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Ten years after the financial crisis: Silicon Valley replaced Wall Street in the minds of American graduates.

via:新浪科技     time:2018/6/11 11:47:15     readed:232

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Source:Pxhere

"People are more willing to choose based on their real needs," she said. "Companies are changing so fast. If the future is doomed to decline, you'd better do something you like.

"Attractive factors"

After the crisis, technology companies took advantage of the Wall Street injury to seize the opportunity to recruit talents.

As the US Congress and the Obama administration tightened regulation of banks and suppressed executive pay,AmazonGoogle, Facebook, Netflix andMicrosoftAnd so on, companies are extending olive branches to top talents: working for us and transforming the world.

"People want to see the purpose and significance," Seagal said. "It's hard to find a bigger platform or more opportunities for you to influence the world."

Experts say many university business graduates, and even bankers, are eager to participate in a culture that encourages innovation and independent innovation. With the younger and more innovative leaders in charge of Silicon Valley companies, this change is gaining momentum.

At the same time, in Wall Street, the structure of the company is becoming increasingly rigid and increasingly hierarchical. By contrast, technology companies are full of flexibility and creativity. "This is an attractive factor," Byrne said. "Humanization, which is conducive to the growth of talents."

For college graduates and business school graduates in the 80s and 90s of last century, Wall Street was the master of the universe. But when the new generation enters the labor market, technology has become the leading force in changing life.

The Graduate Management Admission Council is a non-profit organization responsible for regulating the entrance examination of business schools. According to their statistics, in 2008, 20% of business school graduates chose to work in the financial industry, and 12% of them engaged in technical work. The latest annual survey found that 13% of MBA graduates now work in the financial field, and 17% of them are in the field of science and technology.

Technology also offers students more career choices-from working in the media to helping develop self-driving cars. Jenny Zennery, senior director of career services at the University of Virginia's Dadden School of Business, said: "Technology companies do offer a lot of opportunities for MBA jobs, which can make a difference not only within the company, but also in many other companies."

The school has increased its curriculum and degree options to meet the growing demand for skills. In April this year, the Ross business school in Michigan released a full-time MBA candidate's data and business analysis plan.

More shrewd recruitment

Silicon Valley companies has also become a smart recruiter. It has locked the target at the beginning of students entering the elite business school. Seagal said: "if students fail to complete these projects, they will not have the chance to join technology companies."

The Google Corporation opened an office in Pittsburgh, allowing graduates from Carnegie Mellon business school and computer science majors to go directly to their offices after school. Almost all technology companies have opened offices in higher education gathering areas in Boston. Seagal said: "they not only gain talent ahead of time, but also provide the best working environment in history."

Mr Chan said that technology companies also provide more resources for foreign students and better handle visa applications, which is an important factor in immigrant instability. "Microsoft, Amazon, Google -- they have internal staff to deal with visa issues," she said. "These enterprises are our friendly partners who employ global students."

Wall Street's high salary is still the main magic weapon to attract new people, but technology companies are shortening the gap between them.

In 2017, the median wage of Harvard Business school graduates who entered investment banking and trading positions was $125 thousand and the signing bonus was $50 thousand. In science and technology posts, the median salary of the MBA graduates is 120 thousand dollars, and the signing bonus is 30 thousand dollars.

Good welfare

Peter Coatsn attended the Ross Business School in Michigan before joining Goldman Sachs in 2013 as an investment banker.

He was attracted by Goldman because he believed he would "make a significant impact on the high level and play a role in major decisions". But he worries that the automation of investment banking will limit long-term employment opportunities.

According to the data analysis firms Coalition, the industry has been less than before the crisis: in 2017, the annual investment banking revenue of the 12 largest US banks fell 1/3 to about $150 billion in 2009.

Meanwhile, Cox noted that technology companies on the west coast are developing rapidly and reshaping the economy. He believed that the power center was moving from Wall Street to Silicon Valley.

He thinks he can get more from the west coast, and he is increasingly tired of the exhausting way of life in Wall Street and thinks "the investment is not rewarded." So in 2017, he left Goldman Sachs and went to Google in San Francisco, where he worked in corporate finance.

Experts say that fatigue is not uncommon, and top banks are already familiar with the "sweatshop" culture.

Goldman's next chief executive, David Solomon, has been openly talking about the need for a more friendly, gentler Wall Street. "We have a lot of work to do here," Solomon said last year at a Goldman Sachs podcast. "you have to create an atmosphere in which people can work hard and have a chance to have a life, play hard, and balance all aspects of development."

Goldman and other banks have been trying to cut the weekend, but the adjustments are too small to pose a serious threat to technology companies' pursuit of the quality of life initiative.

In Google, the court can enjoy free gyms, food and transportation. "In Goldman Sachs, there are only fountains and coffee," he said.

ZipRecruiter's Seagal recalls that executives of some technology companies had discussed how to find the best individual chef for their team. "I doubt that this type of debate is likely to happen in big banks," he said.

Although companies like Facebook and Twitter are now facing privacy and data reviews, the technology companies exposed to the spotlight will not stop recruiting new employees.

"I don't think that means bubble burst," says Mr.

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