When I think of career dreams in the field of accounting and finance, I see investment bankers running along the Wall Street. There are fine looking business men and women in expensive, high-quality suits drinking coffee from takeaway cups while catching up with the latest business news from their smartphones. Those people I see are rather young, somewhere in their late twenties or early thirties. This vision might fall through according to a few recent pieces of business news. They state that quite a many young have left the Wall Street and started their own enterprises. What is interesting in these enterprises is that quite often they are food start-up enterprises.
Why do these young professionals leave the Wall Street? To a financially struggling student sky-high salaries and those six-figure bonuses (according to this Business Insider article by Julia La Roche) sound simply awesome. It would take a lot out of me to leave all that behind and start my career again from the scratch. This phenomenon could be a trend right now but how did this all start? This article on Financial Times by Jonathan Moules reveals that this all started in 1999 when three businessmen, working at Goldman Sachs at that moment, quit their jobs to start an online grocery service. After financial crisis many people made the same move and started their own food start-ups.
Trendiness is not the only factor driving the young away from Wall Street. Uncertainty about the money market’s development, desire to do something more entrepreneurial and creative and even hatred towards your job are the key figures why people leave Wall Street. According to Business Insider Wall Street also makes you fat. That’s why a man called Nick Taranto left Wall Street and Goldman Sachs (Goldman again! Maybe it’s just Goldman, not the whole Wall Street) and co-founded Plated with his friend. Bankers working at the Wall Street are extremely busy. They might not even have time for exercising and they eat mostly unhealthy take-out food. Mr. Taranto with his friend wanted to change bankers’ ways of lives by serving them healthy meals, such as deconstructed tuna wasabi bowl (pictured below). You can read more about Mr. Tarantino and his successful food enterprise from this Linette Lopez’s article on Business Insider.
I guess the main point I am trying to say is that the life of the banker is not easy and does not suit for everybody. If you find yourself someday dissatisfied with your work as an accountant or a banker take that leap of faith and become an entrepreneur. You have all the abilities for being successful entrepreneur. Well, at least if you are male and attractive. Couple of recent studies indicate that attractive male entrepreneurs are more likely to get funding for their businesses. To know more about these studies please read this article by Richard Feloni on Business Insider.
If you got interested in Wall Street (or just the money) please, check this article on Forbes by Kenneth Rapoza to know a little more about salaries on the Wall Street. Though that article is from year ago, you’ll still get a hunch how much it’s possible to earn there even as a summer intern.