Why do we love working in finance so freakin’ much?

May 1st, 2008 · 7 Comments

As my class (’09) crawls ever closer toward graduation, it seems to me that our nascent career goals have become more pragmatic. And by pragmatic, I mean that we care more about money. Sure, I know people who will spend their summer leading bike trips, or sequestered in writers’ colonies, or performing works of altruism in third-world countries. By and large we’re a socially aware campus - compared to most, at any rate.

But with crunchtime approaching, our priorities have begun to perceptibly shift. The summer before senior year is the time (or so says conventional wisdom) for securing an elite job/internship, the resume-builder that will elevate an applicant above armies of high-achieving clones from Brown and Dartmouth and Williams. The job hunt in earnest nears, and we’ve no choice but to realistically consider what prospective careers we should target in, like, the Real World. The answer, for a surprising plurality, lies in the financial sector: i-banking, consulting, and the suite of other jobs that involve zapping electronic money from Point A to Point B. And that, I think, is a shame. A damn shame, in fact.

Okay, I’m about to reveal my prejudice and ignorance. At the risk of sounding like the smelly old man who sits in front of your town’s VFW building, sipping from a hip flask and pestering passersby with ad hominem attacks against hip-hop and the internet, I’ll say this: I don’t really know how i-banking works, but I don’t like it. I can’t escape the sense that the point of the endeavor is, A) to help the rich get richer, and B) to get rich yourself.

And I feel like this latter lure is insidious, that it’s corrupting otherwise charitable and generous people. Look, I’m sure there are students at this school who love the financial world, who relish plopping down in front of a computer and doing money-related things, things which I understand so poorly that I can’t even begin to satirize them. But, come on, there can’t be too many kids like that; we’re a liberal arts college, and not, say, UPenn. It seems like a lot of students arrive at Amherst with diverse academic pursuits and a developing social conscience, but when push comes to shove and they have to make real decisions about their future, the desire for financial success trumps the desire to do interesting and meaningful things.

Look, I’m a sellout too. I don’t want to be poor. I consider myself an environmentalist, which means that if I practiced what I preached, I’d start a subsistence farm and live off the zucchinis I grew in my back yard. But I’m too complacent, I suppose, to live outside the system, which means that I’ll need money like all you saps. That said, I genuinely don’t want to be rich. I’m not revolted by wealth on principle, but its accumulation is very low on my list of priorities - say, 387th.  Compelling psychological studies (which I would cite if I had any journalistic integrity) indicate that money contributes nothing to happiness. (This is true, notably, for families above the poverty line; the dirt-poor are understandably miserable, though that’s a whole ‘nother issue.) Anyway, if you think that makes me sound holier-than-thou, well, I’ve been called worse.

Nonchalance towards wealth puts me in the minority, however, both among my financially-minded peers and in the US of A. I’m very, very skeptical that any i-banker derives emotional or spiritual sustenance from padding some cigar-chomping CEO’s bankroll with another million. I’m confident claiming that investment bankers enter their field only - or at least predominantly - to make money. (And also because a network of Amherst alumni crawl the guilded halls of Merrill Lynch.)

To my mind, the i-banking example represents one of America’s great unchallenged and destructive tenets: the disconnect between ‘work’ and ‘leisure.’ Americans in all sorts of careers loathe their jobs, yet they suffer through 9-to-5’s in order to accumulate wealth. And when they’ve accumulated enough, they get to… spend it! They can take vacations for ten whole days at a time, and eat sushi at Nobu, and buy sailboats! They can purchase modern art and go snowboarding! They can rent suites at the Marriott! The ethic goes like this: if you work diligently and without complaint, someday, someday, you can play.

So here’s my batshit insane idea: what if our work and our play were the same thing? What if we chose careers based solely on what we felt passionate about, what we most enjoyed? If work was a delight, would we need to escape to spas and ski slopes? Would we need to spend money on leisure as profligately, or even at all? Would anybody choose to be an i-banker?

But how feasible is such a dramatic realignment of priorities in this country? Maybe America didn’t invent the work/play dichotomy, but we’ve sure as hell perfected it. That’s because our leisure time has become inseparable from our unparalleled consumerism, from our use of fossil fuels and plastics and imported Brazilian ribeyes. We can’t relax without spending money, so, out of necessity, we work like dogs to earn more. Industries would collapse en masse if Americans stopped spending on pleasure. Legions of suddenly unemployed JetBlue pilots and golf instructors and Best Buy salesmen would revolt.

Yet I say that a paradigm reversal isn’t impossible. I’m not the world’s most experienced traveler, so I can’t speak specifically to the state of affairs in too many other countries. But after spending last semester in Australia and New Zealand, I can tell you that those cultures adhere to a different dynamic than Americans, and to a far preferable one. Everywhere I went, I met people who spend their lives pursuing work that’s low-paying, seasonal, travel-heavy, and flat-out fun. By and large, Kiwis and Aussies care much more about their emotional well-being than their paychecks. Their work doubles as vacation; thus they don’t have the same imperative to earn and spend. An example: at a hostel on the South Island, I bunked with a Kiwi who works half the year in NZ as a naturalist on a whale-watching boat, and the other half as a park ranger in Utah. Maybe JP Morgan executives can afford to wipe their ass with hundred-dollar bills, but I came away convinced that there’s nobody on the face of the fucking planet who loves life more than that dude.

Anyway, I’ll resist the urge to moralize more than I already have during this post. Look, if you really, truly, sincerely love investment banking or consulting or stock-broking or whatever, then more power to you. Go to it. And if you’re pursuing it solely because you want to line your pockets, well, that’s your perogative; I can’t stop you. But, again, wealth and happiness aren’t correlated. Earning and spending will not make you happy. Seriously. And at least in my limited experience, anecdotal evidence supports that claim.

