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My sense is that the longer-term career path is less lucrative than in the past. It's an up-or-out world with a funnel of new analyst coming in each year to push out those ahead - only a few make it to partner - maybe 1 in 20? HT/PE will only absorb a few of the ex-IBers as they also hire ex-execs/consultants/etc.
Unlike law or medicine, which have their own issues, IB seems like a much more short-term career choice.
The financial sector has morphed into a casino built on skimming sums small (HFT's) and large (Enron, Madoff, Stanford) from investors of all sizes. To announce an interest in banking in this era should be socially reprehensible, something said under one's breathe, with fear of being labelled a pariah. Certainly our best and brightest should be attracted to other creative endeavors, as they were only a generation ago, rather than to skim, steal, and squander
Its true that investment banking loose their attraction . According the opinion of business week and financial times that investment baking are not much preferred mployers for MBA students. But at the same time many MBA students regard investment banking as Job which shows them a way to instant financial stability and helps them to quickly payoff student loans. So it would be wrong to to say that investment banking is loosing luster Investment banking mergers and acquisitions is still very much preferred by the MBAs.
Basically, how is that better than a government employee making 100-150k/year in a low cost metro area (if in Philly, that's equal to 200-300k/year in NYC), stacking two government retirements, and being able to retire before age 50?
A GS-14 or GS-15 in Philly will make approximately 100-150k/year depending on Step. FLEO careers
Well, although Philly is a great city, it is not NYC. And although some government jobs are better than others, maybe the IB and S&T jobs are just more exciting and risky and a whole lot less boring.
There is more to a job than the wages.
"There is a massive talent drain in our business," said a senior Wall Street executive, who declined to be identified.
"Banks are not getting top-level talent out of universities anymore, so in 10 to 15 years, there could be a big problem when it comes to leadership at the senior level of these firms," Boehmner said. "They're seeing big gaps in talent."