Sponsor Message:
Non Aviation Forum
My Starred Topics | Profile | New Topic | Forum Index | Help | Search 
Brain Drain To Financial Institutions  
User currently offlineRedd From Poland, joined Jan 2013, 100 posts, RR: 0
Posted (1 year 6 months 1 week 5 days 6 hours ago) and read 1099 times:

I had an interesting conversation with a friend of mine over a few beers recently. We we were talking about communist times in Eastern Europe, west vs east, etc, etc...

He was telling me about what his grandfather did for a living back in the day, I was talking about my grandfather and we realized that we don't know anyone that does what they did now a days. My grandfather was an air force pilot that later worked for an aerospace company. His grandfather was some sort of scientist, don't quite remember the field.

Well the point is, all the people that we know that graduated from universities and polytechnics with different degrees work for companies (usually financial institutions) that don't create anything of value. Other companies such as Readers Digest for example that do nothing but sell whatever they can, to whom ever they can make that list too.

Let's rewind to the 1950's, and we'll see that people that had been educated did not in a majority work for companies such as banks, but worked for companies that created things. Even government organizations such as NASA, but now people seem to go to work only for money and not to create anything or further the human cause of development. Only financial development.

Having been an owner of a Real Estate Brokerage before moving to Europe I'll use Real Estate as an example of the harm that lending institutions create: A house in Toronto 100 years ago, let's say 1500 sq/ft or around 140sq/m was worth about $7,000, in 1950 it wasn't much more, about the same. In came banks with mortgages and 50 years later we pay $500,000 for the same house, take a mortgage for the next 25-40 years of our lives with the uncertainty of if we'll have a job to be able to pay that back. So the conclusion is that banks raised the prices of the most basic form of need people have, shelter. And for the majority of their lives they are in debt, paying interest and benefiting the financial institutions. I believe, being a person that made his money in Real Estate, that there should not be speculation on the scale that is now, in the basic need of human beings, shelter.

When I speak to highly educated people working for institutions such as banks, none of them imagined themselves as a banker when they were young. Why is it that our most talented work for the least productive institutions for the human race?

24 replies: All unread, jump to last
 
User currently onlineBMI727 From United States of America, joined Feb 2009, 15749 posts, RR: 27
Reply 1, posted (1 year 6 months 1 week 5 days 6 hours ago) and read 1073 times:

Quoting Redd (Thread starter):
Why is it that our most talented work for the least productive institutions for the human race?

Same reason John Dillinger robbed banks.

Quoting Redd (Thread starter):
When I speak to highly educated people working for institutions such as banks, none of them imagined themselves as a banker when they were young.

Actually I did. But since I graduated high school in 2008 and the financial industry was in what could charitably be called a rough patch, I ended up doing engineering instead. In hindsight, that may not have been the smartest decision.



Why do Aerospace Engineering students have to turn things in on time?
User currently offlineRedd From Poland, joined Jan 2013, 100 posts, RR: 0
Reply 2, posted (1 year 6 months 1 week 5 days 5 hours ago) and read 1071 times:

Quoting BMI727 (Reply 1):
Actually I did

Really? you had fantasies of yourself lending money to people, giving home loans and doing accounting as a kid? Where did you grow up  I've never met a person like you so I'm curious.


User currently offlinefr8mech From United States of America, joined Sep 2005, 5470 posts, RR: 14
Reply 3, posted (1 year 6 months 1 week 5 days 5 hours ago) and read 1045 times:

Quoting Redd (Thread starter):
When I speak to highly educated people working for institutions such as banks, none of them imagined themselves as a banker when they were young.

So did my brother. He's wanted to work in finance for as long as I can remember.

Quoting Redd (Thread starter):
that don't create anything of value.

I wouldn't say they don't create anything of value just because they don't make something. Their value lays in the service they provide. Take for example, UPS or FedEx; do they create anything of value? Of course not, they provide a service that people find valuable. Financial institutions are no different.

Quoting Redd (Thread starter):
we realized that we don't know anyone that does what they did now a days

Quite possibly you're running with a crowd, based on your education, whose training isn't in "making things". My background has brought me into contact with plenty of folks that build, design and maintain "things".

Quoting Redd (Thread starter):
In came banks with mortgages and 50 years later we pay $500,000 for the same house, take a mortgage for the next 25-40 years of our lives with the uncertainty of if we'll have a job to be able to pay that back. So the conclusion is that banks raised the prices of the most basic form of need people have, shelter.

