TAILIEUCHUNG - The Making of an Investment Banker: Stock Market Shocks, Career Choice, and Lifetime Income

Research has shown that institutional reputation is the most important criterion in online MBA program selection, with workload and time to complete the next most frequently given reasons (Chiu, 1999). Other research has found convenience (Dunning & Mijayaraman, 2000; Tallent-Runnels, Thomas, Lan & Cooper, 2006) or flexibility in time management to be of greatest importance in choosing online education in general (McEwen, 2001; Moskal & Dziuban, 2001; Ryan, 2001; Smith, 2001). Flexibility was also found to be significantly associated with perceived learning and satisfaction (Arbaugh & Duray, 2002). . | THE JOURNAL OF FINANCE VOL. LXIII NO. 6 DECEMBER 2008 The Making of an Investment Banker Stock Market Shocks Career Choice and Lifetime Income PAUL OYER ABSTRACT I show that stock market shocks have important and lasting effects on the careers of MBAs. Stock market conditions while MBA students are in school have a large effect on whether they go directly to Wall Street upon graduation. Further starting on Wall Street immediately upon graduation causes a person to be more likely to work there later and to earn on average substantially more money. The empirical results suggest that investment bankers are largely made by circumstance rather than born to work on Wall Street. Back in January 1987. Wall Street was booming. When the job offers rolled in students played one house against another. They were the supply and the demand was strong. After the crash the receptions that had once played to packed houses were drawing a few dozen students. Out went the tenderloin on toast and the shrimp in came the dips and the hot dogs on toothpicks. The school placement office sent out a memo suggesting career flexibility for finance majors like me we should look into opportunities in manufacturing and consulting. Brown 1988 Investment bankers are critical figures in financial markets. They are involved in virtually all large financial transactions including mergers and acquisitions initial public offerings and other securities offerings. The business press discussions in classrooms and hallways at leading business schools and even movies and novels suggest that investment bankers are well compensated for their efforts. But how do these people who have such an important inf luence on financial markets get into their positions Are some people endowed with great financial acumen honing these skills in college and MBA programs on their inevitable progression to a career on Wall Street Or are there many Paul Oyer is at the Graduate School of Business Stanford University. I thank Ken .

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