After Getting an Ivy League Business Degree, Wall Street Is Not The Plan

We talked about former Goldman Sachs executive Greg Smith on our show this week and how his resignation letter cost Goldman Sachs $2B in market value. Mr. Smith has a very uncomplicated background: economics major from Stanford University and a Rhodes Scholarship finalist. In short, he represents the best and brightest that Wall Street used to recruit. Why do I say used to recruit? Because the best and brightest students are not coming to Wall Street anymore. It’s no longer the dream career because of the falling financial payout and reputation. Friends of our show attending the Harvard Business School tell us that more than 70% of the graduating class have their eyes on industry jobs instead. This is very different from my conversations with Ivy League business graduates three or four years ago. Back then, the whole point of getting an MBA or undergraduate business degree from a top school is to land a job in investment banking or management consulting. In 2008, which is the last recruiting year before the credit crisis hit, close to 30% of Harvard graduates majored in a business related field went into finance. In 2011, 17%. Among the industries, technology, energy and bio are popular choices. The rationale is simple, the next jackpot will probably emerge from these three. Tell us your thoughts. You can tweet me @juliasun_onair or send your comments to our show. Thank you for watching, I’m Julia Sun for the Financial News Network.

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