Section 1.1: The Question of Educational Requirements

A basic principle within this industry emphasizes focusing on “outcomes” rather than “outputs.” The aim is not merely to release a certain number of features but to create real value. So, why does this field still impose an output-focused requirement, like a college degree, as a criterion for entry? Why do we regard a degree (an output) as a substitute for what truly matters: talent and creativity?

A significant portion of the population lacks college degrees, primarily because the likelihood of earning one is closely tied to whether one’s parents have obtained a degree. The product management sector is supposed to be paving the way for a future rooted in creativity, skill, and teamwork. Yet, it often falters when confronted with applicants who lack a piece of paper certifying their education, despite studies consistently showing that a degree does not necessarily correlate with higher competence or potential.

Section 1.2: The Influence of Wealth on Perspectives

This issue is closely related to the previous discussion but deserves its own focus. During my initial months at Marcus by Goldman Sachs, I was thrilled to contribute to bringing “Wall Street to Main Street” through Goldman’s entry into consumer banking. Our team was tasked with strategizing and implementing lending features for products like savings accounts.

However, most team members had never attended a public school or taken out a personal loan. In a later role, during a brainstorming session aimed at enhancing financial literacy for young people, a junior PM suggested, “Maybe they should consult their family’s financial planner less.”

While the compensation for Product Managers is justifiable, the problem lies in the restrictive entry requirements that tend to attract individuals from privileged backgrounds. For instance, at Capital One, a less prestige-focused company, I had to explain student loans to a designer who had never needed to borrow money, as her education and car were funded by her parents. These are the very individuals designing systems that middle and lower-income consumers must navigate.

How can we create products that genuinely assist everyday users when the developers lack firsthand understanding of their challenges? The typical response involves “empathy interviews” and “user research,” which are valuable strategies. However, in a different project at another bank, I was tasked with formulating a plan to help customers in collections escape that situation. I had never experienced collections myself, nor had my manager or anyone they knew. Interviewing clients who stated they had no money left me wondering how to devise a feasible plan for those in dire financial straits.

The existing research is limited. When comparing studies focused on immediate solutions for financially struggling customers to those directed at the ultra-wealthy, the contrast is stark. The former often leads to automated phone calls and debt collection services, while the latter yields extensive reports from firms like McKinsey. The product management industry often overlooks the needs of lower-income users, and when it does address these needs, those solutions are often viewed as secondary, as most product managers hail from highly educated and economically stable backgrounds.

Section 2.1: Recognizing the Diversity of Experiences

Moreover, it's essential to acknowledge that not everyone resides in major urban areas. In an incoming analyst class, I observed that all members hailed from significant cities, even though most of the nation lives in suburbs or small towns. A colleague pointed out that one analyst was from Portland, which hardly represents the diversity of experiences across the country.

This phenomenon has broader implications, such as the surprising election outcomes that stem from the tech and media bubbles in large cities. Small towns face unique challenges, partly due to Amazon's influence on local retail. As these communities struggle to compete with the convenience and pricing of online marketplaces, they also have the potential to thrive in the digital economy through freelancing. However, even these platforms often favor individuals with established networks, typically found in larger cities, making it difficult for those from smaller towns to gain visibility.

Ultimately, I have largely steered clear of discussing race, gender, and other forms of diversity, as these topics have received substantial focus. A select group of individuals has been entrusted with creating products for this generation, yet they do not accurately represent the broader population. Most critically, the requirement for a college degree persists in many large corporations, even for candidates well beyond their twenties who may not remember the details of their studies. This creates an implicit bias in our hiring practices, perpetuating exclusivity and limiting the potential for innovative solutions that could benefit a wider range of society.

The second video addresses the challenges faced by product managers, emphasizing the importance of understanding diverse consumer needs in the industry.