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Lacrosse, often considered an elitist sport in the US, has faced criticism for providing scholarships to “lax” players attending Ivy League universities, as it is seen as perpetuating privilege. However, recent research suggests that these scholarships may not significantly improve the chances of securing prestigious Wall Street jobs, as previously assumed.
Athleticism can certainly enhance the prospects of gaining admission to an elite US university, especially if the applicant comes from a wealthy family. A study conducted by Harvard economists revealed that coming from the top 1% income bracket provides a significant advantage in college admissions, even when standardized exam scores remain constant. This advantage was particularly evident in a dozen or so of America’s top private universities.
Among the pool of affluent applicants, which includes households earning over $600,000 annually, athletes and students with family connections to universities, often referred to as “legacies”, benefited the most.
Previous studies have suggested that college choice has little impact on average life earnings among equally talented students. However, this particular study focused on the “upper tail” life outcomes, where students achieved top 1% income status, pursued postgraduate studies at elite colleges, or secured jobs at prestigious firms. The study found that strong academic performance in postgraduate studies was the primary predictor of such outcomes.
Surprisingly, being an athlete at an Ivy League school was associated with lower chances of landing a prestigious job within this privileged cohort. Employers favored Ivy Leaguers with the highest test scores, which economists consider a proxy for merit.
Prestigious employers heavily rely on a limited number of universities as their talent pipeline. This bias is widespread, with half of US Rhodes scholars, who pursue subsidized postgraduate study at Oxford University, coming from these Ivy League Plus schools.
Wall Street firms have faced pressure to broaden their selection criteria beyond the usual “target” colleges in order to foster diversity. However, breaking the cycle of “statistical discrimination”, where hiring managers make decisions based on imperfect information using heuristics, is challenging.
While some underprivileged athletes have utilized sports, particularly basketball or American football, as a means to access life-changing educational opportunities, other sports scholars simply benefit from inherited privileges that employers are under no obligation to honor.
The Lex team welcomes readers’ opinions on the alleged connection between sports scholarships and Wall Street jobs. Share your thoughts in the comments section below.
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