Yes, but they put home ownership within reach of millions of folks who would not have been able to afford it in the past. Your conclusion is incorrect, by the way...the banks did not raise the price of the homes, the market did that. It's a basic concept of supply and demand. All the banks did, was to shift the paradigm.



When seconds count...the police are minutes away.
User currently onlineBMI727 From United States of America, joined Feb 2009, 15749 posts, RR: 27
Reply 4, posted (1 year 6 months 1 week 5 days 5 hours ago) and read 1041 times:

Quoting Redd (Reply 2):
Really? you had fantasies of yourself lending money to people, giving home loans and doing accounting as a kid?

More like trading or being a fund manager, but same sort of deal. What can I say, I like money.



Why do Aerospace Engineering students have to turn things in on time?
User currently offlineRedd From Poland, joined Jan 2013, 100 posts, RR: 0
Reply 5, posted (1 year 6 months 1 week 5 days 4 hours ago) and read 1019 times:

Quoting BMI727 (Reply 4):
What can I say, I like money.

Man, who the fu#k does not like money?

That's not the point.

[Edited 2013-03-22 14:18:47]

User currently onlineBMI727 From United States of America, joined Feb 2009, 15749 posts, RR: 27
Reply 6, posted (1 year 6 months 1 week 5 days 4 hours ago) and read 1005 times:

Quoting Redd (Reply 5):
Man, who the fu#k does not like money?

There are a few people. I like money more than most people and don't understand the people who say "I just want to make enough to live a comfortable life." I've seen the studies that say that once you make over $X per year (usually $50-70k) more won't make you happier and I don't think that they're wrong. I just think that I'm the outlier. I don't claim to speak for everyone, just for myself.



Why do Aerospace Engineering students have to turn things in on time?
User currently offlineStarAC17 From Canada, joined Aug 2003, 3382 posts, RR: 9
Reply 7, posted (1 year 6 months 1 week 5 days 2 hours ago) and read 984 times:

Quoting Redd (Thread starter):
When I speak to highly educated people working for institutions such as banks, none of them imagined themselves as a banker when they were young. Why is it that our most talented work for the least productive institutions for the human race?

Define productive?? I would bet that many bank shareholder disagree with that statement.

Banks are the medium that facilitate the movement of money between businesses and individuals as well as selling investments and loans to each and have existed ever since money has. Why they are hated is that some people in those banks acted very reckless and are still doing so.

Why they get more talent is that they are better at recruiting than other industries and many banks are so big you can do many things. The culture of banks also harness the talent and treat them accordingly to develop their employees and the ones who work their but off get rewarded.

This is something small to medium size businesses struggle with, not necessarily by their choice because there is only so much that can be done there. The only way that I could have been promoted in the engineering company I worked for before and they had a few offices was if my boss left and I could move up the chain not to his role but perhaps the one below.

Quoting Redd (Thread starter):
So the conclusion is that banks raised the prices of the most basic form of need people have, shelter. And for the majority of their lives they are in debt, paying interest and benefiting the financial institutions.

Banks didn't raise the price and the market did a home only costs what it does because someone will pay that for it. You also mentioned Toronto but house prices are actually dropping in the city. Furthermore Canada has some of the strictest lending standards in the world so many of these mortgages are low risk.

Quoting Redd (Thread starter):
Let's rewind to the 1950's, and we'll see that people that had been educated did not in a majority work for companies such as banks, but worked for companies that created things.

Look at the tech world, they recruit just like banks do and will pay a lot for talent as well. They create things and do everything they can to keep their talent.

Quoting Redd (Thread starter):
Even government organizations such as NASA, but now people seem to go to work only for money and not to create anything or further the human cause of development. Only financial development.

I can only speak for myself but I aim to do what I am passionate about and sometimes people are passionate about financial services and they do serve a purpose.

Just going through the bank hiring process myself they look much more at your personality than your technical merits or academic ones. Technical skills can be taught but how to engage other people cannot be nearly as easily, if at all.

I studied engineering and many companies will tear up your resume if you don't have this skill or that skill (ie CAD or knowledge of the building codes) because they or are unwilling or unable to train junior employees. There are some multi-national engineering companies where that might not be true but many of them are small businesses.

