Do Business Schools still produce Investment Bankers?  Having just started at Columbia Business School, I always assumed that all business schools was a factory-line for finance professionals, particularly Investment Bankers.  Six weeks in, I'm not so sure and the reasons are un-related to the current economic armageddon that we're heading for.  Has culture now become an important part?

Since starting, I have spoken with many in my class about their future prospects.  Many have said that they'd be interested in becoming Investment Bankers (IBs), lured by (I guess) the money and the perceived power.  Last week saw the start of many of the recruiting events by many of the IB firms.  In these events, past alumni from the school who belong to the firms, as well as other representatives from the companies, present what each company has to offer.  This includes packages, culture, lifestyle, etc.  There is also an opportunity to speak one-on-one with each of the alums and representatives.

After attending these events, I now know a small but significant group of people who are now avoiding Investment Banking.  Based on their experiences, they find the culture very aggressive and arrogant, the work-life balance non-existent and now, job security rapidly diminishing.

It seems that there is an increasing focus (by students) on culture and cultural fit and if a company competes with their own values.  It further seems that starting pay packets, while still an important determinant, are playing a lesser role in deciding on which industry to join (Note my use of the word industry, rather than company).

This attitude seems to be increasing, in line with increases of interest in Social Enterprise.  There are clear parallels that more students (particularly of the Generation-Y variety) are now considering the social good within the context of their careers and are attempting to ensure that a company's culture matches this value.  Where would Investment Banking stand, in this analysis?

Having said this, I'm reasonably sure that if we were not in an economic downturn, then this would be less of an issue.  But by how much?  I doubt Investment Banking will die any time soon, nor will MBAs stop becoming Investment Bankers, but there appears to be a trend away from it.

It appears that industry culture is starting to make a difference for MBA students planning their careers.