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Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits Kindle Edition

by Kevin Roose (Author) Format: Kindle Edition
4.1 4.1 out of 5 stars 740 ratings
Editors' pick Best Nonfiction
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Becoming a young Wall Street banker is like pledging the world's most lucrative and soul-crushing fraternity.

Every year, thousands of eager college graduates are hired by the world's financial giants, where they're taught the secrets of making obscene amounts of money-- as well as how to dress, talk, date, drink, and schmooze like real financiers.

Young Money is the inside story of this well-guarded world. Kevin Roose, New York magazine business writer and author of the critically acclaimed The Unlikely Disciple, spent more than three years shadowing eight entry-level workers at Goldman Sachs, Bank of America Merrill Lynch, and other leading investment firms. Roose chronicled their triumphs and disappointments, their million-dollar trades and runaway Excel spreadsheets, and got an unprecedented (and unauthorized) glimpse of the financial world's initiation process.

Roose's young bankers are exposed to the exhausting workloads, huge bonuses, and recreational drugs that have always characterized Wall Street life. But they experience something new, too: an industry forever changed by the massive financial collapse of 2008. And as they get their Wall Street educations, they face hard questions about morality, prestige, and the value of their work.

Young Money is more than an expose of excess; it's the story of how the financial crisis changed a generation-and remade Wall Street from the bottom up.
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  1. Print length
    337 pages
  2. Language
    English
  3. Publisher
    Grand Central Publishing
  4. Publication date
    February 18, 2014
  5. File size
    910 KB
  6. Page Flip
    Enabled
  7. Word Wise
    Enabled
  8. Enhanced typesetting
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Editorial Reviews

Amazon.com Review

An Amazon Best Book of the Month, February 2014: If Martin Scorsese's film The Wolf of Wall Street is about the finance industry's greediest adults, Kevin Roose's Young Money: Inside the Hidden World of Wall Street's Post-crash Recruits is a look at those wolves as cubs. The book is a surprisingly sympathetic portrait of the kids starting at Goldman Sachs, Merrill Lynch, and Credit Suisse (it's less sympathetic toward their bosses, who come across like shameless versions of the parents in Peanuts comics). These young bankers and analysts discover that while the pay is good, the hours are bad and the never-ending sense of existential dread is ugly. But perhaps the great irony of the crash of 2008 is that even as it eroded the industry's reputation in the minds of college students, the job market it decimated left those graduates very few employment options. Despite their hesitations, many scared twentysomethings entered the finance sector, as one of the few institutions that was still hiring. Roose suspects that banks attract "confused, insecure college seniors, who are smart and capable in a general, all-purpose way, but aren't phenomenally talented at any one thing." Most of the eight workers Roose follows end up burning out or quitting; the ones who succeed and stay in finance--you feel the worst for them. --Kevin Nguyen

From Booklist

Roose, a financial journalist and author, offers a compelling glimpse of Wall Street in the post-2008 recession era as he shadows eight first- and second-year entry-level analysts at leading investment firms. All college graduates in their early twenties, they give him unauthorized access to their own experiences and lives in return for absolute anonymity. We learn about their big bonuses and lifestyles along with 100-hour work weeks. Roose is quoted, Their offices are covered in moldy takeout containers . . . . They dress in whatever is left in the clean laundry bag . . . and haven’t seen sunlight in two months. The author discovers the toll the 2008 recession has taken on Wall Street, shrinking it significantly with lost jobs, and he also cites emerging competition for recruits from the growing technology industry. Overall values in this generation may be changing, too, as a student and potential Wall Street recruit said, Everyone wants to make money. But when I’m working in the place, I want to know that I’m doing some good. A thought-provoking, excellent book. --Mary Whaley

Product details

  • ASIN ‏ : ‎ B00CO7GH54
  • Publisher ‏ : ‎ Grand Central Publishing (February 18, 2014)
  • Publication date ‏ : ‎ February 18, 2014
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 910 KB
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Enabled
  • Word Wise ‏ : ‎ Enabled
  • Print length ‏ : ‎ 337 pages
  • Customer Reviews:
    4.1 4.1 out of 5 stars 740 ratings

About the author

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Kevin Roose

Kevin Roose

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Kevin Roose is an award-winning technology columnist for The New York Times, and the New York Times bestselling author of three books: Futureproof, Young Money, and The Unlikely Disciple.

