What the Dog Saw [136]
Of the forty-nine people invited to the training camp, twenty-three made the cut and were hired as apprentice advisers. Then the real sorting began. “Even with the top performers, it really takes three to four years to see whether someone can make it,” Deutschlander says. “You’re just scratching the surface at the beginning. Four years from now, I expect to hang on to at least thirty to forty percent of that twenty-three.”
People like Deutschlander are referred to as gatekeepers, a title that suggests that those at the door of a profession are expected to discriminate — to select who gets through the gate and who doesn’t. But Deutschlander sees his role as keeping the gate as wide open as possible: to find ten new financial advisers, he’s willing to interview a thousand people. The equivalent of that approach in the NFL would be for a team to give up trying to figure out who the best college quarterback is, and, instead, try out three or four good candidates.
In teaching, the implications are even more profound. They suggest that we shouldn’t be raising standards. We should be lowering them, because there is no point in raising standards if standards don’t track with what we care about. Teaching should be open to anyone with a pulse and a college degree — and teachers should be judged after they have started their jobs, not before. That means that the profession needs to start the equivalent of Ed Deutschlander’s training camp. It needs an apprenticeship system that allows candidates to be rigorously evaluated. Kane and Staiger have calculated that, given the enormous differences between the top and the bottom of the profession, you’d probably have to try out four candidates to find one good teacher. That means tenure can’t be routinely awarded, the way it is now. Currently, the salary structure of the teaching profession is highly rigid, and that would also have to change in a world where we want to rate teachers on their actual performance. An apprentice should get apprentice wages. But if we find eighty-fifth-percentile teachers who can teach a year and a half’s material in one year, we’re going to have to pay them a lot — both because we want them to stay and because the only way to get people to try out for what will suddenly be a high-risk profession is to offer those who survive the winnowing a healthy reward.
Is this solution to teaching’s quarterback problem politically possible? Taxpayers might well balk at the costs of trying out four teachers to find one good one. Teachers’ unions have been resistant to even the slightest move away from the current tenure arrangement. But all the reformers want is for the teaching profession to copy what firms like North Star have been doing for years. Deutschlander interviews a thousand people to find ten advisers. He spends large amounts of money to figure out who has the particular mixture of abilities to do the job. “Between hard and soft costs,” he says, “most firms sink between a hundred thousand dollars and two hundred and fifty thousand dollars on someone in their first three or four years,” and in most cases, of course, that investment comes to naught. But if you are willing to make that kind of investment and show that kind of patience, you wind up with a truly high-performing financial adviser. “We have a hundred and twenty-five full-time advisers,” Deutschlander says. “Last year, we had seventy-one of them qualify for the Million Dollar Round Table” — the industry’s association of its most successful practitioners. “We’re seventy-one out of a hundred and twenty-five in that elite group.” What does it say about a society that it devotes more care and patience to the selection of those who handle its money than of those who handle its children?
7.
Midway through