New releases

Interview with Matt Gibb

Blog post by · Published February 25th, 2014

Introduction

Matt Gibb has been involved with 80,000 Hours since its inception. Early on, he was influenced by the idea of earning to give and has been pursuing this for the last few years through entrepreneurship. When we spoke to him he was focussed on a company dropkic.kr at the startup incubator Betaspring. With dropkic.kr, Matt has tied himself and his co-founders to the mast by adding a legally binding agreement to the company charter to donate ? of any proceeds they from selling their stake to GiveWell or Giving What We Can recommended charities.

Charitable Contributions. Each Founder hereby agrees that, upon the earlier to occur of a Sale of the Company or a Transfer of all Company Securities held by such Founder (such time, the “Charitable Contribution Trigger”), such Founder shall contribute not less than one-third (1/3) of such Founder’s Aggregate Proceeds (measured as of, and after giving effect to any amounts received by such Founder as a result of, such Sale of the Company or Transfer) (such amount, the “Charitable Contribution Amount”), to one or more global health-related charities as may be recognized by givingwhatwecan.org and givewell.org or any similar or successor research organization; provided, however, that each Founder shall be entitled to deduct from such Charitable Contribution Amount, on a dollar-for-dollar basis, the amount of any and all global health-related charitable donations made by such Founder from and after the date hereof and prior to such Charitable Contribution Trigger. (emphasis added)

He has some experience as a successful entrepreneur, having co founded Promo Push Ltd. in 2010 an electronic dance music promotion company, now servicing 250,000 customers including Sony Music and a subsidiary of Universal music. We talked to him about his experience in tech entrepreneurship and his views on getting into it for those just starting out. What follows is a edited and reworked version of the interview.

Summary of Matt’s points

  • The best way to learn what you need in order to make a successful startup is by trying, so the best path into entrepreneurship is to aim to start as soon as possible.
  • For those interested in entrepreneurship web startups are a good option because they are the cheapest to start, but the startup costs of new businesses in physical products is dropping rapidly.
  • When starting out as an entrepreneur it is much more important to focus on execution than the idea, because it is unlikely the idea you end up with will be the same one you started with.
  • The demand for technical skills in backend or frontend development outsrips supply in the startup world, so they are very valuable skills to learn if you want to become an entrepreneur.

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Case study: should I finish my degree?

Blog post by · Published February 21st, 2014

Introduction

Martin is taking a year out from an applied science degree at a Russell group university to work in industry. He came to us very undecided about his path after graduation and wondering whether he should finish his degree at all.

The following is our notes on what was discussed and the results that followed.

Lessons learned

  • We discovered there is fairly strong academic evidence for high financial returns from doing a degree.
  • Career capital, earnings potential and keeping your options open have been highly relevant factors for assessing entry level jobs for most students who have come to us so far, who don’t already have several strong options on the table.
  • We want to prepare an overview of the options in finance, since lots of people have asked us about this.

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Case study: earning to give compared to medical research

Blog post by · Published February 19th, 2014

Introduction

Ramit came to us with a simple question: should I try to train as a medic with the aim of doing biomedical research, or should I seek a high earning job in finance and pursue Earning to Give?

He’s currently doing both – working as a quantitative financial analyst giving away more than a third of his salary (he was an early stage funder of Give Directly) and taking pre-med courses part time, as well as other projects!

Ramit’s initial thought was that the biomedical research path would be better. Read on to find out how he came to change his mind, and came up with a new set of next steps.

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Should you do a degree?

Blog post by · Published February 18th, 2014

Graduates

As university fees have continued to increase, there has been debate in the press over whether doing a degree is still worth it: the Telegraph asks ”University: was it worth it?” and a Daily Mail headline reads: “Degree earning power falls 22% in a decade – and top graduates are working in pubs”. The same debate is raging in the US, and has received excellent in-depth analysis by Dylan Matthews of the Washington Post.

The question of whether or not to do a university degree has arisen in our careers coaching. In a recent case study, we were asked by our coachee whether they should finish their degree. We’ve previously been asked by a member whether they should start a degree, and we’ve discussed career decisions with Joey and Xio, who decided to put their degree on hold in order to start Effective Fundraising. So, we decided to write up our thoughts.

