Finance: not so “attractive” anymore?
Universum, an employer branding company, has released its world's most attractive employers list and investment banks barely made it to the top 10.
The fairest of them all was Google, followed by KPMG and Ernst & Young in 2nd and 3rd while investment banks JP Morgan and Goldman Sachs rounded up the top 10 in 9th and 10th place respectively.
The rest of the banks however were hanging around the middle; eclipsed mostly by F500 companies. Morgan Stanley came in at 17th, Deutsche Bank at 20th, BoA-ML at 22nd, while Citi, UBS and Credit Suisse came in at 29th, 30th, and 31st place. Barclays seemed the least sexy of the group, sitting at the 36th slot.
Universum CEO Michal Kalinowski stated that the financial services sector took a big hit from attracting top talent because:
"Due to the banking and investment sector being perceived as responsible for one of the world's largest economic meltdowns in history, employers in the industry have lost their appeal as a great place to kick-start one's career, Management consulting companies have also dropped in the rankings, often linked to the banking and investment sector, and may have been perceived as part of the problem for past financial mismanagement."
The index was based on selections of roughly 130,000 students with business and engineering backgrounds from the world’s top 12 economies and schools, thus explaining why banking didn’t put on a good show – and historically it never did place high anyway.
But has finance really lost its appeal?
I highly doubt it, but if that’s the case then more power to us.
We bring our own appeal anyway.
Naaa, finance is kind of like Darth Vader right now, but I seriously doubt that the people in it really care. As if a banker at GS making 6 figures gives a shit that the deli owner things he is a crook. Only people you should care about what they think is your mom and your dog. Fuck the rest.
It's still as sexy as ever. When people find out I'm going to a BB next year the first thing they say is oh wow. No idea why the hell big 4 are up there, you couldn't pay me to work there.
i don't think they'd ever expect you to do it for free.
I do think it has to do with perception but not due to the meltdown. I think it has to do with actual/perceived the work hours/conditions ... I think my generation is becoming soft. They want to be fed and play volleyball on the Google campus or whatever ...
I think your on to something here, wussification of America... too many kids playing ultimate frisbee because they're afraid to put some pads on and hit someone
It doesn't bother me, just adds more soy milk drinking push overs to the male population to be dominated
It doesn't have anything to do with being soft. The fact is, most young people would rather spend their weeknights/weekends in bed with their girlfriend and going out with their boys. That's a pretty logical decision for many people. Especially when you can still get a decent paying job outside of IB. Sure, you won't make 6 figures at 22, with the same chance at making 7 figures at 30. However, making $50K at 22 with a good shot at making $100K at 30, all the while working 40-50 hours a week, is a pretty sweet deal for most people. And lastly, many smart people actually find IB/finance boring, so it's not a good career path for them.
Common sense, I like it.
[/quote] It doesn't have anything to do with being soft. The fact is, most young people would rather spend their weeknights/weekends in bed with their girlfriend and going out with their boys. That's a pretty logical decision for many people. Especially when you can still get a decent paying job outside of IB. Sure, you won't make 6 figures at 22, with the same chance at making 7 figures at 30. However, making $50K at 22 with a good shot at making $100K at 30, all the while working 40-50 hours a week, is a pretty sweet deal for most people. And lastly, many smart people actually find IB/finance boring, so it's not a good career path for them.[/quote]
That is exactly what being soft is.
Why would you ever want to be in bed with your girlfriend, let alone have one? If you're in IB, you can have a flavor of the week, or night, however you prefer it.
Yes, by definition, that is being soft. This debate isn't whether you are soft or not ... that is a stated fact by your own assertion. I also believe that your comment supports my contention that my generation is becoming soft ... thus providing an explanation of why my generation would choose an accounting career over IB.
Now whether or not, softness should be tolerated is a different story. My philosophy is that anything worth obtaining will be hard to get ... I mean "blood, sweat, and tears" hard to get ... because if it wasn't, then everyone would have already obtained it. Its just like women ... the best ones require the most effort to court ... the worst ones ... well you get the point.
Now, I'm not saying that I-Banking is the greatest thing in the world ... like you said, that's purely an issue of preference. I-Banking is NOT for everyone ... because not everyone has what it takes (cough is soft) ... I think whats more important is the decrease in work ethics that you are noticing in our generation ... compared to those in other countries.
I think the big 4 might have more to do with the consulting part rather than audit, tax etc. But regarding the finance sector being unattractive because of they caused of the financial crisis is a far stretch. I think it might have more to do with the excess supply of finance professionals in the market and not so ambitious/driven students finding the job search frustrating, especially the ones who are looking to make a quick buck.
All of the Big 4 in the top 5??? As a former associate in Big 4, I have to question the absurdity of that result...
Where are you now after Big 4?
I left Andersen pre-implosion in 2001. I'm presently CFO of a mid-sized engineering firm in CT. My advice to any big 4 associate is to get your 3-4 years in and then move on to a better role outside of public accounting.
~B
quite possibly the least accurate rankings i have ever seen. BRB accepting job at IKEA over Bain.
when i first read title thoght it was fiance not attractive any mo :(
LOL +1
On this blog, I've never seen so many people so excited to go work for someone else..
He's a "one man wolf pack" of course he cares about friends, leisure time, hobbies, and living life
MODELS AND BOTTLES, FUCK BITCHES GET MONEY
Econ, you are correct. Most bankers are not pimps. S&T guys are getting all the ass.
Haha! Well played, sir.
Nah, I gets mine w/ my cubicle tan.
Wouldn't it be nice if finance lost its popularity. Less competition, higher salaries...
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