He is the host of “Rabbit Hole,” a New York Times-produced podcast about what the internet is doing to us, and a regular guest on “The Daily,” as well as other leading TV and radio shows. He writes and speaks regularly on many topics, including automation and A.I., social media, disinformation and cybersecurity, and digital wellness.

Before joining The Times, he was a writer at New York magazine, and a host and executive producer of "Real Future," a documentary TV series about technology and innovation.

He lives in the Bay Area.

Customer reviews

4.1 out of 5 stars
740 global ratings

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Customers say

Customers find the book an interesting and enjoyable read. They appreciate the author's insights into Wall Street culture and mentality. The writing style is described as well-written and easy to follow by customers. The stories are relatable and personalize the misery of life on the street for new analysts. The book provides a realistic look into the lives and experiences of young financial analysts on Wall Street. Readers praise the writing quality as well-done and believable. They also mention the humor as witty and amusing in parts.

AI-generated from the text of customer reviews

Select to learn more
InsightReadabilityWriting styleStory qualityLookWriting qualityHumorFinance industry
71 customers mention "Insight"61 positive10 negative

Customers find the book provides an interesting look into Wall Street's culture and young bankers' lives. It explores the mentality, values, and ambitions of young bankers and offers a wide range of perspectives from young people working on the street. The book is informative and captivating, making readers happy to work in the finance industry.

"...It is obviously a well-written, well-researched and well put together book but it lacks that certain element that would have elevated it to the top..." Read more

"...banking experience in a certain time and place , Young Money is an interesting , uneven pastiche...." Read more

"...I think he does a pretty good job of why finance appeals to young people...." Read more

"...It was anthropological and captivating and made me very happy to work in the nonprofit sector, even if I'm not always sure I can make rent at the..." Read more

69 customers mention "Readability"69 positive0 negative

Customers find the book accessible and enjoyable. They describe it as a quick, easy read that takes you inside young people's lives. The author does an amazing job of painting a picture of life.

"...Written by a journalist, the language is very accessible and enjoyable. - No stereotypical traps or cliches...." Read more

"..." values Roose finds especially attractive . So the book is OK, especially if you don't like investment bankers and investment banks ...." Read more

"...to get a narrative of what a banking career may entail, this is a great book for that...." Read more

"...Overall, a good book and a very easy read, but we've heard some of these stories before and, while still compelling, can feel a bit dated." Read more

36 customers mention "Writing style"33 positive3 negative

Customers find the book well-written and easy to follow. They praise the author as talented and say the book is a great work of journalism that presents a panoramic portrait of Wall Street after 2008.

"...It is obviously a well-written, well-researched and well put together book but it lacks that certain element that would have elevated it to the top..." Read more

"...It reads well. Wall Street junkies may find a few new nuggets ...." Read more

"...Either way, it's a quick easy read." Read more

"...His journalistic yet human interest style of writing made the book a must-read and explained so much about the way my donors live and act...." Read more

13 customers mention "Story quality"13 positive0 negative

Customers find the stories relatable and well-framed with applicable details from the news. They say the book focuses more on the stories of individuals and how their lives change. Readers find the tales enjoyable, though not objective.

"...The stories he tell are relatable yet unrelatable at the same time and despite their exorbitant paychecks, you see the human side of banking in a..." Read more

"...on the subject, but it is a good read because he focuses more on the stories of individuals and how their lives change...." Read more

"...in evaluating his subjects and their stories are well-framed with applicable details from the news...." Read more

"...You gain insight to the jobs, the structure of finance, and the personal life (mainly work and more work)...." Read more

10 customers mention "Look"10 positive0 negative

Customers find the book provides an inside look at the reality of young financial analysts on Wall Street. They say it gives a realistic depiction of the lives and experiences of Wall Street analysts, and provides some color as to the mental processes of how they got through those.

"...doesn't describe anything different, but it provides some color as to the analysts' mental processes of how they got through those 2 or so years of..." Read more

"...A great, refreshing read that gives you a realistic look into todays Wall street!!..." Read more

"It starts with a fairly unbiased look at the young people that are attracted to Wall Street and how they are affected during the course of their..." Read more

"A very good inside look into wall street first year bankers. How things have changed and how they have stayed the same since 2008" Read more

6 customers mention "Writing quality"6 positive0 negative

Customers find the writing quality good. They say the characters are believable.

"...It is obviously a well-written, well-researched and well put together book but it lacks that certain element that would have elevated it to the top..." Read more

"...Real characters, even though they needed fake names, seemed very believable...." Read more

"...Well done !" Read more

"...Very well done!" Read more

4 customers mention "Humor"4 positive0 negative

Customers enjoy the book's humor. They find it witty and relatable, with an engaging writing style that keeps them hooked.