In the past most companies invested in their employees so they would stay in a particular place their whole working life and that appears to be gone on both sides. When basically the union workers in the plant at say GM are blamed by some for their losses and not the fact that they made sub-par products it doesn't come off as a place that a mechanical engineering graduate necessarily wants to work. Banks like engineers for many reasons and might recruit that graduate over GM.



Engineers Rule The World!!!!!
User currently offlineAesma From France, joined Nov 2009, 6688 posts, RR: 12
Reply 8, posted (1 year 6 months 1 week 5 days 2 hours ago) and read 984 times:

I know both types, and a third one.

My best friend has the best engineering degree there is in the country, was first in class to boot. With that degree people usually end up in banks or CEOs of big companies or in politics. He did in fact have an internship in the City helping design a mathematical model to make money on the markets, pretty "immoral". Then he went to do what he really wanted to do (and that I frankly don't understand), working as a high level public servant, making decent money but nothing to brag about. Not in engineering though, so you could say his talent is "wasted".

Then there's the son of a friend of my father, always liked aviation, did an engineering degree and works at Airbus => logical.

Then there's my brother, did a management degree that can work in all kinds of companies, ended up in a bank for no particular reason, and is now doing a financial degree to get a better job in the same field, so you could say finance did get to him. Currently he's not really managing but rather selling financial products to wealthy clients.

When I was starting my studies in mathematics, physics, and engineering (in France we have a particular system) my mathematics professor was often telling us to go into finance, even though we were in the most engineering orientated curriculum there is at that level, including learning to use tools like a CNC mill, soldering electronics, technical drawings, etc.

This is leading to a shortage of engineers and now you can earn money doing real engineering as a result, while financial types are out of a job, so I guess the market is working !

One of the most brilliant guys in my class is now a business engineer, getting the best of both worlds !

Quoting BMI727 (Reply 6):
There are a few people. I like money more than most people and don't understand the people who say "I just want to make enough to live a comfortable life." I've seen the studies that say that once you make over $X per year (usually $50-70k) more won't make you happier and I don't think that they're wrong. I just think that I'm the outlier. I don't claim to speak for everyone, just for myself.

Well, nobody would say no if you offered them a 100% raise for the same work. Maybe that study shows that people don't want to do what is needed to earn more than what they feel is enough, and would rather enjoy their families and down time.



New Technology is the name we give to stuff that doesn't work yet. Douglas Adams
User currently offlineRomeoBravo From , joined Dec 1969, posts, RR:
Reply 9, posted (1 year 6 months 1 week 5 days 1 hour ago) and read 968 times:

Quoting Redd (Thread starter):
Why is it that our most talented work for the least productive institutions for the human race?

Financial institutions perform the ***MOST!!!!*** important service in the economy. Without the accumulation of savings and their distribution in the right sectors of the economy, no large scale projects would ever be accomplished.

Quoting Redd (Thread starter):
In came banks with mortgages and 50 years later we pay $500,000 for the same house,

Nothing to do with mortgages or commercial banks, all to do with the continued debasement of your money by government.

There was a time when gold was money and during that time the price of things constantly went down. These days deflation is a dirty word that modern economists think spells disaster, they couldn't be more wrong.

Quoting StarAC17 (Reply 7):
Why they get more talent is that they are better at recruiting than other industries and many banks are so big you can do many things.

No, it's because they pay more money - they perform the most important role in a free economy and thus can command some of the highest profits which results in the highest wages.

[Edited 2013-03-22 17:21:38]

User currently offlineAesma From France, joined Nov 2009, 6688 posts, RR: 12
Reply 10, posted (1 year 6 months 1 week 4 days 23 hours ago) and read 935 times:

They can command the highest profits because they have the money in their hands, and as has been proven now, can risk the house without consequence.


New Technology is the name we give to stuff that doesn't work yet. Douglas Adams
User currently offlineFlighty From United States of America, joined Apr 2007, 8568 posts, RR: 2
Reply 11, posted (1 year 6 months 1 week 4 days 23 hours ago) and read 932 times:

Quoting Aesma (Reply 8):
Well, nobody would say no if you offered them a 100% raise for the same work.

Why would an engineer turn down a bank job paying 100% more than a non-bank engineering job?

That's pretty much what is going on...


