(WNY) College students have an important choice to make early in their studies: a career path. While many advisors claim that the outlook in WNY for a career in finance is bright, this is extremely shortsighted. As the industry continues mass layoffs, and more criminal activity is uncovered, working families should better counsel their young college student to choose a different career.
Through deregulation of the finance industry during the 1980s and ’90s, this industry is now dominated by a few super-sized banks, which are apparently both “too big to fail” and “too big to prosecute”. As a consequence, hubris is rampant within the industry, where people commonly believe that there are no personal consequences for their actions.
The current financial environment, where banks make large gambles without fear of paying out if they lose, cannot last. These super-sized banks will eventually be broken up – either by regulators or through criminal prosecution. On second look, such a career outlook might not be so bright after all.