (not that meek Asian American version) for those coveted spots at select professional schools? Well, if your goal is to get into a top law school, I have great news: The Chinese are busy trying to get in business school instead! From The Wall Street Journal:
One in five people who took the GMAT last year was from China, according to a new report from the Graduate Management Admission Council, which administers the business-school entrance exam globally. The number of tests taken by Chinese citizens rose 45% from last year, to 58,196.
U.S.-based business-school aspirants accounted for the largest number of test takers for the 12 months through June. Students from India rounded out the top three.
2. But watch out for those Goldman Sachs pups. The Chinese might not be focusing on American law schools, but watch out for those spurned I-banker wannabes. The Wall Street Journal reports that Goldman Sachs is doing away with its analyst program in investment banking, and other banks might follow:
Goldman's move is a blow to junior analysts who put in legendarily long hours for a shot at moving up the ladder. It is the latest sign that the financial industry is grappling with issues such as pay and perks amid an uneven economy and tight new rules limiting profits. A typical investment-banking analyst class at a Wall Street firm numbers about 100 people
According to WSJ, Goldman had been vacuuming up a lot of bright, ambitious students at elite colleges. Financial services is a popular choice for college grads. For instance, of those who took jobs, one-third of the 2011 graduates of the University of Pennsylvania undergraduate division went into the financial sector.
So why should you care about what happens at Goldman and the other banks? Well, what do you think those aspiring masters of the universe will do with themselves now that they can't go to Wall Street right out of college? Since I doubt they're joining the Peace Corps or Habitat for Humanity, I'm afraid they'll probably be applying to law school.
Thomas told students to stay positive and not give in to the idea that those attending Ivy League law schools are better than they are. The Ivy League-educated can be seen as a new form of nobility, he said, but are no smarter or more capable than any of the students sitting in the courtyard with him.
Thomas says he "prefers to select clerks from schools like UF or Louisiana State University." Moreover, Thomas also warns students that it's not worth going to a higher ranked school if you end up with a ton of debt.
So, hey, don't sweat if you're at one of those "TTT," or “Third Tier Trash” schools that the article talks about (those are terms used by one of Thomas's clerks). Just send your resume to the U.S. Supreme Court, Attention: Justice Thomas.