Peers and careers: unequal returns to elite alumni networks

Do alumni ties preserve economic advantage? Linking random tutorial-group assignments at a Danish business school to administrative career data, we show that students align careers more with group peers than others in the same cohort, particularly through shared workplaces. These effects are especially pronounced among students from the wealthiest families and concentrated in top-paying firms. More exposure to affluent peers raises earnings, access to top-paying jobs, and increases the probability of reaching the top income ranks for similarly privileged students, while not for others. Job transitions to group peers point to gains from peer-connected moves, again concentrated among wealthier students.