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Wall Street’s Latest Campus Recruiting Crisis
College students who were once attracted to prestigious banks like moths to
bonfires are increasingly turning to other industries in search of success.
Insiders say that harsh testimonials of industry life can deter would-be
financiers from even applying for jobs at the most selective firms.
“This is a significant problem for Goldman,” said Adam Zoia, the chief
executive of the placement firm Glocap Search, whose clients include many
aspiring big-bank employees and hedge fund workers. “Their perch of being
the investment bank to go to is definitely at risk.”
One former Goldman analyst recently decided to leave the firm after the
rewards of a finance job no longer seemed to outweigh the costs. He is now
working at a small technology start-up for less money.
“Perhaps Smith is a catalyst,” said the employee, who spoke on the
condition of anonymity because many of his friends still worked at the bank.
“There have always been unhappy people” in finance, he added, but “this
is the year people are realizing things are structurally different.”
Smaller paychecks and waves of layoffs are only making the decision easier
for some students, who no longer view Wall Street as a fast track to seven-
figure salaries. Last year, flagging profits at many financial firms reduced
some bankers’ compensation from stratospheric to merely generous. At
Morgan Stanley, cash bonuses were capped at $125,000; annual cash payments
for some Goldman employees were cut in half.
Adding to the chorus of dissent, students now face criticism on their own
campuses. Groups of protestors at Yale and Harvard stood outside bank
recruiting sessions last fall, shouting slogans and holding signs with
messages like “Take a chance, don’t go into finance.” At Princeton, a
group affiliated with the Occupy Wall Street movement interrupted sessions
by JPMorgan Chase and Goldman Sachs, urging their fellow students to rebel
against what it said was “the campus culture that whitewashes the crooked
dealings of Wall Street as a prestigious career path.”
The decline in the finance industry’s allure has been accelerated by the
explosion of the technology industry. A 2011 survey of 6,700 young
professionals by the consulting firm Universum ranked Google, Apple and
Facebook as the most coveted workplaces; JPMorgan Chase, the highest-ranking
bank on the survey, was 41st.
At this year’s SXSW Interactive conference in Austin, Tex., a panel called
“Keeping Kids off the Street: Wall St. vs. Start-ups” was convened to
address questions including whether the finance industry was to blame for
what organizers called a “failure to nurture a culture of innovation” in
New York. Chris Wiggins, an associate professor of applied math at Columbia
University who sat on the panel, said he was seeing students shy away from
Wall Street and veer toward industries where they could work and profit
without bringing their morality under the microscope.
“The claim of investment banking that it serves a social purpose by ‘
lubricating capitalism’ has eroded,” Professor Wiggins said. “It’s
simply very difficult for young people to believe that they’re serving any
social purpose now.”
Even at top colleges and business schools, where Wall Street was once
considered hallowed ground, the focus is shifting. In 2008, the last
recruiting year before the financial crisis, 28 percent of the employed
seniors in Harvard’s graduating class went into finance. Last year, that
number fell to 17 percent, as students opted for other fields and investment
banks cut their ranks.
Ben Pruden, a second-year student at the McCombs School of Business at the
University of Texas at Austin, said on Wednesday that he planned to go into
technology, not to Wall Street, after receiving his business degree. He has
a job lined up at salesforce.com after graduation, and said that although he
knew people working in finance, including his sister, Wall Street held
little sway with him.
“I have no interest in working at Goldman,” he said. “I want to build
something. I don’t want to be working in an industry that effectively
leeches off other industries.”
Mr. Pruden added, “it’s not creative enough for me.”
College students who were once attracted to prestigious banks like moths to
bonfires are increasingly turning to other industries in search of success.
Insiders say that harsh testimonials of industry life can deter would-be
financiers from even applying for jobs at the most selective firms.
“This is a significant problem for Goldman,” said Adam Zoia, the chief
executive of the placement firm Glocap Search, whose clients include many
aspiring big-bank employees and hedge fund workers. “Their perch of being
the investment bank to go to is definitely at risk.”
One former Goldman analyst recently decided to leave the firm after the
rewards of a finance job no longer seemed to outweigh the costs. He is now
working at a small technology start-up for less money.
“Perhaps Smith is a catalyst,” said the employee, who spoke on the
condition of anonymity because many of his friends still worked at the bank.
“There have always been unhappy people” in finance, he added, but “this
is the year people are realizing things are structurally different.”
Smaller paychecks and waves of layoffs are only making the decision easier
for some students, who no longer view Wall Street as a fast track to seven-
figure salaries. Last year, flagging profits at many financial firms reduced
some bankers’ compensation from stratospheric to merely generous. At
Morgan Stanley, cash bonuses were capped at $125,000; annual cash payments
for some Goldman employees were cut in half.
Adding to the chorus of dissent, students now face criticism on their own
campuses. Groups of protestors at Yale and Harvard stood outside bank
recruiting sessions last fall, shouting slogans and holding signs with
messages like “Take a chance, don’t go into finance.” At Princeton, a
group affiliated with the Occupy Wall Street movement interrupted sessions
by JPMorgan Chase and Goldman Sachs, urging their fellow students to rebel
against what it said was “the campus culture that whitewashes the crooked
dealings of Wall Street as a prestigious career path.”
The decline in the finance industry’s allure has been accelerated by the
explosion of the technology industry. A 2011 survey of 6,700 young
professionals by the consulting firm Universum ranked Google, Apple and
Facebook as the most coveted workplaces; JPMorgan Chase, the highest-ranking
bank on the survey, was 41st.
At this year’s SXSW Interactive conference in Austin, Tex., a panel called
“Keeping Kids off the Street: Wall St. vs. Start-ups” was convened to
address questions including whether the finance industry was to blame for
what organizers called a “failure to nurture a culture of innovation” in
New York. Chris Wiggins, an associate professor of applied math at Columbia
University who sat on the panel, said he was seeing students shy away from
Wall Street and veer toward industries where they could work and profit
without bringing their morality under the microscope.
“The claim of investment banking that it serves a social purpose by ‘
lubricating capitalism’ has eroded,” Professor Wiggins said. “It’s
simply very difficult for young people to believe that they’re serving any
social purpose now.”
Even at top colleges and business schools, where Wall Street was once
considered hallowed ground, the focus is shifting. In 2008, the last
recruiting year before the financial crisis, 28 percent of the employed
seniors in Harvard’s graduating class went into finance. Last year, that
number fell to 17 percent, as students opted for other fields and investment
banks cut their ranks.
Ben Pruden, a second-year student at the McCombs School of Business at the
University of Texas at Austin, said on Wednesday that he planned to go into
technology, not to Wall Street, after receiving his business degree. He has
a job lined up at salesforce.com after graduation, and said that although he
knew people working in finance, including his sister, Wall Street held
little sway with him.
“I have no interest in working at Goldman,” he said. “I want to build
something. I don’t want to be working in an industry that effectively
leeches off other industries.”
Mr. Pruden added, “it’s not creative enough for me.”