A far cry from a liberal arts education, investment banking has become the career path of choice for many University alumni. Roberta Wong ’08 plans to work in the field after graduation.
“It’s about passion,” she said. “Excitement lies in the markets.”
A math and economics double major, Wong had a summer internship in the fixed-income sales and trading division of a company, which ultimately deepened her understanding of the credit crisis happening at that time and helped her to understand investment banking in general.
Professor of Economics Abigail Hornstein noted that investment banking often appeals to undergraduates as a sort of fantasy job, because it is associated with high social status and profitability.
“There are three factors that motivate students towards this career: passion for what they want, prestige and, lastly, money,” Hornstein said.
Hornstein recommends that students gain experience in the investment banking field to discover for themselves if it is really for them.
“To find out is to have prior exposure,” she said. “And there is nothing wrong with that.”
Sutida Tambunlertchai ’09, an economics and East Asian Studies double major, pointed out that many professional careers offer a similar status to investment banking.
“No matter what you do, you have a certain status,” Tambunlertchai said.
For Tambunlertchai, profitability of investment banking is even more intriguing than its status. While some careers offer pay increases with gradual improvement (and years of higher schooling), investment banking jobs use a merit system, which allows employees to receive big checks after sudden successes. Due to this system, investment banking can produce rewards that are both lucrative and instant.
Annie Paladino ’09 cites non-monetary reasons for choosing investment banking as a career.
“Money and passion can work together,” Paladino said.
Although there is no finance program at the University, Hornstein explained that students like Paladino, Tambunlertchai and Wong are just as prepared for banking careers because a liberal arts education is directed towards diverse learning.
“Liberal arts help build analytical skills,” Hornstein said. “Skills that people can make out of Wesleyan.”
Tambunlertchai agreed, explaining that the University gives students a broad sampling of skills and disciplines so as not to limit the abilities of its student body.
“[A liberal arts education] trains you to learn and think fast,” she said.
Additionally, Tambunlertchai pointed out that a liberal arts education strengthens students’ talents in communication and teamwork—important skills for a career in investment banking. She and Paladino also agreed that learning to think globally can be equally vital because local decisions can have international effects in today’s economic world.
For now, Paladino is sure that investment banking is her first career option.
“It is very dynamic,” she said. “The fact that you have to practically apply what you have learned in class is very challenging.”
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