Communications of the ACM
Is Wall Street Losing Its IT Career Luster?
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Wall Street traditionally was one of the most desirable industries for technologists, but things are starting to change, as many IT professionals look for other jobs with the same earnings potential. A mix of layoffs, bonus freezes, and an overall reduction in IT budgets has made the financial services industry less appealing. In addition, Wall Street's image has been tarnished recently, further reducing the appeal of working in financial services. In comparison, Silicon Valley's IT industry, especially at new tech start-ups, is the place top tech talent wants to be.
The decision to leave Wall Street can be rewarding for many IT workers. Rather than work for one firm on the same technology infrastructure, you get to bring your knowledge from years on Wall Street to other firms that are just building their technology infrastructure. Another attraction is the chance to work in an emerging field for a firm that is poised to capitalize on a new technology, such as cloud computing or virtualization. The opportunity to take on a senior role and use the skills acquired with multiple clients, not just one client, can be very appealing as well.
While Wall Street has been known for outsized bonuses, the compensation elsewhere may not be as large. The differential a technologist faces will depend on the type of company he or she decides to join — compensation at a start-up, an established technology firm, or a consulting firm will all vary. While the compensation may not be as high elsewhere, the stress level is often not as intense, which means a better lifestyle. While poaching top talent from other industries isn't anything new, the frequency of the requests, and the willingness of financial IT workers to entertain the offers, is something new. During previous recessions, there was no other place to go, as companies across all verticals cut back. But now there are lots of jobs available in Silicon Valley.
From InformationWeek
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