Kerviel affair shakes the ancien régime of corporate France

Very interesting… I had no idea about this:

“Rather than a rigid class system … admission into the École Polytechnique assures one a place in the elite. And that is one of the great ironies of the French establishment: while it enjoys the privileges associated with the elites of the United States, entry is, if anything, much more rigorously meritocratic, based on exams and ever-narrowing selection from an early age.

Indeed, getting into Harvard, which accepted 9 percent of its applicants last year, is a breeze compared with getting into the École Polytechnique.

Out of 130,000 students who focus on math and science in French high schools each year, roughly 15 percent do well enough on their exams to qualify for the two- to three-year preparation course required by the elite universities. Of those who make it through that, 5,000 apply to École Polytechnique, which is commonly called simply ‘X,’ and just 400 [ed. 8%, not much different from Harvard] are admitted from France.

Admission is based strictly on exam grades; there is not even an essay requirement or interview. And there are no legacy admissions, sports scholarships or other American-style shortcuts for getting into X.”

I wonder what percentage of students admitted to any Ivy League school are “legacy” nitwits.

On a semi-related note, make sure to read James Altucher’s recent column: College a waste of time and money for kids (discovered via controlledgreed.com). I don’t agree with everything that he says, but this suggestion is a good one:

“Take half the fee for one semester, give it to your kid, and tell him or her to start a business. Not every youngster has entrepreneurial sensibilities, but it’s always worth trying once.”

Assuming he doesn’t get into the crack trade, which would be my first idea.