Investment banks still attract students - but mainly men
This is one of the findings of this year's Universum graduate survey, which received responses from more than 6,800 students at top European universities. Of the 932 students who cited investment banking as one of the top three industries in which they would like to work, less than a quarter were women.
While investment banking and computer-related industries appealed to male graduates in the UK, female graduates were more likely to favour a career in media and communications, or public services.
Investment banking's reputation for long hours may be one of the factors dissuading female applicants. The UK survey indicated that female graduates place a higher value on free time than their male colleagues. While male graduates prefer benefits such as performance-related bonuses and stock options, female graduates were found to favour extra days off.
The survey found that investment banking has not fallen appreciably in students' esteem, despite well-publicised job losses. In 2001, 15.6% of European students cited investment banking as one of their top three career choices. This year that figure was only marginally lower, at 15.0%.
This resilience may be caused by certain inherent advantages enjoyed by investment banks. The leading ones are all global operators, and European students ranked international career opportunities as the most desirable feature of post-graduation employment. Similarly, investment banks are known for their generous rates of pay, a reputation that should satisfy the 28% of students who placed a high emphasis on competitive compensation.
Less promisingly, the industry has gone little way to offering the flexible working hours sought by 30% of students. Nor has it made much progress in fulfilling the growing demand for work/life balance.
Work/life balance was European students' most popular career goal in 2002. More than half the survey respondents said they wanted to achieve work life balance within three years of graduation.
Nevertheless, students keen on investment banking appear willing to forego work/life balance for additional compensation. US investment banks have a reputation for long hours. This didn't stop European students ranking three high-paying US banks, Goldman Sachs, Morgan Stanley and JP Morgan, as their preferred investment banking destinations in 2002.