Ultimately I think it’s a shame that our priorities are skewed, and that many of my bright and motivated colleagues are going to choose professions that they don’t love, embodied by the financial sector. And I hope - no, I believe - that the work/leisure dichotomy is reversible; and what’s more, should be reversed. Refute me.

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7 responses so far ↓

  • 1 » Why do we love working in finance so freakin’ much? () // May 1, 2008 at 4:28 pm

    [...] Finance, Economy-Business News, Stock Market wrote an interesting post today onHere’s a quick excerpt As my class (’09) crawls ever closer toward graduation, it seems to me that our nascent career goals have become more pragmatic. And by pragmatic, I mean that we care more about money. Sure, I know people who will spend their summer leading bike trips, or sequestered in writers’ colonies, or performing works of altruism in third-world countries. By and large we’re a socially aware campus - compared to most, at any rate. But with crunchtime approaching, our priorities have begun to perceptibly [...]

  • 2 Gregory Campeau (gcampeau11) // May 1, 2008 at 4:47 pm

    I sympathize with your qualms. For the year that I’ve been at Amherst so far, which I realize is only a third of how long ’09s have been here, I have found that the vast majority of students I’ve come across are primarily concerned with a future that best takes advantage of their Amherst education. For them, this usually means milking the Amherst degree for all its monetarily worth. And I, too, think that’s a shame.
    As someone preparing (probably) for a life in academe, I am not overly concerned with wealth acquisition. I come from what’s best described as a lower middle class background as a first-generation college student, but social mobility is not one of my priorities here. Surely I will experience it, because it’s really rather inevitable, I think. Yet I’m more content to know that I will have the opportunity to take my interests into the workplace after my educational career and live a life of true happiness, pursuing an occupation that indulges my deepest-held passions. Then again, maybe if my passion were banking and finance, this would be different, but I have no idea.
    To summarize: I want to be financially comfortable in life and not have to think about money, and I think Amherst provides excellent opportunities to make a life for oneself in which one may pursue service, education, and other less-lucrative professions without sacrificing financial well-being.

  • 3 Monty Ogden (mogden09) // May 1, 2008 at 7:35 pm

    Can you name this blog “zucchinis I grew in my back yard.”? I think that would be fantastic.

  • 4 sklanfer09 (sklanfer09) // May 2, 2008 at 3:04 pm

    Goldfarb, this is an absolutely incredible post. I completely agree that our society is so obsessed with money as to lose all sight of what actually makes us happy. You make the assumption here that getting a job in i-banking is not particularly difficult. While this is probably the case at Amherst (Not that I have personal experience in this matter, as i-banking appeals about as much to me as doing shots of Tabasco sauce), it’s almost certainly less true at most other colleges, let alone among people who go to trade schools or don’t get any additional education beyond high school. Therefore, a lot of people out there have these beliefs about gaining happiness through consumption, with even less opportunity to gain the extreme wealth than students here at Amherst. The result, I think, is a massive group of people who are too used to society’s rules to reject it in any significant way, but who can never succeed by its standards.
    And I second Monty’s idea for your blog title.

  • 5 dolphinflogger (bbabbott09) // May 7, 2008 at 1:44 am

    I think the sooner modern global economics succeeds in completely fucking up the earth and impoverishing the earth’s children the better. Once the damn tree in front of my office building wilts from inadequate water supply and air pollution I can FINALLY get a good view of LA’s urban sprawl and cozy smog blanket. Oh yeah…and I also kill kittens.

    D. Cheney

  • 6 Jennifer Li (jli09) // May 14, 2008 at 4:45 pm

    I’ve noticed the same; some of my friends who freshmen year would have totally scorned consulting are now considering it as something to do “for a few years.” But it is inevitable, as you said, the older we get the more pragmatism takes over.

    Though wealth does not correspond to happiness, I think most of us worry about trying to make ends straight out of college, and see a financial sector job as a way to accumulate some money of our own before going off and doing something more meaningful that we want to do. I don’t if that’s necessarily so bad; I certainly understand the anxiety. It is really stressful to be always worrying about money, and I think, especially if you’re used to an upper-middle class lifestyle (and who of us isn’t, even those of us not from that background have gotten more than a taste of it at Amherst), then it seems like a really important anxiety to avoid.

    I think it’s interesting that you peg American culture as one that is too pragmatically driven when it comes to work. I suppose compared to Europe and Australia, it is, but I think compared to Asian countries like Japan, Americans seem much more about personal-fulfillment on the job than about more pragmatic ends.

    Furthermore, I’m not sure if it is really directly wealth that us Amherst students actually want which lures us to these jobs, or if it is a certain sort of lifestyle. I kind of want to say it is the latter. The types of lives we have been prepped for at Amherst, full of personally enriching events like concerts, movies, parties, travel, etc. does take quite a bit of money to maintain after college, when it’s not all free. Of course, perhaps that is not the type of lifestyle we should all be lusting after, but you can’t deny that a part of Amherst doesn’t kind of create an expectation for that.

    By the way, I have no interest working in the financial sector at all (I don’t even have a prestigious internship for the summer…not even sure if I’m going to be employed), but I understand the temptation.

  • 7 AmhPub - Campus Affairs () // Jun 24, 2008 at 11:36 pm

    [...] article showcasing the progress we’ve made in this area.  However, as Ben Goldfarb ‘09 wrote a few weeks back, it’s still a struggle.  Should we turn down careers in finance?  Is [...]

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