Page - (000118) - in Knowledge and Networks

110 education illustrates that despite the fi rms’ broadly similar knowledge bases they seek as competitors to differentiate themselves by emphasizing how their ability to deliver what would be considered appropriate advice is infl uenced by strengths associated with particular, fi rm- specifi c cultures of practice. In fi nancial fi rms, com- pulsory courses for all new recruits are run in-house on a regular basis, sometimes by senior staff and sometimes by for-profi t education fi rms. This type of education is concerned with socializing individuals into the organizationally acceptable ways of using the standard technologies or “calculative devices” (Callon & Muniesa, 2005 ) underpinning most investment bank transactions. Here competency relates to knowledge about fi rm-specifi c parameters for the particular risk valuation tech- niques to be used (see Hall, 2008 ). Such technology-specifi c education is supported by the wider socialization objectives of investment banks’ induction programs targeting new-graduate recruits with the goal of informing individuals about how to fulfi ll the expectations of both the City fi eld and the fi rm’s senior professionals in terms of everyday practice. The approach is described by the following interviewee: There is also quite a lot of time dedicated to them instilling and communicating the values of the company and what is going to be expected of people and giving guidance on the key values, what it means to be professional, what the standards are, and what you are expected to project on a day to day basis, so yes, quite a lot of time is spent on that in the beginning. I think people expect that. ( Investment bank vice-president, London, 2010) Taken together, these elements reveal how postgraduate education is crucial in inculcating new recruits in investment banks into the legitimated and expected forms of socioeconomic practice within these elite labor markets. In so doing, post- graduate education moves considerably beyond simply circulating and facilitating the reproduction of technical know-how within wholesale fi nancial workplaces in London’s fi nancial district, to include a range of embodied and sociocultural forms of knowledge. Societally and Territorially Embedding Early-Career Financial Elites Through Education The analysis so far has revealed the central role of postgraduate education in provid- ing new recruits with an understanding of the legitimate meanings, competencies, and technologies (and their use) associated with City practice. At fi rst glance, this analysis might be read as a story about the role of education in helping reproduce elites using practices attuned to the globally dominant discourses that shape the fi nancial services sector (on which see Clark, 2011 ). However, although the kinds of education experienced by early-career elites in the City allows some such attuning to global investment banking labor markets , education also acts in important ways to situate City elites in a London-specifi c mode of practice. These educational activ- ities suggest that in addition to facilitating entry into the topological networks S. Hall