HBCU Money™ Business Book Feature – Pedigree: How Elite Students Get Elite Jobs

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Americans are taught to believe that upward mobility is possible for anyone who is willing to work hard, regardless of their social status, yet it is often those from affluent backgrounds who land the best jobs. Pedigree takes readers behind the closed doors of top-tier investment banks, consulting firms, and law firms to reveal the truth about who really gets hired for the nation’s highest-paying entry-level jobs, who doesn’t, and why.

Drawing on scores of in-depth interviews as well as firsthand observation of hiring practices at some of America’s most prestigious firms, Lauren Rivera shows how, at every step of the hiring process, the ways that employers define and evaluate merit are strongly skewed to favor job applicants from economically privileged backgrounds. She reveals how decision makers draw from ideas about talent—what it is, what best signals it, and who does (and does not) have it—that are deeply rooted in social class. Displaying the “right stuff” that elite employers are looking for entails considerable amounts of economic, social, and cultural resources on the part of the applicants and their parents.

Challenging our most cherished beliefs about college as a great equalizer and the job market as a level playing field, Pedigree exposes the class biases built into American notions about the best and the brightest, and shows how social status plays a significant role in determining who reaches the top of the economic ladder.

HBCU Money™ Dozen 5/11 – 5/15

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Did you miss HBCU Money™ Dozen via Twitter? No worry. We are now putting them on the site for you to visit at your leisure. We have made some changes here at HBCU Money™ Dozen. We are now solely focused on research and central bank articles from the previous week.

Research

Saying yes to NO college IT careers l Computerworld http://ow.ly/MWZbF

CenturyLink’s new data center runs on water l Computeworld http://ow.ly/MWZmP

Yellow neurons in this mouse’s brain have been rewired l New Scientist http://ow.ly/MWZxU

Brazil Could Reach 2 GW Rooftop Solar By 2024 After Tax Is Dismissed l Clean Technica http://dlvr.it/9pl0qF

Composting turns waste into wonder. Learn how easy it can be l EPA Research http://ow.ly/MFAne

Today’s Solar Panels Can Power The World, MIT Study Finds l Clean Technica http://dlvr.it/9pQr6s

Federal Reserve, Central Banks, & Financial Departments

The strengths and weaknesses of every personality type l World Economic Forum http://wef.ch/1HgHprm

You can tell how wealthy a country will be by the quality of their education l World Bank http://wrld.bg/MUNKX

13 things successful people do between jobs l World Economic Forum http://wef.ch/1cSvgMw

What do oil prices mean for the economy & consumers? Watch the webcast l Atlanta Fed https://goo.gl/1GUd43

Should your children learn to code? l World Economic Forum http://wef.ch/1cStjQ9

The application economy l World Economic Forum http://wef.ch/1KIxmcj

Thank you as always for joining us on Saturday for HBCU Money™ Dozen. The 12 most important research and finance articles of the week.

The HBCU Money™ Weekly Market Watch

Our Money Matters /\ May 15, 2015

A weekly snapshot of African American owned public companies and HBCU Money™ tracked African stock exchanges.

NAME TICKER PRICE (GAIN/LOSS %)

African American Publicly Traded Companies

Citizens Bancshares Georgia (CZBS) $8.75 (1.35% DN)

M&F Bancorp (MFBP) $4.70 (0.00% UNCH)

Radio One (ROIA) $3.67 (1.87% DN)

African Stock Exchanges

Bourse Regionale des Valeurs Mobilieres (BRVM)  262.57 (0.17% DN)

Botswana Stock Exchange (BSE)  10 394.50 (0.09% UP)

Ghana Stock Exchange (GSE)  2 301.02 (1.77% UP)*

Nairobi Stock Exchange (NSE)  167.82 (N/A)

Johannesburg Stock Exchange (JSE) 54 028.17 (0.29% UP)

International Stock Exchanges

New York Stock Exchange (NYSE) 11 197.37 (0.09% DN)

London Stock Exchange (LSE)  3 779.96 (0.07% DN)

Tokyo Stock Exchange (TOPIX)  1 607.11 (0.98% UP)

Commodities

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Unemployment Rate By HBCU State – March 2015

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STATES WITH RISING UNEMPLOYMENT: 7

STATES WITH DECLINING UNEMPLOYMENT: 13

STATES WITH UNCHANGED UNEMPLOYMENT: 4

MEDIAN UNEMPLOYMENT (HBCU TERRITORIES) – 5.6%

LOWEST: OKLAHOMA – 3.9%

HIGHEST – DISTRICT OF COLUMBIA – 7.7%

STATE – UNEMPLOYMENT RATE (PREVIOUS)*

ALABAMA –  5.7% (5.8%)

ARKANSAS – 5.6% (5.5%)

CALIFORNIA – 6.5% (6.7%)

DELAWARE – 4.6% (4.8%)

DISTRICT OF COLUMBIA – 7.7% (7.8%)

FLORIDA – 5.7% (5.6%)

GEORGIA – 6.3% (6.3%)

ILLINOIS – 6.0% (6.0%)

KENTUCKY – 5.1% (5.2%)

LOUISIANA – 6.6% (6.7%)

MARYLAND – 5.4% (5.5%)

MASSACHUSETTS – 4.8% (4.9%)

MICHIGAN – 5.6% (5.9%)

MISSISSIPPI – 6.8% (7.0%)

MISSOURI –  5.6% (5.5%)

NEW YORK – 5.7% (5.8%)

NORTH CAROLINA – 5.4% (5.3%)

OHIO – 5.1% (5.1%)

OKLAHOMA – 3.9% (3.9%)

PENNSYLVANIA – 5.3% (5.2%)

SOUTH CAROLINA – 6.7% (6.6%)

TENNESSEE – 6.3% (6.6%)

TEXAS – 4.2% (4.3%)

VIRGINIA – 4.8% (4.7%)

*Previous month in parentheses.

African America’s April Jobs Report – 9.6%

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Overall Unemployment: 5.4% (5.5%)

African America Unemployment: 9.6% (10.1%)

Latino America Unemployment: 6.9% (6.8%)

European America Unemployment: 4.7% (4.7%)

Asian America Unemployment: 4.4% (3.2%)

Previous month in parentheses.

Analysis: Overall the unemployment rate dropped by 10 basis points. Asian America saw a significant rise of 120 basis points. Latino America saw a negligible rise of 10 basis points, while European America went unchanged. African American was the only group with a decline which constituted a 50 basis point drop.

African American Male Unemployment: 9.2% (10.0%)

African American Female Unemployment: 8.8% (9.2%)

African American Teenage Unemployment: 27.5% (25.0%)

African American Male Participation: 68.7% (67.2%)

African American Female Participation: 61.9% (61.4%)

African American Teenage Participation: 27.2% (25.7%)

Previous month in parentheses.

Analysis: African American males saw a 80 basis point drop in their unemployment rate and 150 basis point increase in their participation rate. African American females saw a 40 basis point drop in their unemployment rate and a 50 basis point increase in their participation rate. African American teenagers saw a 250 basis point increase in their unemployment rate and 150 basis point increase in their participation rate.

CONCLUSION: The overall economy added 223 000 jobs in April. African America added 400 000 jobs in April. The largest job increase since HBCU Money started tracking the data. Wages also saw an important uptick of 2.2 percent. The wage increase is expected to continue if the labor supply continues to shrink forcing companies and organizations into competition over limited labor supply. What remains uncertain is what drove such an outsized employment increase after an abysmal 7 000 jobs added the month before. If nothing it continues to show that African America’s employment condition will continue on a roller coaster of a ride.