Support the boom in finance?
I would say it's commonly agreed that finance is becoming more and more competitive due to the achieved notoriety in the last years (see how many views are in IB & PE videos on YT). Because of that, the competitiveness for the top paying positions (BB or jobs in financial centers i.e. NY) implies your application vs. hundreds of thousands who also want to get into NY BBs and come from good schools with high GPAs, extracurriculars and internships.
My question to you is why you would want to try to get into finance in one of the most competitive periods of "high-finance" instead of pursuing other services which are requested by the financial industry and also need people?
The more finance jobs = the more demand for services directly tied to the financial industry (I have in mind legal services, but there may be more).
Just to give an example, in law more and more are focusing into moving to finance but this only makes more supply for financial jobs and more demand for legal jobs (good candidates, not just feeling spots with people who have a diploma).
Using your law example, that takes 3 more years of school (3 years where you'd be earning six figures in finance), $200k+ in school fees, and you come out of all of that making below IB associate pay even at the top firms. You work IB hours and your exit opportunities to work less hours aren't very high paying. Law just does not make financial sense unless you are dying to be a lawyer. Certainly anyone who could get into a solid law school could get into IB with some effort.
IB is extremely competitive but it's not a one in a million chance. If you have a solid GPA and network, there is a spot for you. If you don't get in now, go in through MBA.
Didn't get past the first paragraph. What are you talking about boomer? IB is becoming less and less popular (and therefore less selective) and all the good talent / smartest minds are pursuing tech and entrepreneurship or at minimum placing buyside out of college. Banks are literally starving for talent. Analysts turnover is the highest its been over the last couple years - everybody is quitting early and people who fill those spots are increasingly less pedigreed. Yet, banks are forcing RTO and still not paying well relative to other pedigreed jobs out of college - I wonder what effect this will have on candidate selection. And the same goes for PE - analysts are now just foregoing the high finance path if they do survive their 2 years and increasingly going into industry or completely pivoting career paths more than ever before. "Becoming more and more competitive" this has to be a troll post… you don't have to look far to verify its the opposite (scroll the IB forum here).
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