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Record percentage of MBAs don't want to work on Wall Street

Bloomberg logoBloomberg 8/9/2017 Julie Verhage

A new survey shows jobs outside of Wall Street are becoming increasingly enticing to recent MBA graduates. According to data from Training the Street, bulge bracket banks were a top employment choice for just 19 percent of respondents. Not only is that a drop of 7 percent from last year, it’s also the lowest level in the eight-year history of the survey.

“Banks are still a dominant hiring force for MBAs and continue to attract top talent, but working for larger, established companies off of Wall Street is becoming more attractive to MBAs as they offer a different type of lifestyle,” Scott Rostan, founder and CEO of Training The Street, a company that offers technical training to financial firms and business schools, said in a statement.

The survey, conducted in June, included more than 200 recent graduates.

Other employment options hit record levels of preference this year. Top choices included consulting firms at 20 percent, corporate development at a Fortune 2000 company at 13 percent and boutique banks at 12 percent. 

One sector that lagged behind was startups, as people become increasingly worried about valuations and stability at a number of firms as they either delay going public or struggle in the public market, such as Snap Inc. and Blue Apron Holdings Inc. Startups were the top choice for a mere 5 percent of MBAs.

“MBAs want to make sure the job they accept is going to be a good, long term fit,” Rostan said. “This also correlates with the finding that more are looking for that first job outside of Wall Street, a place known for sudden job moves, especially during the early stages of one’s career.”

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