Clamoring for a job in finance

This month marks the beginning of a season where blazers are the fashion and résumé-filled folders are accessories. We rush around in groups wearing business casual attire to attend nightly information sessions hosted by big banks and consulting firms. While interest in the financial industry is undeniable here, we rarely stop and consider: why, after a few years into our Princeton education, do most of us want a job in finance to begin with?

It’s not that most of us grow up dreaming to be bankers. Instead, pursuing a career in finance is the surest way for our risk-averse generation to achieve what we want: success. The trajectory to success is evident in the career paths of so many alumni before us, which makes the cycle even more compelling.

At some point in our growth at the University we let other people's definitions of success pervade our own opinions, which isn’t inherently negative. We learn that the type of work people respect is the kind that is challenging and rewarding, and that’s what some of us want out of a career. We go into finance because we are ambitious, not just in the attracted-to-prestige sense, but because we love a challenge, and banking provides the perfect outlet.

After the rigor we are used to at Princeton we need a stimulating job that makes an impact and demands a lot from us even though we’re young. Working over 100 hours a week in banking (including weekends) definitely fulfills that requirement. It’s no easy task to sift through infinite financial data and organize massive spreadsheets all day in hopes of giving your client sound advice.

Banking is rewarding in other ways too: it is a job that has a large impact and helps to accomplish great things, like helping companies raise funds for all kinds of beneficial purposes. Without banks facilitating initial public offerings and other methods of raising capital, many companies could never see their innovative ideas reach fruition. Technology companies such as FireEye needed funding to expand their cybersecurity services just as biotech companies like Juno Therapeutics needed funding to further their cancer cell-killing CART research. Investment bankers help make all of that possible.

Yes, in exchange for hard work and long hours, bankers can expect to be compensated appropriately for their sacrifice. As a result, financiers are often associated with greed and selfishness. While one cannot deny that the salary is attractive to Princetonians, I don’t think the nuanced motivation to earn money in the industry is selfish at all. On the contrary, working in finance is often our quickest, least risky method to “do our part” and give back what we feel we owe. Sometimes that comes in the form of paying back student loans, but it’s also something less tangible. We have to pay back those who gave us the opportunity to attend such a well-respected school.

For some, we want to give back to our parents who made an expensive investment in our education and who aren’t getting any younger. For others, we want to give back to our institution, which, simply because of its reputation, puts pressure on us to live up to the school's prestigious alumni. (However, to be fair, that may be self-inflicted pressure). There’s an emphasis on giving back by donating to the school, which will make it possible for other ambitious students to have this educational opportunity. The name of our school alone opens a lot of doors for us, fair or not, and we often feel the pressure to do something with that name.

Even before we walk out FitzRandolph Gate at graduation, we have to position ourselves to make the most out of the opportunities provided to us. While some may find their calling in medicine or academia, others believe they can make the most impact on their families, others and themselves through finance. The financial sector may have its problems, as any industry does, but we shouldn’t be so quick to judge those who find value in it.