New releases

80,000 Hours thinks that only a small proportion of people should earn to give long term

Blog post by · Published July 6th, 2015

Norman Borlaug didn’t make millions, his research just saved millions of lives.

One of the most common misconceptions that we’ve encountered about 80,000 Hours is that we’re exclusively or predominantly focused on earning to give. This blog post is to say definitively that this is not the case. Moreover, the proportion of people for whom we think earning to give is the best option has gone down over time.

To get a sense of this, I surveyed the 80,000 Hours team on the following question: “At this point in time, and on the margin, what portion of altruistically motivated graduates from a good university, who are open to pursuing any career path, should aim to earn to give in the long term?” (Please note that this is just a straw poll used as a way of addressing the misconception stated; it doesn’t represent a definitive answer to this question).

Will: 15%
Ben: 20%
Rob: 10%
Roman: 15%

Instead, we think that most people should be doing things like politics, policy, high-value research, for-profit and nonprofit entrepreneurship, and direct work for highly socially valuable organizations.

The misconception persists for a few reasons: when 80,000 Hours first launched, we led with the idea of earning to give very heavily as a marketing strategy; it was true that we used to believe that at least a large proportion of people should aim to earn to give long-term; earning to give is much simpler and more memorable than our other recommendations;

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In some careers your parents can give you a huge boost. Should you do what they did?

Blog post by · Published July 3rd, 2015

Angelina-Jon-GettyWould Angelina Jolie have been as successful if her father wasn’t Jon Voight?

In our talks we often note that in the past people typically went into the same career as their parents, but today young people are free to choose from a much wider range of options that might suit them better. That’s true, and it’s a great thing. However, there are still sometimes reasons to follow in your parents’ footsteps.

New research shows that working in the same field as a successful parent can give your odds of success a huge boost. Surely some of what’s going on here is that the child of a star parent is more likely to try to enter the same field in the first place, but part must also be that they are more likely to succeed when they do so.

Some, perhaps even most, of that effect will be due to to unfair and zero-sum nepotistic advantage, and so shouldn’t be actively exploited. But part of it must also be down to nothing immoral: you will start learning about the work incidentally from a young age, you’ll happen to make useful contacts as you grow up, and your parent may even be able to offer you personal coaching.

Unfortunately, the boost seems to be largest in fields where performance is hardest to measure (it’s smaller in sport and science) or where a brand surname matters, as in politics.

Here are the results for some of the most competitive positions in society:

nytimesinheritance

I recommend reading the full article which has many more details.

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Why are wages less stable in skilled professions?

Blog post by · Published July 3rd, 2015

There is some evidence, in fact, that markets for highly skilled workers, such as engineers and other specialized professionals, exhibit systematic periods of boom and bust…1

Earnings tend to fluctuate significantly more in highly skilled professions than in others, rising to high levels for a number of years before plunging and, ultimately, rising again. Why is this the case? Here’s the explanation put forward by Harvard economist George Borjas in his leading textbook on Labor Economics.2

What’s going on?

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I want to make a difference. Should I work in marketing?

Blog post by · Published July 2nd, 2015

If you want to make a difference, should you work in marketing? The short answer: probably not. Although marketing may have positive effects through informing consumers, there’s also arguments that marketing is harmful, so it’s overall effect is unclear.

However, marketing is a valuable, transferable skill. So spending several years in marketing keeps your options open and could open up positions in high-impact organisations.

It’s also well paid, so worth considering for earning to give.

Overall, it’s worth considering as an early career option, especially if you’re stronger on verbal rather than quantitative skills, and don’t want to work in consulting (which is also highly paid and keeps your options open).

Read our full new career profile.

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What are your chances of getting elected to Congress, if you try?

Blog post by · Published July 2nd, 2015

Congress being sworn in

The short answer to this question is ‘very low’. In total there are 535 seats in Congress and 320 million people living in the USA. At any point then, just 1 in 600,000 people living in the USA are members of Congress.

In a competition this insanely selective, only a small share of the population will have what it takes to seriously pursue a career in national politics. Some people who seem like they could be in with a chance – great undergraduate results, high verbal intelligence, charisma and persuasiveness – come to us looking for advice on their career.

If you were one of these people and actually tried to become a member of Congress, your odds would be much higher than 1 in 600,000 – but how much higher exactly?

It’s not straightforward to find a way to make progress. Nevertheless, we think we have found an approach that can get us in the right ballpark for some kinds of people. The method we will use is called reference class forecasting. In reference class forecasting you find a group that you are a member of and see what share of people in that group succeed.

Who makes it to Congress?

If you want to know how closely you resemble existing members of Congress the paper to start with is ‘Membership of the 114th Congress: A Profile‘, from the Congressional Research Service.

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What’s the best way to spend $20,000 to help the common good?

Blog post by · Published June 28th, 2015

I recently came across the following question posted by Paul Buchheit (the founder of Gmail):

Assume that I’m going to get rid of $20,000 and my only concern is the “common good”. Which of these is the best use of the money: give it to the Gates foundation, buy a hybrid car, invest it in a promising startup, invest it in the S&P500, give it to the US government, give it to a school, other?

