While consumer confidence in America is back to near pre-GFC levels; the effects of the financial turmoil experienced in 2008 are still rolling on.
In the latest student survey, only 15% of Harvard graduates stated that they would be heading to Wall St after their graduation, and a further 16% said they where going into consulting.
This is down from a whopping 47% migrating to Wall St after their finals in 2007 (Wall St and consultants combined), but nearly doubles last year’s figure of a meagre 9% wanting to enter the finance industry.
These lost graduates are migrating to sectors like healthcare, where 20% of Harvard students will be heading upon their graduation this year.
Those who are heading to the famed financial centre can expect it to be worth it though, with the average Harvard Graduate in the financial sector earning US $110 000 from their first year out.
This is more then double the $46 000 average across the board for college graduates in the US.
Is this an example of people being over-paid and under-qualified? They may be from Harvard, but do these graduates fully compensate for what they lack in life experience in their smarts?
The risks associated with putting under-experienced graduates in charge is obvious to all, and can be witnessed every Friday on our own Australian stock market when the seniors go out for their champagne lunch.