If I was afraid of breaking into finance before, I'm scared to death now. Linette Lopez struck the first blow with her article in the June 18 Business Insider, "Psychologist To Young Wall Streeters — 'You're Getting Screwed.' And then the knockout punch was delivered in The Guardian with an article called, "Executive coach: 'Finance is an amoral world, bordering on the immoral.'
Here's how the psychologist is quoted in the Guardian article:
"I am sure your readers are familiar with psychological research comparing the personality traits of prison populations with those of successful managers. It found remarkable similarities; they are narcissistic, egocentric, manipulative … The research has been replicated over at least 12 different populations and the findings are consistent. Criminals and CEOs are remarkably similar.
What is a bright, hard-working twenty-something supposed to do?
According to both articles, an analyst in an investment bank may as well be a coal miner, given how poorly s/he is treated. Or should I say abused.
Analysts are worked to the bone, sleeping very little, eating even worse, all this while being promised the moon, and then without warning, once their services are no longer required, they're terminated. (At least their employment is terminated.)
I'm writing this from the outside looking in. My twenty-something years are well behind me, but the point remains the same. As Ms. Lopez wrote:
People are used, then discarded. Especially these days with the crisis. Fear rules supreme. You can get fired any moment, five minutes and you're gone. Corporations fan out over universities making all these promises.
Is the world of finance as cruel as the way it is being described? And if so, what can we do to fight back?
You don't like it, find another industry. I came here to straighten myself out, and it was a toss up between this and the military...which I still may do. Anyone coming in here not knowing what it's all about has only themselves to blame.
Bright, hard-working twentysomethings should keep on keepin' on in finance if that's what they want to do. Channel that drive and ambition into something positive. I think a lot of those Type As sitting in prison have the same drive to "get theirs" but don't have the same 'path,' to put it lightly. This doesn't surprise me.
agree 100%
to add, that doesn't make us criminals. its just that those that end up in jail a lot of the time for "hustlin" (as rappers and swagon would say) have the saem drive, but in an illegal setting because of their path and upbringing usually. its the same hustle that those in finance have
It's actually a better deal then that, going in the expectation is it will be 2 years of a hellacious lifestyle. The pay is relatively poor on an hourly basis and many people will burn out. Going into finance requires a willingness to make a huge sacrifice, you give up having fun in your 20s and leading a normal lifestyle. Your friends will be partying and having a good time and you will be changing commas and formatting. That said after 2 years, you will be better positioned than most. You go to PE, which has potentially better hours and pay, get an MBA and hopefully either stay in IB/PE/VC/HF and make it to the upper echelons and 7 figures or bail to the corporate world work a lot fewer hours and make a few hundred k a year. That's the bargain, considering the other things that will get you this are management consulting (lifestyle sucks in different ways), the military to b school route (dangerous and demanding), banking doesn't seem that bad. Also, some people, like myself enjoy finance, I know it's shocking but it's truly interesting to me.
End the governement crearted moral hazards and finance will fix itself.
It comes with the territory.
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