Will you want your children to go into IBD/PE?

I would want them to do just about anything else. I might put PE above lawyer.

Crazy thing is you still see kids from very wealthy families going into PE / VC. Should tell you something about how people about where the world is going.

Depends on what they want to do. I hope they wouldn’t have to do it, but it’s not a bad place to do a tour of work in.

They should follow their passion, the money will come later.

absolutely not. if kids are hella confused go work in consulting you can still do that PE bullshit after if necessary. banking is a waste of two years you could be experimenting and trying other things

Follow their passions is what I'd advise. Worst case, they go back to MBA school like I'm doing now.

I would try to push them to get into the best undergrad possible. I ended up going to my "safety" out of high school and have always regretted it. Graduated with honors etc. but the job opportunities were fairly garbage even when the economy was back on the upswing around ~2013-2015. Getting a 80K salary out of my STEM degree was very rare with just a Bachelors. A lot of my classmates in college seem to be in dead end jobs. One's who have advanced their careers and are on track or already make 6 figures all went back to grad school.

I thought about this recently with a sibling who is a freshman in college.

My initial thoughts are no for the IBD and/or PE route but so much of that has been informed by my experiences (which have been solid overall to be fair). But then I think back to what my parent was hoping I would pursue in college and then realize it would be a bit of hypocrisy on my part to take the same approach. 

That being said, there are probably certain majors I would take a more hardline stance.

I'd want them to do whatever it is they're passionate about. I just hope they don't end up doing something useless like art history, gender studies, or queer theory. I don't how I'd feel supporting my 35-year-old, unmarried daughter, who is an "educator." 

No, I don't mind them working hard (medicine) or working smart (SWE), but I do not want them to go into finance. To be clear, finance isn't at the bottom of careers I would choose for them, but it's certainly not at the top either.