This article is aimed at the UK, though we think many of the ideas apply in other countries.

In summary:

  • If you have the option of doing a degree, it’s normally best to take it. There are several good reasons to think it’s one of the best ways to boost your career capital.
  • We’re open to the idea that there can be better paths, but our guess is that they’re relatively rare, because they would need to offer unusually high social returns or be unusually good for building career capital.
  • If you’re not going to do a degree, some alternatives that we guess might be particularly promising include learning a high-earning trade, learning to program, working at a small company, and founding a new project.

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Internship opportunities at 80,000 Hours

Blog post by · Published February 14th, 2014

We are looking for interns to join our Graduate Volunteer Scheme, which involves a period of 6-10 months of work in our Oxford-based office (although we are also interested in students who want to intern with us over the summer, and sometimes consider 2-3 month placements). We have roles in research, outreach, operations, fundraising, tech and design. Taking up a Graduate Volunteer position is a great way to gain experience for your future career, as well as meet a diverse range of interesting and highly motivated people, and do a lot of good.

As a Graduate Volunteer, there are lots of different areas to work on, and there’s plenty of flexibility to adjust the role so it plays to your strengths and development aims. We make it our responsibility to ensure your time here allows you to grow as much as possible, as well as just being lots of fun! Many interns say the experience was a significant boost to their career, and we introduced several to the people who set them up with their current jobs. You can see why past interns have found the Graduate Volunteer Scheme a great experience at the bottom of this post.

The scheme has proved very popular with our current interns, with a stimulating and dedicated atmosphere in the office and a lively and welcoming community outside office hours. Perhaps the strongest evidence of this is that many have extended their stays repeatedly. Once you have applied, we are happy to connect you with a current intern to discuss what it’s like to work with us. Read more about why working at 80,000 Hours is an excellent experience.

We’re looking for hardworking individuals with a strong desire for personal development who are deeply interested in making the world a better place in an effective way. Find out more.

We can often provide accommodation in a house with other volunteers and staff, free lunch, and expenses of up to £8 a day based on financial need, especially for longer-term interns. As you would play an important role for a significant period, we would make sure you weren’t left out of pocket.

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    An estimate of the expected influence of becoming a politician

    Blog post by · Published February 12th, 2014

    Politics

    Introduction

    How much influence could you have by becoming a politician? Common sense says that politicians have a lot of influence, and it’s a serious contender as a high impact path for someone who’s altruistically motivated. But aren’t the chances of success incredibly low? Our guess was that even though the chances are low, the potential impact is still very high. So, when we were asked about UK politics in a recent case study, we decided to make a more detailed estimate of the expected influence to feed into an overall analysis of politics as a career path.

    We found that chances of success are low, but for some students they’re not low enough to offset the very large potential influence. The UK government budget is £720 billion, and even a small chance at influencing a budget that large could be highly significant (and the impact of politicians extends well beyond budgets).

    We’ve extended our analysis of the chances of an Oxford PPE graduate succeeding as a politician, to make a rough estimate that such a student can expect to be able to direct £7.5 – 75 million to the causes they support from their chances of making it into elected office. For a student similar to an Oxford PPE graduate, this suggests the path is competitive with the most high potential earning to give careers – such as those in finance – in terms of financial influence, which when combined with politicians’ law-making powers and advocacy opportunities could put politics clearly ahead.

    Aren’t politicians highly constrained by existing policy, what other politicians want, the desires of the electorate and other factors? Yes, but these factors have already been included in the estimate. Read on to see the full process.

    Summary of the estimate

    Our preliminary estimate is that an Oxford PPE graduate who aims to become a politician in the UK, could expect to influence £150 million of government spending, arising from their chances of making it into office. A number of factors decrease the impact of that money; giving a quality-adjusted estimate of £7.5 – 75 million, falling towards the lower end if you’re primarily interested in very specific interventions (e.g. supporting a certain organisation) rather than broader ones (e.g. promoting evidence-based policy). This is the amount of government spending the graduate might be able to direct towards the causes they support.

    For students without the typical attributes of Oxford PPE students, chances are significantly reduced. For instance, repeating the calculation but considering students from Oxford and Cambridge as a whole suggests expected influence on the order of £1 – 10 million. More generally, the expected influence is highly sensitive to the individual’s degree of fit with politics i.e. it could be substantially higher for someone with strong success in student politics at Oxford, and near zero for many others.