User currently offlineStarAC17 From Canada, joined Aug 2003, 3382 posts, RR: 9
Reply 12, posted (1 year 6 months 1 week 4 days 22 hours ago) and read 921 times:

Quoting RomeoBravo (Reply 9):
No, it's because they pay more money - they perform the most important role in a free economy and thus can command some of the highest profits which results in the highest wages.

That too, but at least on this side of the pond they spend a lot on getting the best talent in the door as well.

Quoting Aesma (Reply 8):
Then he went to do what he really wanted to do (and that I frankly don't understand), working as a high level public servant, making decent money but nothing to brag about. Not in engineering though, so you could say his talent is "wasted".

You could have all the talent and intelligence in the world but if you don't like what you are doing then you will be miserable and when you are miserable at work money won't motivate you.

I studied engineering and liked studying it but hated the work that was actually technically much easier then what I studied but I didn't think on the job and it lacked possibilities in growth and development. Those workplace skills will stick with me and I can use that going forward such as working 50 hours a week easily and will gladly do that if I can have the flexibility to remain committed to my sports leagues and other physical activities most of the time.

Quoting Aesma (Reply 8):
Well, nobody would say no if you offered them a 100% raise for the same work. Maybe that study shows that people don't want to do what is needed to earn more than what they feel is enough, and would rather enjoy their families and down time.

  

Also If you were to look at hourly wage (a unit cost essentially) usually the higher salaried employees make less per hour than the people working under them who can cash in or bank overtime.



Engineers Rule The World!!!!!
User currently onlineBMI727 From United States of America, joined Feb 2009, 15749 posts, RR: 27
Reply 13, posted (1 year 6 months 1 week 4 days 22 hours ago) and read 919 times:

Quoting Aesma (Reply 8):
Maybe that study shows that people don't want to do what is needed to earn more than what they feel is enough, and would rather enjoy their families and down time.

That's the major point of the findings. It seems that many people don't want their boss' job or their boss' boss' job. Some of those people are in my family. Personally, I find it unfathomable but that's just me.

Quoting StarAC17 (Reply 12):
You could have all the talent and intelligence in the world but if you don't like what you are doing then you will be miserable and when you are miserable at work money won't motivate you.

Personally I look at it the exact opposite way.

If I like something enough I'll find a way to do it whether it's my job or not. I don't think I'd ever need to love a job if it paid well enough because ultimately money affords one freedom. Nobody is ever going to pay me to drive a car (other than a taxi anyway) having not done the whole karting and racing thing starting from the womb. But, that's okay. If I can make enough money doing a job I might not find fun at all, I can indulge my interest in that or pretty much anything else.



Why do Aerospace Engineering students have to turn things in on time?
User currently offlineMD-90 From United States of America, joined Jan 2000, 8508 posts, RR: 12
Reply 14, posted (1 year 6 months 1 week 4 days 15 hours ago) and read 866 times:

Quoting RomeoBravo (Reply 9):

Financial institutions perform the ***MOST!!!!*** important service in the economy.

Utter BS.

Good luck trying to eat money or buying anything if there's no manufacturing.


User currently offlineRomeoBravo From , joined Dec 1969, posts, RR:
Reply 15, posted (1 year 6 months 1 week 4 days 15 hours ago) and read 862 times:

Quoting MD-90 (Reply 14):
Good luck trying to eat money or buying anything if there's no manufacturing.


You appear to have missed the point spectacularly. If people are unable to pool their resources and have them delegated by a wise investor that factory would never be built and we'd still all live on subsistence farms.


User currently offlineRedd From Poland, joined Jan 2013, 100 posts, RR: 0
Reply 16, posted (1 year 6 months 1 week 4 days 15 hours ago) and read 857 times:

Quoting StarAC17 (Reply 7):
Look at the tech world, they recruit just like banks do and will pay a lot for talent as well.

That's true, a lot of people there that are doing what they love, and creating something.

Quoting RomeoBravo (Reply 9):
Financial institutions perform the ***MOST!!!!*** important service in the economy.

I don't agree at all. ***Least*** important by far. It's a fake market only there to enrich people that give nothing back. Granted we need banks as a place to put our money, but we don't need speculation on the scale that is here now.

The most important services in the economy are companies which create goods and services that are bought by consumers, financial institutions create nothing nothing more than serving an addiction, money... New car, biggest house one can afford, biggest TV, don't have the money for the surround sound system? Why save for it when you can take credit?


