Whartonomics: survivingWharton with the 80/20 rule
Angel Jia, WG'07
Issue date: 9/18/06 Section: Perspectives
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Welcome to Wharton, first-years. You've made more friends in the past month than you did in the past three years, the phone numbers stored in your cell phone suddenly doubled, and you scored with the hottest woman that you ever dreamed of. You are having the best time of your life. Sadly, all good things must come to an end. The school year has crept upon you while you are still struggling with the multiple hangovers from pre-term. As grade non-disclosure hinges on its edge and recruiters lurk in the dark, you bolt straight up one night in cold sweat: How the hell am I going to survive this?
Here is the truth: You will. Just look at it this way: all 800 of us made it through last year without going insane, so can you. Here is a simple rule that might make things slightly easier for you: the 80/20 rule. Economists often talk about the 80/20 rule, which is the idea that in any situation roughly 80 percent of the "work" will be done by 20 percent of the participants; 20 percent of criminals commit 80 percent of crimes; 20 percent of motorists cause 80 percent of all accidents; 20 percent of beer drinkers drink 80 percent of all beer. How can you benefit from the 80/20 rule?
In Academics: 20 percent of the students in a class are awarded HP's, which requires 80 percent of their efforts. You can put in 100 percent of your efforts in academics and try to achieve DS's in all your classes, and hope to make the Director's List, or put 80 percent of your efforts in studying and still maintain a decent social life. It's your call. My only advice is to think long-term.
In Dating: 80 percent of the single men go after 20 percent of the single women, which creates tough competition for these 20 percent women. My suggestion is to go after the 80 percent of single women and your dating life will become much more satisfying. It's easy to identify them: they wear thick glasses (ok, some of them finally smarted up and switched to contact lenses after high school); they stand alone in a corner at parties sipping diet cokes instead of hard liquor; they are often seen in the study lounge next to Au Bon Pain with large stacks of books piled next to them; they help their friends with math and occasionally write dating columns. When you ask for their phone numbers, they will also give you their home addresses, email addresses, Yahoo/MSN/Skype ID's and their complete schedule for the next three weeks.
In Recruiting: 20 percent of the companies that recruit at Wharton hire 80 percent of the first-year class. Similarly, 80 percent of the first-year class pursues 20 percent of the companies. So who are these companies? Yep, you've guessed right, they are the large investment banks and consulting firms. If you don't know what you want to do, investment banking and consulting are good bets, as they present excellent training and opportunities. But if you do know exactly what you want to do, then go after your dream job. Even though the job search may be more exhausting and excruciating, the odds are good that it will work out for you. Just don't follow the herd and join the bankers - you will be cursing yourself in the company bathroom at 4 in the morning.
My last piece of advice: play fair. Don't make your learning team carry your workload; don't elbow people out of the circle during EIS group chats; don't dominate the entire class discussion. Wharton has a lot to offer, and there are plenty of opportunities to go around for everyone. Good luck in your first year and trust me, you will have a great time.
Here is the truth: You will. Just look at it this way: all 800 of us made it through last year without going insane, so can you. Here is a simple rule that might make things slightly easier for you: the 80/20 rule. Economists often talk about the 80/20 rule, which is the idea that in any situation roughly 80 percent of the "work" will be done by 20 percent of the participants; 20 percent of criminals commit 80 percent of crimes; 20 percent of motorists cause 80 percent of all accidents; 20 percent of beer drinkers drink 80 percent of all beer. How can you benefit from the 80/20 rule?
In Academics: 20 percent of the students in a class are awarded HP's, which requires 80 percent of their efforts. You can put in 100 percent of your efforts in academics and try to achieve DS's in all your classes, and hope to make the Director's List, or put 80 percent of your efforts in studying and still maintain a decent social life. It's your call. My only advice is to think long-term.
In Dating: 80 percent of the single men go after 20 percent of the single women, which creates tough competition for these 20 percent women. My suggestion is to go after the 80 percent of single women and your dating life will become much more satisfying. It's easy to identify them: they wear thick glasses (ok, some of them finally smarted up and switched to contact lenses after high school); they stand alone in a corner at parties sipping diet cokes instead of hard liquor; they are often seen in the study lounge next to Au Bon Pain with large stacks of books piled next to them; they help their friends with math and occasionally write dating columns. When you ask for their phone numbers, they will also give you their home addresses, email addresses, Yahoo/MSN/Skype ID's and their complete schedule for the next three weeks.
In Recruiting: 20 percent of the companies that recruit at Wharton hire 80 percent of the first-year class. Similarly, 80 percent of the first-year class pursues 20 percent of the companies. So who are these companies? Yep, you've guessed right, they are the large investment banks and consulting firms. If you don't know what you want to do, investment banking and consulting are good bets, as they present excellent training and opportunities. But if you do know exactly what you want to do, then go after your dream job. Even though the job search may be more exhausting and excruciating, the odds are good that it will work out for you. Just don't follow the herd and join the bankers - you will be cursing yourself in the company bathroom at 4 in the morning.
My last piece of advice: play fair. Don't make your learning team carry your workload; don't elbow people out of the circle during EIS group chats; don't dominate the entire class discussion. Wharton has a lot to offer, and there are plenty of opportunities to go around for everyone. Good luck in your first year and trust me, you will have a great time.
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