Many of our users donate money as way to do good with their careers, and I liked this way of posing the question – it’s both broad and concrete. So I spent an hour writing out a rough answer.

I’ll take each option in turn and eliminate the worst ones, then compare a shortlist at the end.

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I want to make a difference. Should I become a philosopher?

Blog post by · Published June 27th, 2015

To most people, this question sounds like a joke. I think that’s the wrong reaction. (Full career profile on philosophy PhDs here)

I think research into philosophy (certainly, at least, moral philosophy, and some other areas in political philosophy, epistemology and decision theory), is potentially extremely valuable. The impact of philosophy on the world seems to me to have been vast. Aristotle, Aquinas and Augustine shaped much of Christian ethics. Locke heavily influenced the American constitution. Peter Singer helped give rise to both the animal welfare movement and to the effective altruism community, and Nick Bostrom has catalyzed concern for existential risks, in particular risks from artificial intelligence. If you include aspects of the Bible (such as the Ten Commandments and the Golden Rule), the writings of Budda and the writings of Confucius as philosophy, as I think you should, then most people for most of civilization have had large chunks of their lives shaped by the philosophical views of the time…

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Should you go into journalism to make a difference?

Blog post by · Published June 25th, 2015

We just completed an exploratory profile on journalism. To write the profile, we interviewed an NPR correspondent and a writer for the New Yorker, and spent a day reading the best advice we could find on the career.

When it comes to having a social impact, journalism might not be the first career you think of, but we think it’s actually a pretty good option, because you can use it as a platform to promote neglected causes to a big audience. The main downside is its competitiveness, which is exasperated by reductions in the number of positions over the last decade. Spending a couple of years in journalism is also better for career capital than it first looks, because you can use it the build a good network.

Read the rest of the profile.

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Should you do a computer science PhD?

Blog post by · Published June 20th, 2015

We’ve released a new exploratory profile on computer science PhD’s in the US.

Our recommendation in the profile:

A computer science PhD offers the chance to become a leading researcher in a highly important field with potential for transformational research. Especially consider it if you want to enter computer science academia or do high-level research in industry and expect to be among the top 30% of PhD candidates.

Read the rest of the profile.

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Why an economics PhD might be the best graduate program

Blog post by · Published June 18th, 2015

We’ve released an exploratory profile on doing an Economics PhD in the US, concluding that it looks like one of the most promising graduate study options for people who want to make a difference.

Our recommendation in the profile:

An economics PhD is one of the most attractive graduate programs: if you get through, you have a high chance of landing a good research job in academia or policy – promising areas for social impact – and you have back-up options in the corporate sector since the skills you learn are in-demand (unlike many PhD programs). You should especially consider an economics PhD if you want to go into research roles, are good at maths (i.e. quant GRE score above 165) and have a proven interest in economics research.

Read the rest of the profile.

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Announcing the effective altruism handbook

Blog post by · Published June 15th, 2015

Effective Altruism HandbookA new Effective Altruism handbook has been released, which features some of 80,000 Hours’ ideas about high impact careers.

This handbook is made up of blog pieces and essays that are freely available online, and has been compiled by Ryan Carey, and released with some assistance from the Centre for Effective Altruism.

It has 24 mini-chapters altogether, split into five sections What is Effective Altruism, Charity Evaluation, Career Choice, Cause Selection and Organizations. Its foreword by Will MacAskill and Peter Singer, is new, as are concluding letters by seven effective altruist organizations. A lot of discussions have gone into deciding which writings are the best for describing the main concepts of effective altruism, so that’s another reason to check it out.

The rest of the essays are freely available online, and were compiled by Ryan Carey with the support of the Centre for Effective Altruism.

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New profile on a new career path: data science

Blog post by · Published June 13th, 2015

Data science

We’ve released a new exploratory profile on data science.

Our recommendation in the profile:

If you have a PhD in a quantitative subject, or if you’re the type of person who would enjoy a quantitative PhD, you should consider data science as an option. You are particularly likely to be well suited if you want to do research that produces immediate and tangible results, and are able to clearly present quantitative findings to people without technical backgrounds.

Read the rest of the profile.

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New in-depth profile on software engineering

Blog post by · Published June 11th, 2015

We’ve released a major update to our career profile on software engineering.

See the updated profile here and the full report on which it’s based here.

Our recommendation in the profile:

Software engineering at large tech-firms is a highly promising option that’s especially easy to test out. If you have good analytical skills (even if you are from a humanities background), you should strongly considering testing it.

Topics explored in the full report include:

  • How to test out your fit for software engineering.
  • Using software engineering to pursue high-impact projects on the side.
  • A comparison of US and UK earnings – we found that average salaries are 40% higher in the US than in the UK, 80% higher in Silicon Valley than in London, and starting salaries for bootcamp graduates are around twice as high in Silicon Valley as in London.
  • What software engineering is like day to day and the key stages of progression.