Quoting Aesma (Reply 8):
Not in engineering though, so you could say his talent is "wasted".

I don't think I know more than a few people that work in their field of study.

Quoting BMI727 (Reply 6):
don't understand the people who say "I just want to make enough to live a comfortable life."

Why? Money does not bring happiness to anyone. If you don't know how to be happy without money you won't know how to be happy with money. Granted money is good to have and I like it, but it's not a source of happiness.

Quoting MD-90 (Reply 14):
Quoting RomeoBravo (Reply 9):

Financial institutions perform the ***MOST!!!!*** important service in the economy.

Utter BS.

Good luck trying to eat money or buying anything if there's no manufacturing.

  


User currently offlineRomeoBravo From , joined Dec 1969, posts, RR:
Reply 17, posted (1 year 6 months 1 week 4 days 14 hours ago) and read 853 times:

Quoting Redd (Reply 16):
I don't agree at all. ***Least*** important by far. It's a fake market only there to enrich people that give nothing back. Granted we need banks as a place to put our money, but we don't need speculation on the scale that is here now.

It's not a case of agreeing or disagreeing, i'm telling you, it's a fact. If companies couldn't get loans, no industry would be possible. Now i don't doubt the banking industry has been turned into a mess and barely functions the way it is supposed to, but that is entirely the fault of FIAT currencies and the government thinking it can centrally plan the price of money, which is no different to the way the USSR central planned food supplies and made a complete hash of it.


User currently offlineRedd From Poland, joined Jan 2013, 100 posts, RR: 0
Reply 18, posted (1 year 6 months 1 week 4 days 14 hours ago) and read 836 times:

Quoting RomeoBravo (Reply 17):
If companies couldn't get loans, no industry would be possible.

I never said there should be 'no' banks.

Companies leverage value which they already have so they don't tie up their own funds, loans in many cases are not a necessity. Industry could survive without banks but business would have to change strategy and expansion would not be possible on the scale it is now. Which probably would reduce risk and create a more stable economy.

Quoting RomeoBravo (Reply 17):
the banking industry has been turned into a mess and barely functions the way it is supposed to,

Here I agree 100%


User currently offlineRomeoBravo From , joined Dec 1969, posts, RR:
Reply 19, posted (1 year 6 months 1 week 4 days 13 hours ago) and read 829 times:

Quoting Redd (Reply 18):
I never said there should be 'no' banks.

The general measure for gauging how important something is is by considering a world without it. You might choose an airline based on their IFE product but that doesn't mean the wings aren't the most important part of an aircraft.

Quoting Redd (Reply 18):
Industry could survive without banks but business would have to change strategy and expansion would not be possible on the scale it is now.

They really couldn't. You have to understand that the banking system underpins everything. A lack of banks would be almost as devastating as removing currency and going back to a barter system.

Quoting Redd (Reply 18):
Which probably would reduce risk and create a more stable economy.

It may or may not be more stable but it would be 100 times smaller. If companies were never able to leverage their good ideas with the savings of the population then industry would have grown at a snail's pace over the last couple of centuries.

And with sound money the banking system would be far more stable anyway - it is the government that creates the business cycle.


User currently offlineFlighty From United States of America, joined Apr 2007, 8568 posts, RR: 2
Reply 20, posted (1 year 6 months 1 week 4 days 11 hours ago) and read 812 times:

Quoting RomeoBravo (Reply 19):
They really couldn't. You have to understand that the banking system underpins everything. A lack of banks would be almost as devastating as removing currency and going back to a barter system

If you notice, in areas with poor rule-of-law, they have no banks they can trust. So, family-run conglomerates have their OWN banks... banks run by a family member. They can be (usually) trusted. Obviously it is very hard to start a business in countries like that. Without banks, modern commercial activities (even modern nonprofit activities) are impossible. Government activities are still possible, but as you mentioned.. the USSR, Argentina, Greece, East Germany have all tried this and government cannot do it all.

Banks serving the public are an important outgrowth of good rule of law. But they need not be much more than drones obeying a few basic rules. The exotic bank activities are MOSTLY zero value added to the economy. Banks do perform a valuable function, by giving small businesses and families (i.e. the majority of people) access to reliable payment and storage of money. But really... that's about it.