"...The book is amusing in parts and a quick, easy read. My main objection to the book is that it doesn't feel serious...." Read more

"...You will enjoy his writing style; I couldn't put the book down. I highly recommend reading this book!" Read more

"Funny yet relate-able for just about any financier or millennial or both. A quick and easy read and a good one at that." Read more

"Very well written, witty however disapproving of the finance industry..." Read more

4 customers mention "Finance industry"0 positive4 negative

Customers dislike the finance industry. They find the book's view of investment banking biased and anti-capitalist.

"...noteworthy flaws largely stemming from the author's disdain for finance as an occupation and obvious animus towards "Wall Street" as an..." Read more

"A very myopic & prejudiced view of investment banking...." Read more

"Very well written, witty however disapproving of the finance industry..." Read more

"Obvious anticapitalist biasis...." Read more

Top reviews from the United States

  • SN2013
    5.0 out of 5 stars Incredible Book (Edited)
    Reviewed in the United States on February 18, 2014
    Verified Purchase
    This book offers incredible insight into the lure of Wall Street for young professionals and explains the reasons for why despite all the bad publicity that Wall Street has gotten in the past couple of years, smart young people are still flocking to financial jobs.

    Pros:

    - Quick read. Written by a journalist, the language is very accessible and enjoyable.

    - No stereotypical traps or cliches. More often than not, Wall Street books are riddled with cliche's and contain information that has already been widely reported and offers nothing insightful to a reader.

    - The subjects of the book are diverse! This is the book's biggest plus point. The author focuses on 8 different young professionals who he interviewed over the past 3 years. And for a change, they actually represent a good cross-section of society- different races, women, socio-economic backgrounds etc..

    - The banks and divisions focused on are also diverse. The book examines different banks and their different sub-divisions, which is good for those who may want to learn about the workings of the financial industry.

    - It can be difficult to write a non-fiction book without strong opinions about your subject. Few authors manage to avoid that trap, and Kevin Roose luckily happens to be one of them. He humanizes his subjects without passing too much judgement either way. I found myself invested in the people he was describing and caring about their narrative without any unnecessary intrusions from the author's own thoughts.

    Cons (Edited):

    - Almost None! This book is like a sociological study on finance today and young finance professionals that for once does not paint 22 year olds as greedy sociopaths, but instead more accurately portrays them as 20-something bright, passionate, somewhat confused and lost, college students who are trying to navigate the system to the best of their abilities.