    Our proposed estimate is extremely coarse. We rely on a crude economic model of influence within government, assume that this influence in aggregate accounts for all public spending, and try to estimate the share of influence possessed by a number of relevant groups. We believe this model is much stronger than it appears casually, and do provide some justification for some of the simplifying assumptions at the end of the document. We also explain some important caveats, such as our uncertainty over the prominence of MPs and ministers, and focussing mainly on Oxford PPE. Nevertheless, it is certainly an extremely crude model. The error on this estimate is at least an order of magnitude or so, and if there are significant issues with the methodology they may actually be even larger.

    To compensate for this we have made conservative estimates throughout, and still arrived at a remarkably high number. Since the conclusion of this calculation is also supported by the common sense position that going into politics is high potential for students with the right characteristics, we conclude that the expected influence of entering this path is indeed very large.

    Continue reading →

    Assessing the social value produced by founding Google

    Blog post by · Published February 11th, 2014

    Sergey-brin-larry-page-google-founders

    80,000 Hours has outlined some reasons tech entrepreneurship could be a particularly promising career path. One relevant factor is that the technology sector is a candidate for a sector of the economy that produces significantly more social value than its total earnings. Some reasons for this are:

    • Anecdotally, people report that they benefit substantially more from certain technologies than they pay for them. For example, Google provides services to Google users at the very low cost of unobtrusive advertisements, and Google users benefit substantially relative to this cost.

    • Technological innovation has been a large driver of economic growth, and economic growth helps people who haven’t been born yet, who don’t pay for past technological innovation.

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    The Centre for Effective Altruism is looking for a Director of Development

    Blog post by · Published February 6th, 2014

    We are looking for a Director of Development to join our team in Oxford! The right candidate would play a vital role growing and sustaining the donor base that enables 80,000 Hours and our sister charity Giving What We Can to serve their charitable missions. You can read more about the role below. If you’re interested in this opportunity please apply here by 28th February (and if you know anyone else who might be interested, we encourage you to pass this opportunity on to them).

    Note that this is just one of many job and internship opportunities that are available with our parent charity, the Centre for Effective Altruism (CEA) – for a full list, see here. See also our description of why CEA is an excellent place to work.

    Continue reading →

      In which career can you make the most difference?

      Blog post by · Published February 5th, 2014

      The-fork-in-the-road_0

      Introduction

      Previously, we introduced a way to assess career opportunities in terms of their potential for positive impact, but which careers actually do best on these criteria? In this post, we’ll apply an adapted version of this framework to some career paths that seem particularly promising for recent graduates. Using what we’ve learned over the past two years of research and coaching over 100 people, we’ll provide a ranked list of options.

      Summary

      • If you’re looking to build career capital, consider entrepreneurship, consulting or an economics PhD.
      • If you’re looking to pursue earning to give, consider high-end finance, tech entrepreneurship, law, consulting and medicine. These careers are all high-earning in part due to being highly demanding. Our impression is that software engineering, being an actuary and dentistry are somewhat less demanding but also highly paid.
      • If you’d like to make an impact more directly, consider party politics, founding effective nonprofits, working inside international organisations, government or foundations to improve them, and doing valuable academic research.
      • If you’d like to advocate for effective causes, consider party politics, journalism, and working in international organisations, policy-oriented civil service or foundations.
      • Some career paths that look promising overall are: tech entrepreneurship, consulting, party politics, founding effective nonprofits and working in international organisations.
      • Some paths we think are promising but are largely neglected by our members and would like to learn more about are: party politics, working in international organisations, being a program manager at a foundation, journalism, policy-oriented civil service and marketing.

      Continue reading →

      Some stories of career change due to 80,000 Hours

      Blog post by · Published February 4th, 2014

      What kinds of career changes has 80,000 Hours caused? The following is a collection of 15 examples we prepared as part of a grant application in October 2013.

      The examples were written by us, but each was sent to the relevant person by email, who was encouraged to point out inaccuracies or exaggerations of our influence. The exact wording for each example has been approved by the career changer. ? have been anonymised. In addition, we prepared 4 more similar examples, but don’t have permission to share those publicly.