On the exotic side (proprietary trading), there is this intimidation game relying on a perception of great talent. It is based on hopes and superstition, and is irrational, except for the people employed trading, who are paid well to engage in a nonsensical kind of priesthood. As numerical literacy improves, this will be exposed.


User currently offlinePyrex From Portugal, joined Aug 2005, 4024 posts, RR: 28
Reply 21, posted (1 year 6 months 1 week 4 days 9 hours ago) and read 797 times:

Quoting Redd (Thread starter):
companies (usually financial institutions) that don't create anything of value

Why pretend on the thread title this has anything to do with Human Resources and just flat out admit it that this just another vehicle to convey your biased, naive perception of how the financial system works?

Quoting Redd (Thread starter):
or further the human cause of development. Only financial development.

Financial development IS human development. Sending a couple of dudes to the moon might be nice, but lifting hundreds of millions of people out of poverty by creating a system that allows them to keep the rewards of their labor has a direct impact on a lot more people. Not talking necessarily just about the financial system, of course, but the economy as a whole.

Quoting Redd (Thread starter):
So the conclusion is that banks raised the prices of the most basic form of need people have, shelter

Over the long run only inflation raises the price of homes. Inflation is 100% caused by governments.

Quoting Redd (Thread starter):
When I speak to highly educated people working for institutions such as banks, none of them imagined themselves as a banker when they were young. Why is it that our most talented work for the least productive institutions for the human race?

Luckily, except for France, don't see a lot of highly educated people going into bureaucracy. People who become bureaucrats are usually mediocre (average at best) at everything they have always done and lack ambition and/or initiative, so they are naturally attracted by positions that would allow them to have the sort of power they would otherwise never have.

Oh, you meant banks...

Quoting StarAC17 (Reply 7):
Why they get more talent is that they are better at recruiting than other industries

Correct. Banks know they rely on their human capital, so they take recruiting, especially at the college level, very, very seriously. Recruiting is considered a part of everyone's job, not just HR, and not being actively involved in it certainly raises some issues when it comes time for performance reviews.

Quoting StarAC17 (Reply 7):
The culture of banks also harness the talent and treat them accordingly to develop their employees and the ones who work their but off get rewarded.

Also correct. Financial institutions, for the most part truly are meritocracies, and do not care where you came from just as long as you are able to do the job. As a Portuguese person with a degree in aerospace engineering working for a bank in New York, I can clearly state that I have never once had anyone question my ability to do my job based on my background and nationality - I doubt I would have that same experience working for Airbus in Toulouse or Hamburg.

Quoting StarAC17 (Reply 7):
The only way that I could have been promoted in the engineering company I worked for before and they had a few offices was if my boss left and I could move up the chain not to his role but perhaps the one below.

Or died. That is what a lot of people in the corporate world do, just sit around waiting for someone to retire or die. Banking is not like that.

Quoting StarAC17 (Reply 7):
Look at the tech world, they recruit just like banks do and will pay a lot for talent as well. They create things

Yes, virtual cows...  
Quoting StarAC17 (Reply 7):
Just going through the bank hiring process myself they look much more at your personality than your technical merits or academic ones. Technical skills can be taught but how to engage other people cannot be nearly as easily, if at all.

Also correct. As someone who frequently interviews people for banking jobs, I can tell you that technical skills are not at all the focus of the recruitment process. Most banking positions are not rocket science (I would know) and can be taught relatively easily - what banks are looking for is for people who are smart, business-savvy, personable, have good common sense and that they feel really have the desire to do the job and, honestly, the tenacity to put up with a job that very often just sucks. I might look at your major or GPA not because I care if you know how to discount a cash-flow (I can teach you that) but to see if during undergrad you showed the determination to take on the hard classes and do well at them versus opted for a 4-year beer pong competition.

Quoting Aesma (Reply 8):
pretty "immoral". Then he went to do what he really wanted to do (and that I frankly don't understand), working as a high level public servant

And that is why France is in trouble... when 75% of the people want to be public "servants", what happens is a dwindling portion of the real economy serving the functionnaires.

Quoting Aesma (Reply 8):
making decent money but nothing to brag about

Decent salary, 35 hours of work a week, 6 weeks of vacation you can actually take, guaranteed job security no matter what happens, no real performance reviews and early retirement with large guaranteed payouts beats good salary, 60+ hours of work a week, no job security, 3-4 weeks of vacation you can never actually take and constant need to improve yourself any day of the week.

