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Evil bonuses lead students astray
30 April 2008COMMENTS
Most of my friends went into teaching, charity, consultancy, PR, journalism etc, turned off banking by the perception of long hours et al. 4 years on, I certainly made the right choice, my quality of life is by far superior to my peers. My children will go to £24k/yr boarding schools, theirs will be sent to state grammars, giving them a significant disadvantage for networking. Read all comments »RELATED ARTICLES
Mervyn King has weighed in on the bonus debate. The guvnor says big payouts have encouraged too many talented people to squander their lives in banking when they could have been doing something more constructive instead.
King made his comments to the Treasury Select Committee.
According to the Telegraph, King says young people look at City compensation packages and think they “dominate almost any other type of career ... It's not a very attractive situation that such a high proportion of our talented young people naturally look at the City and think it is the only place to work in. It shouldn't be. It should be one of the places, but not the only one.”
Talented yoof confirm Merv’s fears. One Cambridge student confesses that he might think of doing a medical PhD or going into the voluntary sector were it not for the fact that he’s leaving university with a £15k overdraft and needs the cash.
“During my gap year I worked at Pizza Hut and earned £200 pounds a week. As a summer intern in an investment bank I’ll be earning £700 pounds a week. There’s no comparison,” he says.
“Put bluntly, yes, people do go into investment banking for the money,” confirms Gordon Chesterman, head of the Cambridge University Careers Service. “But we do work hard to promote a wide variety of other careers.”
Bonuses may not need to be reformed to put students off – mass redundancies should be a more effective deterrent.
However, they don’t seem to have had an impact yet. Martin Birchall, director of High Fliers Research, a company which monitors top students’ career aspirations, says a record number of students want to go into investment banking this year: “Despite all the problems in the City, it's still as desirable as ever.”
Are you overpaid? Should bonuses be reformed? Have your say below.
COMMENTS
catherine, Commodities, Sat 24 May 08
I read these ridiculous messages once a month out of interest in human nature. You people manage to shock and disgust me every single time and I must admit nothing else has this effect on me.. Even if Henry is fake,people like him do exist and they were either neglected or did not have a proper childhood. The fact is that losers like him will eventually realise their mistake, after their wifes leave them and their children commit suicide.. On the positive side they will probably be rich enough to have a swimming pool by that time so they wont need to pick a bridge like common people do.
Add your comment »spot n forward, FX & Money Markets, Sun 25 May 08
catherine, you are a typical example of the "(wo)man on the street" who believes what they read in the Left-wing press. yes, there are some unhappy (to the point of being suicidal) bankers, though they are few and far between. do you know which profession has the highest rate of suicides? didn't think so. well i'll tell you: it's the medical profession. why don't you go onto a website for doctors and make disparaging remarks about them?
fact is that it's fashionable for (invariably jealous) people to have a pop at people in the financial services industry. most bankers that i know have a far better family life than people doing other jobs. whether they're less well paid or not isn't really relevant. ok so i get up early, but then so do my kids to go to school. they get home at 4pm, and i'm back before 6pm three or four days out of five! many of my friends can't boast such "time riches".
seriously, you have no idea whatsoever about city life. i'd like to hear other opinions from people who actually have an informed view on the subject?
AlgoTrader, Trading, Sun 25 May 08
I never went to oxbridge or any of the elite ones... went to a sheep-banger uni in wales. My CV doesn't stand out amongst them all but the way I made my mark was to invent a trading strategy which I shamelessly boasted about at interviews. I landed my dream job in Algo Trading at a BB with 60K basic, ridiculous bonus and now in my second year with slightly more bearable working hours. One thing I will say to people like Henry is reap your bonuses while you can. It wont be long before us AlgoTraders have you jobless on the streets cursing the ones who developed computers!
AlgoTrading has arrived traders. Watch out!
Henry, FX & Money Markets, Mon 26 May 08
Hilarious Catherine. What makes you think I'm a "loser" who was neglected or didn't have a proper childhood? I had the most wonderful upbringing with loving parents and extremely high-quality teachers (increasingly a rarity these days) who taught me the skills to differentiate myself from peers and the ambition/drive to be a true success. The "losers" are the people my age earning less than £30k in a job they don't like after not making the most of the opportunities that came their way. Once again, my standard of life, happiness, satisfaction and contentment is easily superior to 99% of my peer group.
Add your comment »Vladimir, Student, Mon 26 May 08
hahaha great comments by Henry...the ones that disgree are comlete loosers
Add your comment »Joe, Research, Wed 28 May 08
Bang on George. I am finishing a PhD in automotive engineering, an interesting field which I love and which is also a hobby, but as you say, the salaries proposed to me after 4 years of stress and no weekends from engineering firms are laughable if not damright insulting. The UK has the potential to be at the forefront of technology by my experience has been, no resources, no commitment, no energy, no vision. High-Finance and quant/strategy jobs suddenly look very appealing indeed, especially if you have already considered a move in this direction years ago, but held out to engange in more intellectually stimulating problems of society...happiness is about the lifestyle you want and city salaries go a long way to satisfying many of the pre-requisities in my case.
Add your comment »Stasys, Investment Banking / M & A, Sat 31 May 08
It is a very strange article, especially the part about the student "thinking of doing a medical PhD or going into the voluntary sector were it not for the fact that he’s leaving university with a £15k overdraft and needs the cash."
He would make a lousy IB, this guy. People like that don't last in the industry,no way!
IB is a way of life, money attached.
Principal, Student, Tue 03 Jun 08
To be honest apart from shameless and concieted nature, I agree on alot of comments with Henry. IB gives us the financial security want. I am from one the most economically deprived areas in UK the first thing I was thinking about when I chose my career path was how much does it pay? I then became hell bent on a career in IB. I ended up at second teir Uni (partly because I did not have clue about where to apply and what was good!) but I will be working for a leading European IB Firm. I think as this summer dawns upon the more I think maybe the City isn't for me. I am not Oxbridge educated and/or prim and propered like Private School most kids (but I do think I am better than most I have seen). I won't cut some down just to make myself look good which is an underlying culture which seems to exist in the city. I think there is more to life than money, this is compounding my disenchantment for a career the City .
Add your comment »Principal, Student, Tue 03 Jun 08
Following on from up there:
I really now want a career in Stratergy Consulting but because I am at a Second teir Uni NO one will Interview me(now one of my regrets is not trying for Oxbridge and LSE). In IB, I didn't get many interviews but I was successful at all of the ones I did get so I think I am probably good enough but no one gives me a shot in Consulting firm. Politics is another options but the foregone Financial gain from IB will be difficult to leave behind. Henry is right on the Eton/Westminster points, that they provide a real advantage in any area life. But I do think he has overplayed the luxury lifestyle, luxuries are there because they are elusive so when we(ordinary people) can actual indulge in them they are special but for you Henry they seem no more than a bargaining chip for your arguement. Cut away the chauvinistic behaviour and arrogance how happy are you?
Anyways some of my opinions, interesting debate which makes ME worry is the CIty all its really cracked up to be or is it all just about Sex, Drugs and and a big Bunch of arrogant A*rsehole!
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