Seniors in college have an end game in mind: to obtain gainful employment. Finance majors seek jobs on Wall Street or in the financial services sector. Each year at this point in the semester, I always give a lecture called "Working on Wall Street: What Jobs are Available and How to Get Them."
This year, graduating finance students are faced with one of the most difficult job environments in the financial services sector in decades. As it turned out, I matriculated as an undergraduate at Wharton in the fall 1978 as a member of the class of 1982. During that period of time, the U.S. economy was in the midst of one of the worst recessions on record. Unemployment was high, inflation was out of control, and economic growth was slow. It was a period of stagflation. Wall Street was dead with no signs of life. While I wanted a career in finance, given the economic backdrop, that did not seem likely at the time of my undergraduate education. I decided to major in accounting and use that experience as a foundation for a future in finance. My reasoning was that reading and understanding financial statements and taxation would be beneficial once I did get to Wall Street. In my senior year, I was actively recruited by the Big 8 accounting firms at the time, and I took an offer at Price Waterhouse. Many of my friends went to work for International Business Machines (IBM), property management companies and even nonprofit organizations to help launch their careers. After two years at Price Waterhouse (I liked accounting but hated auditing), I was hired by Morgan Stanley (MS) in 1984. Just over two years later, I was sent over to Tokyo to be part of the team that built up the equity business in the Far East. The rest, as they say, is history.- Loading Comments...
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