      We aimed to select the more impressive examples that we were most familiar with, so the selection is biased towards people we know personally and from the first two years of our existence (Feb 2011 – Feb 2013). We’re exploring the career changes we have caused among our readers and coachees more broadly through our impact survey and upcoming coaching evaluations. Nevertheless, we think this collection of examples is a good proof of concept. They show that talking to people about our ideas in the context of a community can lead to significant changes of career plan, more thoughtfulness and stronger intentions to make a difference.

      They also help estimate a lower bound on our impact. Just considering those who switched to pursuing earning to give, we’ve already tracked donations of ~$150,000 to GiveWell recommended charities or effective altruist organisations.

      The amount donated over the next couple of years seems clearly set to rise.
      * The people already donating can expect substantial salary increases as they move into their second and third years in employment.
      * Richard and Adam have only just entered employment.
      * Sam Bankman-Fried has accepted a job at a proprietary trading firm, and is on track to donate as much as Tim.
      * Matt’s startup is in an incubator, and he has legally bound himself to donate 33% of his exit value.

      Given this, we’re confident that more than $1mn will be donated by this group in the next 3 years.

      We think there is also substantial value among those not pursuing earning to give:

      • One is a Marshall scholar, and starting a promising academic career.
      • One went to work at GiveWell.
      • One has founded a network to promote effective altruism in healthcare.

      In addition, we played a substantial role in the creation of Animal Charity Evaluators, which performs research into the most effective ways to promote animal welfare and now has an annual budget of $80,000. ACE developed out of Effective Animal Activism, which was founded by an intern at 80,000 Hours during their internship. 80,000 Hours contributed to the initial concept for the charity and provided it with technical support, as well as assistance fundraising and hiring full-time staff. Moreover, EAA was legally part of 80,000 Hours for 6 months, before being spun-off and independently registered.

      The full stories are below.

      Continue reading →

        5 ways to make a big difference in any career

        Blog post by · Published February 3rd, 2014

        Soup_kitchen

        At 80,000 Hours, we’re focused on finding the very best opportunities for you to do good with your career. We’re worried that sometimes this continuous focus can be demoralising. After all, it’s hard to find the best opportunities. Moreover, we’re worried that sometimes our members lose sight of the fact that you can make a big difference in any career.

        We don’t mean spending your birthday volunteering at a soup kitchen, giving seniors the ‘gift’ of your art, or buying a charity wristband. We mean you can transform the lives of hundreds of other people, in any career.

        So, we decided to write this note explaining how…

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        80,000 Hours is hiring: careers analyst job available

        Blog post by · Published January 31st, 2014

        Oxfordimage

        As we continue to expand our team in Oxford, we are looking for someone to join 80,000 Hours full time as a Careers Analyst. Details of all the positions we’re offering can as always be found on our recruitment page.

        This is your chance to help us fulfill our mission of helping thousands of the most talented and dedicated people work on solving the world’s most pressing problems. That’s a big project, and we’re growing fast, so we’re looking for bright and ambitious people to join us. If this sounds like something you’d like to be part of, then apply to work for us!

        You can read more about the position below. For more on why working at 80,000 Hours is an incredible opportunity, see Why work for 80,000 Hours?

        Details of the role

        As an 80,000 Hours Careers Analyst, you will play a key part in growing the organisation as we expand over the coming years. We are looking for someone to become part of our founding team, in order to:

        • Give one-on-one coaching to amazing people who want to change the world, as part of our case studies.

        • Do research into ?nding the most promising career opportunities in the world.

        • Promote our research in the international media, online and through other outreach.

        • Monitor our impact.

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          Case study: can I earn more in software or finance?

          Blog post by · Published January 30th, 2014

          Software

          Jessica is a software engineer at Google, who donates much of her income to GiveWell recommendations and 80,000 Hours. She plans to continue pursuing earning to give, and came to us wondering whether she might be able earn more using her skills; in particular by switching into finance or moving to Silicon Valley.

          Summary of lessons learned

          We found:

          • An engineer at Google can expect to earn about $150-$200 p.a. after 3 years of experience, which will then grow at 2-6% p.a. afterwards.
          • Google engineers are among the most highly paid engineers in big companies.
          • Google engineers do not appear to earn more in Silicon Valley compared to major East Coast cities, although software engineers on average earn more in the Valley.
          • She may be able to earn more by switching into finance, but we need to do more research.

