Recent college graduates rejecting careers in banking, finance
By Kelby Clark, Rutgers University June 26, 2015 8:28 am
Summary
The growing trend of fewer graduates pursuing careers in the finance sector may be more specific to elite university students rather than graduates as a whole.
Massachusetts Institute of Technology, for example, “only 10% of undergraduates went into finance in 2014 — compared with the 31% who took jobs on Wall Street in 2006 prior to the financial crisis.”
Only 33% of graduating seniors in Harvard Business School’s class of 2014 pursued a career in the finance sector, compared with the 42% of graduates who went into the industry before the financial crisis
Those employed in the finance sector are known to pull all-nighters and work 100-hour work weeks, and a 2012 study done by University of Southern California business professor Alexandra Michel found the prevalence of physical and mental health problems among young bankers is mainly due to these exhaustive conditions.
“sales representatives for financial and business services” — an umbrella category that comprises investment advisers, brokers, traders and investment bankers — are 39% more likely to commit suicide than the rest of the workforce.
That problem is compounded by competition with tech companies offering comparatively low-pressure working environments and, in the case of companies like Google or Facebook, a number of workplace amenities — including cafes, play areas, on-site healthcare or barbershops.
At the University of Pennsylvania’s Wharton School, for example, the percentage of MBAs entering investment banking fell to 13.3% in 2013 from 26% in 2006. Those entering tech more than doubled to 11.1%
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