Harvard MBAs bypass Wall Street for geekier pastures

Wall Street, the default destination for many Harvard MBA graduates, has lost its appeal.

Wall Street, once the default destination for many Harvard MBA graduates, has lost some of its luster. These days, more grads are bypassing financial services and opting for tech and consulting instead.

By May, financial service companies hired 27 percent of Harvard's 2013 graduating class, according to preliminary career data. That's down from final figures of 35 percent in 2012 and 45 percent in 2008, reported by Bloomberg.

Why the shift? The financial recession, which led to hiring cuts, layoffs and salary reductions, was an effective deterrent. Alternatively, the perception of greed kept others away.

Meanwhile, tech companies hired 18 percent of the class by graduation compared to final figures of 12 percent in 2012 and 7 percent in 2008.

Consulting also is hiring a greater percentage of Harvard MBA grads. In 2008, consulting firms hired 20 percent of the graduating class. This year, 25 percent of grads were hired by consulting firms.

The uptick in consulting could be explained by the compensation. Consulting and venture capital, two industries paying the most lucrative salaries to 2013 Harvard grads, had median salaries of $135,000, according to the preliminary career data.

Photo: Flickr user David Blakie

This post was originally published on Smartplanet.com

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