<p>For your information, my dad was a very high level managing director at Credit-Suisse for 10 years. Have you ever heard of complexity theory? Michigan is one of the leaders in the field. The reason that no one learns anything in college who is going into business is because macroeconomics is a terrible predictor of actual market performance. Complexity theory (which many of my fathers colleagues are very interested in) stops using simple mathematical predictions and uses computer modeling to represent random behavior (that is not necessarily logical, like bankers think) to predict future outcomes. It is attempting to make econ a science, rather than a profession run by connections and lack of education. (cough cough, that is you). BY THE BY, I RAN THAT COMMENT PAST MY DAD AND HE SAID QUITE THE OPPOSITE – IN FACT, IT IS WHAT YOU KNOW, NOT WHO YOU KNOW… But anyway, I guess you are right- since you are so brilliant and experienced and everything.</p>
<p>The point of my little tangent is that economics is a very poorly run field at this point and the whole landscape of the marketplace is changing. Why? Quants. My “technical education” is not just about physically learning how to program. It is about developing models of thinking. By understanding systems engineering (complexity theory), you develop the ability to reason (which you clearly haven’t developed very well). The technical skills that people learn at Michigan Engineering not only prepare them to design your blackberry (which I’m sure you use to BBM your friend at Penn about what color polo is going to be in next season or that cool new Drake song) but make them better thinkers than a lifetime of Madden ever will. I’m sure that is really exercising your brain. This is probably a generalization but you seem like a typical holier than now i-banker kid - and no matter how hard you try that is not cool to anyone, other than other i-bankers and people don’t like them very much right now. </p>
<p>Traders especially, will soon be replaced by computers. Have you ever heard of e-trade, fidelity? Why would I ever pay some moron who never learned anything in his formal education to place a trade for me when I can do it myself virtually commission free? Since you retain no knowledge if I crack open an annual report (with a little help from the “Quants” analysis), aren’t I just as knowledgeable as you? A “banker” is a very broad term. Oh and by the way, the people who make the most money in the banking profession (since that IS all you care about) are analysts — OH YEAH! AND THEY ARE THE “QUANTS” THAT YOU DON’T WANT TO AND NEVER WILL BE! </p>
<p>I was thinking about doing banking because of my dad. If you really believe “Its who you know” I could have an internship at a top 7 investment bank tomorrow (even though, you don’t “know” anything because you are very wrong about that opinion). BUT, EVERY IBANKER WANTS THEIR KID TO BE AN ENGINEER! Why? Because Engineering is what drives innovation and that is at the very crux of a strong economy. When I have a brilliant idea (although you may finance it) I bet that I will make a lot more than you will. Why? Because my technical knowledge is much more valuable than your knowledge of the Madden playbook. And that doesn’t even matter to me. What really matters is that I will be making a difference in peoples lives where you will be sitting on the sidelines counting a couple dollars. Good for you. I don’t respect that. Without me, you wouldn’t be able to post on this blog. Without the aerospace and mech engineer you wouldn’t be able to fly home. Without the chemical engineer you wouldn’t be able to get the swine flu vaccine. Those people actually are doing things. That is much more fulfilling then managing money, in my opinion.</p>
<p>And again, that is not to knock people in banking. If that really interests you, that is great for you. Just stop throwing around the arrogant and uninformed opinion that you are better than everyone else. My dad is incredibly educated in the intricacies of economic theory and does nothing but read on end about new theories. That is why he is so good, not because he knew anybody. The reason you are not included (in my opinion) with that group (the one who really cares about banking) is that you are just doing it for the wealth and the power. Or at least that is all you have on your side of the argument. (And by the way, I think you won’t be nearly as successful as you think you will be – the kid who gets a 4.0 in IOE will beat you out for a job. In fact, I would beat you out for a job because I am clearly more intelligent and capable than you are, based on your logic and reasoning skills - or lack thereof, rather). The point is, you need me to design something and I need you to finance it. Stop acting like you are better than everyone else because you are going to be a banker. We are co-dependent. </p>
<p>Maybe it is true the average banker makes more than the average computer engineer- but if you apply yourself at Michigan, and take advantage of all the school has to offer you will be far from an average engineer. We live in a world run by EDUCATED QUANTS, the days of the uneducated IBanker are over (not that they even really ever existed, but hey, I will entertain your argument). Everything is about efficiency, and efficiency is about math. If money is really all you care about (oh yeah, and all that prestige you get with it) you can take it from me - my dad has accrued much more experience in his career than you have in a summer internship. Your view of the world is very simplistic and outdated. Trust me, you will regret not learning technical skills.</p>