The question: What should a teenager or young adult choose to study in college if they want to nab a job at the biggest bank in America?
Not a Big Deal
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According to Dimon, the college degree you choose to major in “almost doesn’t matter” when it comes to the multinational company’s hiring process.
“Smart, Ethical, Decent” is What Matters
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“It almost doesn’t matter to tell you the truth because you’re looking for smart, ethical, decent people,” he told Tucker.
A Surprising Comment
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It’s a surprising admission from someone like Dimon who has spearheaded JPM since 2006. Most young people looking to start a prestigious career in banking will be steered toward a degree in finance or math.
Prestigious Background
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Dimon himself majored in Economics at Tufts University in Massachusetts and later went on to earn a Master of Business Administration from Harvard Business School.
A New Company Approach
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It seems to be a company-wide approach. In a recent email from a JPM spokesperson, they emphasized that the banking giant needs workers from very different backgrounds and with very different skills, from marketing and HR to data science and tech, which might seem far removed from economics and math.
“Not Limited to Any Particular Group”
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“We value and recognize that talent is not limited to any particular group and that diverse experiences, perspectives, and backgrounds enrich our workforce and contribute to our collective success,” the email read.
The Basics Will Still Help
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But of course, Dimon explained that for those who want to take the traditional route to work for the company “it would help to do accounting, finance, [or] markets.”
The Language of Business
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“I do think in business you should learn the language of business which is accounting—a little basic business,” he explained.
Making Headlines
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The CEO – who has made headlines in the past year for his straightforward takes on the US economy, politics, and society – has not been shy about his opinions on the US college system.
Criticizing the College Process
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In a discussion with Indianapolis TV affiliate WISH-TV earlier this month, Dimon took aim at colleges for focusing more on enrolment and successful graduation, rather than how prepared their students are for employment. He believes colleges should primarily be judged on the jobs their graduates get.
They Should Focus On Jobs
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“If you look at kids they gotta be educated to get jobs. Too much focus in education has been on graduating college… It should be on jobs,” he said. “I think the schools should be measured on, did the kids get out and get a good job?”
61% of High School Graduates
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He even questioned the practicality of jumping into college straight out of high school, as 61% of high school graduates now go straight to college, according to the US Bureau of Labor Statistics.
Consider Other Paths
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Instead, he pointed to skills-based careers that don’t necessarily require a college education and will leave young people better off than if they were to take on a heavy student debt burden.
Potential Avenues
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“You can be a welder, you can be a coder, you could be cyber you could be automotive—all of those jobs are $40,000 to $60,000/$70,000 a year,” Dimon said. He even mentioned bank-teller positions, which could be occupied by workers as young as 17 and paid $40,000 with no college degree required.
A Growing Trend?
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Dimon’s opinions seem to be shared across industries and are being reflected in the current labor market.
Less Focus On College
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Across the board, companies are focusing less and less on college requirements, with some foregoing them altogether. In 2023 LinkedIn released research showing that the number of job listings with no college requirements increased by a whopping 90%.
More Important Qualities
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Some, like JPM’s chief human resource officer Robin Leopold, believe that attitude, work ethic, and personality might actually be more important than paper qualifications.
Fitting Into the Work Culture
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“Will they fit into the team? How did they show up for the interview?” Leopold asked on a LinkedIn podcast, sharing advice for job seekers. “Were they prepared? Were they curious? Do they represent our values?”
The post – Why the JP Morgan CEO Believes Your Major is Irrelevant – first appeared on Mechanic Insider.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
