In recent months, the financial services sector has seen a significant surge in interest from tech graduates, marking a shift in the job market dynamics traditionally dominated by technology firms. Beset by competition for top talent, major banks are ramping up their recruitment efforts, seeking to capture the attention of students who may have previously overlooked opportunities within finance.
Christine Tu, a distinguished engineer at Morgan Stanley and the head of artificial intelligence and machine learning in its wealth management technology division, observed a notable change in student engagement at recruitment events. “With all those long lines, people are talking to us. I feel like they also understand there’s more and more utilization within the financial area that could match their skill sets and their interests,” she stated, highlighting how perceptions of technology roles in banking have evolved in recent years. This evolving landscape of job opportunity is bolstered by the promise of innovation, with Morgan Stanley notably discussing its partnership with OpenAI as part of its recruitment narrative.
Similarly, Capital One is aggressively pursuing tech talent across a wide array of specialisations within the artificial intelligence domain. Prem Nata’rajan, chief scientist and head of enterprise AI at Capital One, indicated that the bank is keen to attract individuals with expertise in neural networks as well as those skilled in model building, training, and fine-tuning. He believes that his previous experience at the University of Southern California and Amazon facilitates his efforts in bringing dynamic talent aboard. "We have been out there in the market evangelizing the value of all of these technologies for the financial sector,” Nata’rajan noted, implying that awareness of the potential impacts of technology on finance is becoming more pronounced.
Data from Cornell University corroborates this trend, revealing that 22% of its 2023 computer science graduates opted for careers in financial services, compared to 16% the previous year. Furthermore, Carnegie Mellon University’s Heinz College has also witnessed an increase, with 19% of its master of information systems management graduates entering the finance industry in the recent years, up from 16% during previous cohorts.
Despite broader market caution surrounding tech hiring, influenced by economic factors and previous over-hiring, banks maintain a robust stance in attracting new professionals. Job stability, enhanced societal prestige associated with firms like JPMorgan Chase, and the innovative prospects offered by their technology departments are contributing to the new allure of financial roles.
As big banks continue to ramp up hiring and actively engage with University talent, the financial sector's perception as a compelling option for tech graduates becomes more ingrained, reshaping the landscape of career opportunities in the technology domain.
Source: Noah Wire Services