Interesting article for those considering a career in investment banking.
The industry’s cachet, which was tarnished during the financial disaster, has been further stained by the lingering economic slowdown and a series of highly publicized industry scandals that have drawn critical attention to the big banks.
There was “definitely something tempting” about the structure and prestige of a high-paying finance job.
College students who were once attracted to prestigious banks like moths to bonfires are increasingly turning to other industries in search of success. Insiders say that harsh testimonials of industry life can deter would-be financiers from even applying for jobs at the most selective firms.
The decline in the finance industry’s allure has been accelerated by the explosion of the technology industry.
Questions: 1. Even though the financial crisis etc has happened thousands of people still apply for investment banking positions. Surely there must be more to it then pay and prestige? 2. Is ‘technology’ the 'new banking'? 3. Do you think similar resignations will happen at other BB's?
I saw this article. Two other articles come to mind as a response:
Nicholas Kristof's "Is Banking Bad?" column defending the industry: http://www.nytimes.com/2012/01/19/opinion/kristof-is-banking-bad.html
Robert' Shiller's defense of hte individual who is attracted to finance: http://www.bloomberg.com/news/2012-03-06/finance-isn-t-as-amoral-as-it-…
i dont really see how this GS editorial can spark a "campus recruiting crisis" as we are not in the campus recruitment season and GS is only one firm out of many.
Banking is the best industry out of undergrad because 1 - you learn the most 2 - you can think at a higher level than any other out of college job 3 - skills are broadly applicable/amount of work is respected 4 - its pays the most (except for some engineering) and 5 - you have the potential for even more absurdly high paying jobs afterward (sell or buyside)
none of the above has changed. maybe banks will have to change some of the working enviroment to make it more attractive.
also not really sure why people see selling ad words at google is so more attractive than banking? sure the hours and benefits may be better but i dont think you would learn 1/100th of what you would at banking. also what you are doing is not like that much greater for the world. goog did after all get fined big time for hosting ads for bogus viagra.
and plenty of people have already resigned from BBs just didnt decide to shout it from the rooftops, they just went to boutiques so they could write their own paychecks.
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