Careers in Finance

Andrew Ellul (), Marco Pagano and Annalisa Scognamiglio
Additional contact information
Andrew Ellul: Indiana University, CSEF, CEPR and ECGI., https://csef.it/people/andrew-ellul/

CSEF Working Papers from Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy

Abstract: Past research has documented a substantial finance wage premium. We examine whether this premium reflects differences in lifetime career opportunities. Using resume data, we reconstruct career trajectories in finance and non-finance sectors and build synthetic measures of career attractiveness that account for compensation levels, growth, and risk. We find that asset management and investment banking provide a sizable risk-adjusted career premium relative to banking, insurance, and other sectors. This premium has declined across cohorts, particularly relative to high tech. Labor-market entry patterns respond to these premia: potential entrants treat finance and high-tech careers as substitutes when choosing where to start.

Keywords: careers; finance premium; asset management; investment banking; high-tech; career choice (search for similar items in EconPapers)
JEL-codes: G20 G23 J24 J33 J62 J63 M51 (search for similar items in EconPapers)
Date: 2020-05-06, Revised 2026-03-11
New Economics Papers: this item is included in nep-hrm and nep-lab
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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http://www.csef.it/WP/wp561.pdf (application/pdf)

Related works:
Working Paper: Careers in Finance (2021)
Working Paper: Careers in finance (2021)
Working Paper: Careers in Finance (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:sef:csefwp:561

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