          Continue reading →

          Interview with leading HIV vaccine researcher – Prof. Sir Andrew McMichael

          Blog post by · Published January 28th, 2014

          Introduction

          Andrew McMichael

          Continuing our investigation into medical research careers, we interviewed Prof. Andrew McMichael. Andrew is Director of the Weatherall Institute of Molecular Medicine in Oxford, and focuses especially on two areas of special interest to us: HIV and flu vaccines.

          Key points made

          • Andrew would recommend starting in medicine for the increased security, better earnings, broader perspective and greater set of opportunities at the end. The main cost is that it takes about 5 years longer.
          • In the medicine career track, you qualify as a doctor in 5-6 years, then you work as a junior doctor for 3-5 years, while starting a PhD. During this time, you start to move towards a promising speciality, where you build your career.
          • In the biology career track, get a good undergraduate degree, then do a PhD. It’s very important to join a top lab and publish early in your career. Then you can start to move towards an interesting area.
          • After you finish your PhD is a good time to reassess. It’s a competitive career, and if you’re not headed towards the top, be prepared to do something else. Public health is a common backup option, which can make a significant contribution. If you’ve studied medicine, you can do that. People sometimes get stranded mid-career, and that can be tough.
          • An outstanding post-doc applicant has a great reference from their PhD supervisor, is good at statistics/maths/programming, and has published in a top journal.
          • If you qualify in medicine in the UK, you can earn as much as ordinary doctors while doing your research, though you’ll miss out on private practice. In the US, you’ll earn less.
          • Some exciting areas right now include stem cell research, neuroscience, psychiatry and the HIV vaccine.
          • To increase your impact, work on good quality basic science, but keep an eye out for applications.
          • Programming, mathematics and statistics are all valuable skills. Other skills shortages develop from the introduction of new technologies.
          • Good researchers can normally get funded, and Andrew would probably prefer a good researcher to a half million pound grant, though he wasn’t sure.
          • He doesn’t think that bad methodology or publication bias is a significant problem in basic science, though it might be in clinical trials.

          Continue reading →

          Has 80,000 Hours helped you?

          Blog post by · Published January 27th, 2014

          We want to find out.

          We’re doing a survey to understand how we may have helped readers like yourself. This will help us measure our impact. We take this really seriously, because we want to know how effective we are, and how our service can be improved.

          If you’ve found our content useful, please give us five minutes of your time in support.

          If you haven’t found our content useful, we also really want to hear from you. This is your chance to tell us what we should do different.

          Take our survey before midnight January 31st, and we’ll enter you in a draw to win $100 as an Amazon Gift Card or donation to a charity of your choice.

          Take our survey

          The full results will be published on the blog.

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            80,000 Hours is hiring! Lead Developer and tech/design interns needed

            Blog post by · Published January 24th, 2014

            As we continue to expand our team in Oxford, we are seeking three new team members to join us some time between March and September this year:

            1. A Lead Developer to develop our website as a paid employee

            2. A tech intern to work on a range of web projects as a member of our Graduate Volunteer Scheme

            3. A design intern to illustrate our ideas as a member of our Graduate Volunteer Scheme

            Wholeteam1

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              Reasoning about influence in politics

              Blog post by · Published January 23rd, 2014

              Understanding a politician’s influence at first appears to be hopelessly tangled. A politicians’ influence is very tenuously related to the vote they can cast in parliament, and is mediated by a complicated process involving respect for precedent, social consensus, explicit and implicit negotiation, explicit and implicit appeals to popular opinion, and so on. Fortunately, on closer inspection many of these challenges can be ameliorated.

              In the following research notes, we introduce an argument that the naive answer is about right: if there are 100 politicians with one vote each, then each politician has about 1% of the total impact of the politicians.

              The result is highly useful in making estimates of the influence you might expect to have by becoming a politician, or indeed in any situation when a group of people negotiate over an outcome e.g a company board setting strategy, or a committee of grant makers allocating funding.

