In recent years, the financial industry has undergone a transformation. Changes, such as tighter regulations, have resulted in smaller financial payouts for young financiers, but many of the most talented and ambitious students continue to be drawn to careers in finance. In Young Money, Kevin Roose seeks to understand what attracts people to Wall Street, which people find the most success, and what the future of Wall Street holds in light of these changes. To achieve this, Roose shadowed eight college graduates as they embarked on careers as analysts at some of Wall Street’s top firms. He documented their journeys as they faced challenges, doubts, and questions about the value, morality, and fit of their work to their strengths. Ultimately, Roose discovered what it takes to succeed on Wall Street and the sacrifices that must be made to gain the long-term power and prestige that these types of firms offer.
Each year, Wall Street firms attract many of the most talented graduates from top-tier universities. While some individuals succeed and pursue long-term careers on Wall Street, many choose other paths for the following reasons:
- The workload is too burdensome. Many analysts complain of spending too much time in the office. First-year analysts are typically required to work long nights and weekends, often totaling more than 100 hours each week.
- The workload is too challenging. Some underperforming analysts are not asked to return to their programs for a second or third year because they make too many mistakes or fail to meet expectations.
- The managers may make the workplace miserable. Many of the managers referenced in Young Money were demanding, volatile, and demeaning. Their tempers caused many of the analysts to dislike their work environments, and in some cases, adopt negative personalities of their own.
- The work does not align with some analysts’ skill sets. Many college graduates set aside their ambitions for the promise of high salaries and the opportunity to put prestigious institutions on their résumés. They often do this without understanding or possessing the skills that are required to succeed as an analyst in these roles.
- Other ventures seem more exciting and fulfilling. Many technology companies and startups attempt to woo first-year analysts away from Wall Street with the promise of more excitement and autonomy and a better work-life balance.
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