I’m not in finance but both my daughters are (one is 8 years into the industry and works in CIB, the other is graduating and has a job lined up in corporate properties - both at top 5 banks).
I applaud Manhattan for being realistic with its students about a very competitive field, one that is destined to be filled by graduates from elite colleges and universities. I don’t necessarily think that Manhattan should dissuade students from the entire field of finance however, because there are many opportunities that aren’t Wall Street and aren’t in NYC (although I know there are many freshmen who have those aspirations but aren’t aware of their chances of getting there). Also, some of the other business major choices that Manhattan offers could also be impacted by the job market - I wonder if they are instructing students on those fields.
There’s a fine line between being honest and realistic with students about career prospects and turning them off from the college and its program altogether (resulting in transfers or turning down offers of admission). They need to have confidence in Manhattan’s ability to position them for the job market, no matter what it looks like.