              Note that the following are only preliminary research notes that were made while doing a case study, and not the results of in-depth analysis, so we’re cautious about the conclusion. Nevertheless, we’re keen to share the ideas and seek feedback.

              Continue reading →

              Which cause is most effective?

              Blog post by · Published January 21st, 2014

              In previous posts, we explained what causes are and presented a method for assessing them in terms of expected effectiveness.

              In this post, we apply this method to identify a list of causes that we think represent some particularly promising opportunities for having a social impact in your career (though there are many others we don’t cover!).

              We’d like to emphasise that these are just informed guesses over which there’s disagreement. We don’t expect the results to be highly robust. However, you have to choose something to work on, so we think it’ll be useful to share our guesses to give you ideas and so we can get feedback on our reasoning – we’ve certainly had lots of requests to do so. In the future, we’d like more people to independently apply the methodology to a wider range of causes and do more research into the biggest uncertainties.

              The following is intended to be a list of some of the most effective causes in general to work on, based on broad human values. Which cause is most effective for an individual to work on also depends on what resources they have (money, skills, experience), their comparative advantages and how motivated they are. This list is just intended as a starting point, which needs to be combined with individual considerations. An individual’s list may differ due also to differences in values. After we present the list, we go over some of the key assumptions we made and how these assumptions affect the rankings.

              We intend to update the list significantly over time as more research is done into these issues. Fortunately, more and more cause prioritisation research is being done, so we’re optimistic our answers will become more solid over the next couple of years. This also means we think it’s highly important to stay flexible, build career capital, and keep your options open.

              In the rest of this post we:
              1. Provide a summary list of high priority causes
              2. Explain what each cause is and overview our reasons for including it
              3. Explain how key judgement calls alter the ranking
              4. Overview how we came up with the list and how we’ll take it forward
              5. Answer other common questions

              Continue reading →

              The Value of a Degree

              Blog post by · Published January 15th, 2014

              Introduction

              Many of our readers are students, and some have come to us wondering whether they should start a university degree or complete one they have already started. One thing to consider in making this decision is what effect getting a degree will have on your lifetime earnings. So in this post we summarise our reading of some of the empirical literature on this question, mostly focused on the UK.

              Summary

              • There appears to be a consensus in the empirical literature that getting a degree provides a large financial return on the costs in increased lifetime earnings (generally better than an investment with a 10% return and maybe closer to 15%).

              • The most common way of studying the question of economic returns is to use correlations in data containing information on education, earnings and other variables (performing “ordinary least square regression” on it).

              • The obvious worry with this method is that the same abilities that help earn a higher income might cause people to go to university rather than the other way around. This is called ability bias. The standard view in the literature, however, is that this issue only has as minor effect on estimates of the return to education.

              • The literature here supports the common sense position that an undergraduate degree is generally a good investment in your career.

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              Neglectedness and impact

              Blog post by · Published January 14th, 2014

              Summary

              Let’s suppose there’s a cause that you care about much more than society at large. In your eyes, that cause is neglected. All else equal, you should have more positive impact by working on a neglected cause, because other people won’t already be taking the best opportunities within it. But how much more positive impact can you expect?

              The following is a set of research notes we made while performing a case study, which we’re making available for feedback on our thinking. It argues for a simple result: If you care about an output K times more than society at large, then (all else equal) you should expect investing in gaining that output to be K times more effective than making other investments.

              For instance, most people don’t put a high weight on avoiding animal suffering. Let’s suppose you do. In fact, you estimate that you care about it roughly 10 times more than the average person (i.e. you would be satisfied investing 10 times the amount of resources to avoid the same amount of animal suffering compared to the average person). Then, you should expect that investing to end animal suffering is, all else equal, roughly 10 times more effective than making other investments.

              This seems like it might be a highly relevant consideration in picking causes. If the argument is correct then, all else equal, we should expect more neglected causes to be more effective. Our current position is that the arguement below shows that we should weight neglectedness to some extent in picking causes, but we’re not yet sure how highly we should weight it because we’re not sure: (i) how important neglectedness, as modelled in this way, is compared to other considerations we could investigate (ii) how tractable it is to investigate.

              The research note also explores how important this consideration is to members of 80,000 Hours, the effect of adding further considerations, and how the result might be applied in practice.

              Continue reading →