Another thing is that these cushy jobs took people from any major and provided great training for you – something virtually no other employer did/does. I (personally) think the concept of the liberal arts education is slowly dying as more and more students specialize their disciplines earlier. For example, I specialized in energy politics with a few courses in economics. I wanted to apply to this management trainee program: http://www.eon-us.com/careers/graduate.asp, but was told that without finance as a major (strictly as a major) then I was ineligible. Granted, energy companies are pretty conservative everywhere, but I think it’s a good example of how most companies dont value a liberal arts education, and though my network from my elite LAC opened doors, there’s still a feeling of frustration leftover. In this way, for a bright, fresh college graduate, a start with investment banking was a great option because I could still study what I wanted (social science) and use my smarts for a career elsewhere. How I can transition my liberal arts degree to employers who are increasingly skeptical of the value of studying history or politics is a question that is, though not impossible, difficult to answer. And ultimately, one that made starting out in consulting and banking more attractive.

The final appeal of these jobs was that you didn’t have to start at the bottom. Instant gratification, I know. Why should I take a standard job out of college planning events for people when I could take a job that would virtually guarantee that I would be one of the people for whom events are planned? I turned down an otherwise ideal job as an events planner (I use this example because it’s very standard post-college work, esp. in Washington, DC) becuase I wasn’t sure if as a woman I would be pigeonholed into always being the girl setting up the podium rather than speaking at it. For sure, a lot would depend on my own initiative and drive, but at the same time I know a lot of employers value “substantive” work (research, idea generation, etc.) and the transition from “a typical” entry-level job to an outstanding one down the road is much more clear in a springboard field like banking or consulting, wheras it wasn’t with politics.

I think there is and has been a growing discontentment with the “cubicle farm” life. Really bright grads coming out of school and going into these large banks and law firms often just become cogs in a big wheel, and lose a lot of their ability to be creative and explore interesting ideas. There is a change afoot, and the current generation seems to be less enamored with money than personal fulfillment.

The other factor I which I think is reshaping work, and the number of people starting to consider entrepreneurship as a real path is the internet, and specifically web 2.0. The barriers to entry which required a fair amount of start-up capital in most new ventures are no longer there. Sure, some more extravagant ventures need outside capital, but we can now create, publish, market and sell our own books, music, clothing, photos, advice/ expertise online for little to no cost. Industries which were the domain of large corporates have now been opened up to everybody with a good brain and an internet connection.

It is quite plausible, that, in as little as ten years we will see many more people choosing entrepreneurship as their “career path”. Very exciting days ahead…

Since that time my perspective on career happiness and how I make a living have changed dramatically. I now have work I love and make a great salary. It’s happening in many areas of the economy. For examples just check out Fast Company’s Social Capitalist awards.

Making money and loving what you do are no longer polar opposites. I’m an example and you too are a great example Lindsey!

@Marcie – Great points, too. Interesting to think about how B schools will change according to the new financial universe.

@Carol – Thanks for your comments. Maybe that is the silver lining in this crisis — prioritizing one’s satisfaction above compensation.

I have been lucky to be working in career centers in California during the tech boom and bust and now working with college grads on the east coast during this Wall Street boom and bust.

Much of what you say is true. I do believe, however, that many college grads learn quickly and and parlay their networks and new knowledge into careers beyond Wall Street.

Many of these students are influenced greatly also by professors who push investment banking as the be all and end all.

Trust me, in Finance or Accounting 101, you will not get any case studies about managing a non-profit organization. I imagine that for the next several years they will still be talking about Wall Street and what went wrong. Except now, college seniors will be encouraged to go to a good grad B school and then go fix it.

I think that’s bad advice, but I think that is what they will hear in the classroom.

Blogs like yours really gets the reality out there and that is a good thing.

Marcie

I was a new grad who went to Wall Street, although in my case, it wasn’t by design. Luckily, I recognized that it wasn’t a life I wanted years BEFORE my department (and then my firm) was swallowed up. I concur that money is nice, but having a life (and a job I love) is nicer!

The fact is, we know that no job is really “safe.” Hopefully, students who were relying on on-campus recruiting for opportunities have taken some time to learn about how to get jobs that aren’t waiting on a platter. Students who know what they have to offer, how to properly network and market themselves will do well. No matter how high their grades, those who aren’t willing or able to get out there and hit the ground running may be left behind.

- Lindsey