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The winner takes all economy

Blog post by · Published June 10th, 2015

It’s said that we live in an increasingly “winner takes all” economy. The following chart provides a nice illustration.

From “The Rich are Getting Richer” by The Investor Field Guide (click image for link)
From “The Rich are Getting Richer” by The Investor Field Guide (click image for link)

It shows that from the mid-90s, the companies with the largest profit margins have seen their profit margins expand dramatically – from about 15% to over 20%.

Those at the bottom have seen their profit margins shrink, and the middle 60% have seen little change. The winners are increasingly taking it all.

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Donating to Giving What We Can is higher impact than donating to GiveWell recommended charities.

Blog post by · Published June 9th, 2015

Giving What We Can is fundraising. When I last checked, they had only reached £70,000 of their £150,000 target.

Last year, more than $28m was donated to Give Directly, AMF, SCI and Deworm the World – the charities recommended by GiveWell and Giving What We Can.1 In contrast, Giving What We Can (GWWC) spent under $200,000. My claim in this post is that if you donate to these top recommended charities, you’ll have even more impact (at the margin) if you donate to Giving What We Can instead.

GWWC is closely affiliated with 80,000 Hours, so I’m likely to be biased in GWWC’s favour. However, I feel strongly enough that I think it’s worth writing on the topic anyway.

Here’s three reasons why to donate to GWWC.

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The rise of income inequality and what it means for your career

Blog post by · Published June 8th, 2015

One of the most important (though maybe regrettable) long-term trends effecting the outlook of many careers is the rise in income inequality. In countries such as the United States and the United Kingdom, the difference in earnings between the best and worst paid has risen sharply for the last few decades, with the top earners taking a higher and higher proportion of total income. From the early 1900s to the 1970s, income inequality gradually decreased. However, in Anglo-Saxon countries it began to rise again from the late 1970s. The rise was sharpest in the United States, where the income share of the top decile of earners rose from 33% to 48% in forty years, while the share of the top percentile rose from 8% to 17%.1 In Japan and the rest of Western Europe on the other hand, inequality was either steady or rose much more gradually.

Increasing income inequality means a better outlook for many high-earning careers. It may also reflect trends in which skills are most in-demand and useful as technology changes, making it important to understand if you want good career capital in the future. Finally, it may mean the financial rewards of being at the top of a profession (compared to the middle) are increasing, and this means the importance of personal fit is increasing.

The top decile income share: Europe and the U.S., 1900-2010
This graph is taken from Pikkety (2014) 2

In the rest of this post, we’ll look at the reasons economists have put forth for the increase in income inequality, and speculate on whether the trend will continue.

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Why I stopped Earning to Give

Blog post by · Published June 6th, 2015

I have earned to give for 2.5 years as an Analyst and then Associate in the mergers and acquisitions team of an industrial conglomerate in Sweden. I stopped in mid-2014, and I do not plan to earn to give again. Instead, I am now writing a master’s thesis in philosophy, and I aim for a career in that field. In this post, I will describe my primary reasons for not earning to give with a focus on my main thought—that it seems easier to perform in work that one loves. My aim is not to argue against anyone earning to give; I think it is good that there is more awareness these days that earning to give is an option and others may find that it suits them better than it suits me. My purpose is rather to share my experience in case it might be of interest to people considering earning to give. Also, the recommendation from 80,000 Hours is only earn to give if you have good personal fit with the career, which fits my impression.

My three main reasons for not earning to give are:

  1. I seem to perform much better when I work directly on issues that that I think are most important from an altruistic perspective. I feel that it is difficult to be enthusiastic enough about the work in business.
  2. I see few giving opportunities that I would like to support through earning to give.
  3. It is challenging to have different values from one’s colleagues.

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New TEDx talk released!

Blog post by · Published May 18th, 2015

Check out the TEDx talk video by our Executive Director and co-founder Benjamin Todd.

In it, Ben sets out what we’ve learned through our research about finding fulfilling work. Rather than following your passion, find something you’re good at that helps others. If you aim to do what’s valuable, passion for your work will emerge. And you can also make a big difference with your life.

If you like what you see, please go ahead and share the video. We’d like to get it listed on the main TED channel!

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New in-depth profile on management consulting

Blog post by · Published May 11th, 2015

We’ve released a major update to our career profile on management consulting.

See the updated profile here.

See the new in-depth report upon which it’s based here.

Overall, our recommendation is similar to before:

Consider a job in consulting if you have strong academic credentials and you aren’t sure about your long-term plans and want to experience work in a variety of business environments, or you want to pursue earning-to-give but not a good fit for quantitative trading or technology entrepreneurship.

But we’ve gone much more in-depth into:

  • The chances of becoming a partner, showing that it’s about 10% but requires a great deal of dedication.
  • Common exit options, showing that consultants enter a very wide range of fields when they leave.
  • What proportion of people who want to become consultants actually make it.
  • The potential for direct impact, arguing it’s worse than other common alternatives.

This is our first ‘medium-depth’ career profile, and we hope it will act as a template for further work.

Thank you to Nick Beckstead for carrying out the research.

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