Quoting StarAC17 (Reply 12):
You could have all the talent and intelligence in the world but if you don't like what you are doing then you will be miserable and when you are miserable at work money won't motivate you.

Also correct. That is why turnover in banking jobs is so high, particularly at the junior level, and why banks put so much focus into recruiting - they want to make sure you would actually like it and be able to put up with it.

Quoting MD-90 (Reply 14):
Utter BS.

Good luck trying to eat money or buying anything if there's no manufacturing.

That might be true on an aggregate, global, level, and I would not call banking the most important thing in the world, but not true on the local one. You can have a functioning economy with barely any agriculture (look at Singapore) or manufacturing (look at plenty of places these days, really). You cannot, however, have a functioning economy without a decent banking system.

Quoting RomeoBravo (Reply 19):
A lack of banks would be almost as devastating as removing currency and going back to a barter system.

Just ask the people in Cyprus...



Read this very carefully, I shall write this only once!
User currently offlinePPVRA From Brazil, joined Nov 2004, 8964 posts, RR: 39
Reply 22, posted (1 year 6 months 1 week 4 days 6 hours ago) and read 769 times:

Quoting Redd (Thread starter):
Well the point is, all the people that we know that graduated from universities and polytechnics with different degrees work for companies (usually financial institutions) that don't create anything of value. Other companies such as Readers Digest for example that do nothing but sell whatever they can, to whom ever they can make that list too.

Value is something that is highly subjective. Reader's Digest may not be valuable to you, but it may be to others.

As for engineers moving out of their professions, that is their freedom to choose.



"If goods do not cross borders, soldiers will" - Frederic Bastiat
User currently offlineMD11Engineer From Germany, joined Oct 2003, 14030 posts, RR: 62
Reply 23, posted (1 year 6 months 1 week 4 days 5 hours ago) and read 759 times:

Quoting Aesma (Reply 8):
Not in engineering though, so you could say his talent is "wasted".

I wouldn´t say so. Engineers have a particular way in getting things done and cutting out the BS. No blame game like with many lawyers and politician types and no fixation on next quarter´s profit expectations like many business people. For them the end result matters and they have the patience to do long time planning, if necessary.

Jan


User currently onlineBMI727 From United States of America, joined Feb 2009, 15749 posts, RR: 27
Reply 24, posted (1 year 6 months 1 week 4 days 5 hours ago) and read 756 times:

Quoting Redd (Reply 16):
financial institutions create nothing nothing more than serving an addiction, money... New car, biggest house one can afford, biggest TV, don't have the money for the surround sound system?

In other words, it sounds like they're in the business of facilitating happiness.

Quoting Redd (Reply 16):
Money does not bring happiness to anyone.

It can buy things that do. If you really love golf, money can take you on trips during the winter, buy golf clubs, tickets to tournaments, country club memberships, etc.



Why do Aerospace Engineering students have to turn things in on time?
Top Of Page
Forum Index

This topic is archived and can not be replied to any more.

Printer friendly format

Similar topics:More similar topics...
Can Diet Coke Lead To In Flight Brain Seizures? posted Fri Sep 10 2010 11:52:29 by arydberg
Finally, A Solution To CA's Financial Woes! posted Sun Jul 26 2009 17:42:41 by Boeing4ever
President Obama's New Financial Reform To Protect posted Sat Jun 20 2009 11:18:13 by Propilot83
Swiss Company To Simulate Human Brain With Compute posted Sat Jul 19 2008 12:01:24 by Blackbird
Chinese Banks Cut Financial Connections To Iran posted Sat Feb 2 2008 04:28:03 by LHStarAlliance
Another Financial Bandwagon To Jump On posted Wed Nov 14 2007 01:44:27 by Oly720man
Govt Needs To Use Its Brain posted Fri Sep 28 2007 17:54:00 by Pope
So I Had A Brain Fart Thanks To The VCR... posted Wed Aug 22 2007 22:46:58 by Kieron747
Iran's Threat To US Is Financial, Not Nuclear posted Wed May 17 2006 17:07:45 by Ilikeyyc
Women Drinkers More Prone To Brain Damage posted Mon May 16 2005 15:21:45 by Gkirk