Investment banking still choice of grads

  • Business
  • Friday, 30 May 2003

LONDON: Investment banking is still the career of choice for many of Europe's graduates, even though the banks themselves have lost some of their allure as places to work, according to a new study. 

A total of 21% of the 7,000 European students who took part in an annual survey by Swedish research firm Universum wanted to work in investment banking. 

Management consulting was the number one choice, with 36% of students expressing a preference for this sector while 26% picked marketing and advertising. 

McKinsey & Co, the management consultancy, held its top slot as the ideal company to work for, according to the survey. 

Goldman Sachs, the world's top M&A (mergers and acquisitions) advisor, slipped to 9th from 3rd place. 

Meanwhile, its rival investment bank Morgan Stanley dropped to 32 in the rankings from 14 in 2002. 

All the major investment banks, including JP Morgan, Merrill Lynch, Swiss bank UBS and Deutsch Bank fell back in the rankings of “ideal companies to work for” compared with last year. 

Global banking group HSBC, however, jumped from number 218 last year to 47 this year. 

Investment banking has suffered from a three-year downturn in global financial markets, which has cost tens of thousands of jobs. 

The industry's image has also been tarnished by high profile scandals on Wall Street, where 10 major banks were fined more than one billion dollars for misleading investors with biased stock research. – Reuters  

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