    - Upon re-evaluation of the book, I do have to say that the one con I can think of is that somehow the book lacks the requisite gravitas to be taken seriously in a way that would cement it's status in this genre (e.g. Liar's Poker, Too Big To Fail). It is obviously a well-written, well-researched and well put together book but it lacks that certain element that would have elevated it to the top of the list in this field. Having said that, I still think it is a very informative book that does full justice to its subjects and genre, and I can't think of similar books on this topic.
    70 people found this helpful
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  • P. Isaac
    4.0 out of 5 stars Well written from a skewed perspective; but re-visiting familiar ground
    Reviewed in the United States on February 22, 2014
    Verified Purchase
    Young Money is erratic , with some strengths in describing the mass hiring of young analysts by large investment banking firms and their experiences during their two to three year stints. The book has noteworthy flaws largely stemming from the author's disdain for finance as an occupation and obvious animus towards "Wall Street" as an amorphous entity. Roose's project suffers from his interactions falling through the prism of that hostility. At times he is able to suppress his biases enough to come up with some interesting insights on the people, the institutions, their work and how they are , or might be , drawn into , or affected by their experiences.
    The book falls squarely into the genre of " Youthful talented idealist goes into finance at a top tier institution in search of fame and fortune , is disillusioned / seduced and abandoned and suitably chastened pursues more meaningful pursuits". I am sure people were writing novels on this theme during the Gilded Age ; but the first , and one of the best, Selling Money by S.C. Gwynne , came out in 1986 , and the best known Liar's Poker was published in 1989. Every so often , usually after busts , they appear : Riding the Bull, Monkey Business, Why I left Goldman Sachs and now Young Money. There isn't much new or startling . The book does a reasonable job of minimizing salacious detail, which some of the others have used to spice up subject matter usually of limited interest to a general audience.
    Roose, whose cover jacket photo gives him an unfortunate resemblance to Pajama Boy dressed up for a job interview, has covered finance for the New York Times and New York Magazine, and falls into an interesting and familiar persona , the Ivy League graduate (Brown) with creative ambitions , who with more than a touch of envy ( Roose's studio apartment contrasted with bulge bracket pay) covers an industry he dislikes full of people he loathes. Roose keeps harping on "power" , which almost no one in the financial community has in any particularly meaningful sense and wealth, which sizable numbers do attain.
    Highly competitive areas with great rewards for a number of winners seem to generate a lot of unpleasant, and even abusive behavior. Colleges and pro teams chew up athletes and coaching staff. The movie business occasionally produces similar memoirs. Fashion is reputedly brutal and was memorably depicted in The Devil Wears Prada. Journalism and writing seem full of embittered types , feuding with or lording over each other with apparently remarkable rates of dysfunction and substance abuse. And let's not even start on music and entertainment, which have now been the staples of tabloid fodder and tell-all memoirs for 80 years.
    If you are interested in a certain type of junior investment banking experience in a certain time and place , Young Money is an interesting , uneven pastiche. The mass hiring of undergraduates for their spread sheet and pitch book construction skills looks to be waning. The mass grunt work is becoming increasingly easy to farm out to well-trained spread sheet jockeys in Asia , with the added advantage that the time differences facilitate overnight turnaround. This leaves the firms with an easier hand , hiring graduates who are genuinely interested in corporate finance and securities analysis , which can avoid some of the acute alienation problems firms can have in winnowing bright graduates who are often insecure, may have inflated views of themselves and/or who are conflicted by "progressive" values Roose finds especially attractive .
    So the book is OK, especially if you don't like investment bankers and investment banks . It reads well. Wall Street junkies may find a few new nuggets . It will be hyped by the "progressive" media because of its perspective ; but objectively, it is flawed.
    11 people found this helpful
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  • Kaiser Mitch
    3.0 out of 5 stars Nothing revolutionary, but an interesting read
    Reviewed in the United States on February 24, 2014
    Verified Purchase
    If you ever have had friends that have gone into investment banking, you know the stories and you know how being a junior analyst can put these kids through their paces. This book doesn't describe anything different, but it provides some color as to the analysts' mental processes of how they got through those 2 or so years of their lives and certainly shows a diversity of outcomes for each of these analysts, each of them adapting and changing in different ways, good and bad.

    The author also introduces his own overarching narrative on finance since the Crisis as he investigates the culture of finance between college recruiting, social functions, and interviews with college seniors. He captures the feeling of kids about their views of finance between those at recruiting events, finance super nerds, and those kids who simply don't know what they want to do with their lives after school. I think he does a pretty good job of why finance appeals to young people.

    In general, if you are a someone coming out of school soon and would like to get a narrative of what a banking career may entail, this is a great book for that. However, when reading this book, it is very clear that the author does not think very highly of finance and is actively trying to convince people not to go into finance and instead chase their "passions." Many of you would probably applaud this message, but I found it a little irksome. Either way, it's a quick easy read.
    9 people found this helpful
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Top reviews from other countries

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  • Cameron Murphy
    5.0 out of 5 stars Five Stars
    Reviewed in Canada on January 31, 2018
    Verified Purchase
    Great book, typically finish books in a month or so, finished this in two days, couldnt stop reading it!
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  • Roel
    4.0 out of 5 stars Interesting insights in a bizarre world.
    Reviewed in the Netherlands on May 16, 2019
    Verified Purchase
    This book offers a look behind the scenes in a closed and bizarre world of big money. Quick and fun to read.
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  • Cliente Kindle
    5.0 out of 5 stars Interesante perspectiva de la banca de inversion de Wall Street
    Reviewed in Spain on September 13, 2016
    Verified Purchase
    El libro muestra desde la perspectiva de recién licenciados como es el mundo de la banca de inversión de Wall Street (sin profundizar en exceso), como se trabaja y que sienten dichos jóvenes.
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  • Vikas Somani
    3.0 out of 5 stars A Wall Street Mirror for the Freshers
    Reviewed in India on August 30, 2015
    Verified Purchase
    A great insight into the machinations of the big daddies on Wall Street...the trade off between money and personal life...the distinction between a creative and a distributive job. This book lays down the ground pretty much.
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  • giorgio ciancaleoni
    4.0 out of 5 stars Azkaban
    Reviewed in Italy on June 4, 2014
    Verified Purchase
    The book gives you an insider look into one of the most debated industries of all times. Kevin Roose is able to deliver emotions through his words.
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