Had a question for you guys.
The tech industry is the type of thing that seems too good to be true but actually turns out to be true. I have three main reasons to believe the most talented students will move in droves to the tech industry unless something changes.
1) Automation is set to get rid of a lot of jobs. Mostly things like cashiers, data entry and other simple blue collar functions. Though like it or not, finance is being affected by automation.
Some parts of finance have already been affected such as: AM, buy side/sell side research, S&T and bookkeeping/some parts of accounting (if you count these as part of finance). While these roles aren't the majority of roles in finance, this is still an alarming amount of jobs being cut back. Many people say that investment banking is a sales-oriented industry but that's only true for senior roles. A junior in investment banking could easily have their jobs automated.
Tech, on the other hand, is booming. Compensation is going up, jobs are plentiful, and the talk of the town right now is software and coding. And most of all, people in tech don't have to worry about automation because by the time tech is automated, everything will have been automated. This is a huge plus for tech because people don't want to worry about their job being phased out.
2) A degree in CS is far more versatile than any a degree in finance. A degree in CS can get you a job in quantitative finance, non-quantitative finance, and tech. A degree in finance could only get you a job in non-quantitative finance. For this reason, CS is becoming one of the most popular degree choices. While more of a minor pro for tech than my other two points, it still shows that the times have changed when financial institutions start taking non-finance related degrees.
3) Lastly, while getting into tech may be just as competitive as finance, staying with a job is definitely not.
In finance, you must always be close to the top-performer if you wish to move up or stay with a job. In software, there is no "up or out" set in place and so you may stay wherever you want as long as you're fulfilling your duties. Tech may slightly lose in the compensation department when compared to finance but tech offers work-life balance, job security, ability to advance, as well as most tech offices having a "fun" atmosphere where you have sleeping areas, free food, etc. Many young people see this and are turning their backs on the majority of career paths in favor of pursuing tech. I have no idea what banks, consulting/law/accounting firms are going to do when all the talent starts moving to tech because they actually get to go home at 5 rather than at midnight.
If you were to be looking at a job purely for its compensation and work-life balance but not taking interest into account, tech would be the way to go. Finance, law and consulting all have abysmal hours, medicine takes 8 years to be fully employed and engineering doesn't pay nearly as well as tech.
If you made a list of pros and cons comparing the business world to the tech world, it'd look like this:
Law, Finance, Consulting
Pros: Make excellent money
Cons: Long hours, non-existant work-life balance, no job security
Pros: Fun work atmosphere, job security, work-life balance, work 9-6, your office has a sleeping area, free food, free shuttle to and from work, massages at work, etc.
Cons: Make great money but not as much as law, finance and consulting.
So what do you guys think? Will finance firms ever start giving amenities to their staff or will tech start to decline? What changes do you foresee in the future?