Friends Don’t Let Friends Get Into Finance
Found a great read dealing with the attractiveness of finance and why, presumably, you shouldn't let your friends get in. Enjoy!
http://techcrunch.com/2011/03/26/friends-don%E2%8…
Trending Content
Career Resources
friends dont let friends work at jeffries.
Why do you say this?
Might be that their name can never be spelled right on this forum. ever. It's Jefferies. How often do you see Goldman spelled Goldmen?
If your question was serious and you're not a troll, Jefferies is a good firm that people just enjoy poking fun at it.
The article said finance was 8.4% of GDP in the last two years. In 2030, it will be 4% (or less).
not trying to start this whole debate again.
but i just had an interesting thought.
a lot of things happen in cycles, and it seems like much of the trend from the late 90's – early 2000's was for people to go into ibanking regardless of whether they really understood it well enough. because of the large salary.
i feel like in the next 10 years the cycle might start turning back. you have stories of entrepreneurial success of facebook trumping the bad rap of wall street during the past decade for young students growing up.
but most importantly, more and more people have started to better understand what ibanking actually is - and what the industry actually is - and realize how over-rated of a job it actually is.
(maybe as a reaction to all the interest in ibanking, creation of the WSO forums, easier access to technology) the younger people i'm talking to these days tell me it's almost trendy to say "i could have done ibanking... but i'm doing this instead"
at the end of the day though, the potential to hit 6 figures in the first few years out of school, and thats how it is
curious to hear what others think.
You say that you don't want to start a debate again but I couldn't find a thread about it using the search function. Can you please share? :)
^^The overwhelming student debt forces so many people into higher paying jobs at financial firms, that's the main driver and I don't see that changing soon.
I honestly can't see myself doing anything other than investment banking. Some people are made for it, others make it work.
I don't point fingers because I knew I wanted to study a business discipline simply because it interested me most (other than that fairly unique EPE concentration a few schools offer) so I never had the hard choice to make between financial security and something I felt would give back to society, but frankly I'm a bit disgusted by how the universal attitude among banks is to throw enough money at people to either keep them quiet or bring them on board in a very aggrandizing talent acquisition scheme. This is definitely beginning to touch on another far broader topic, but I think it's a very good article (though clearly biased) that raises some important points.
WSO RULES BUT THIS POST IS LAME
FARTMAN
"The report concludes that a shrinking finance sector will likely lead to a higher entrepreneurship rate and the creation of companies with greater social value, and still provide the financial intermediation services that are most important to young companies. So that’s what we need in order to save this empire: to tame this beast. "
Because obviously less liquid, smaller capital markets = higher entrepreneurship and the creation of companies. Causation and correlation need to be critically thought about. You can't just throw two data points on a graph and say "A has increased, which clearly must be the cause for B decreasing." Could it be that a third statistic is actually the cause of both occurring simultaneously? Or is it just crazy to think that there is more to an economy than the salaries of a single sector for kids that are less than 2 years out of undergrad?
jefries sucks
Vero rerum ut error. Iure sint vel et doloribus sunt.
Rerum magni labore maiores velit. Nostrum nihil accusantium similique minus officia. Voluptatibus ut possimus nobis id qui impedit aliquam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...