Key Target of Investment Banks Quitting For Tech

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Investment banks want to hire people who really, really want to work in investment banking. Investment banks want to hire more women and ensure they reach senior positions. Unfortunately, these women want to join tech firms.

The story of MBAs gravitating away from finance and into tech firms is a well-told one, but when women who have always dreamed about working in banking start to complain about poorer pay, a lack of promotion opportunities and a dearth of excitement, there’s a concern.

Heather Tratoff says that the allure of negotiating major corporate and financial deals sparked her interest in investment banking, but a few years into her career after taking an MBA at Chicago Booth, she ditched it and joined Chegg – a digital education firm where she’s chief of staff. She is not alone.

"The ability to get promoted and take on more responsibility is much more prevalent in a tech company than at an investment bank," she says.

Tech companies are also paying more – female MBAs who go into tech expect $98k, while those going into investment banking are anticipating $87k.

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