With Finance Disgraced, Which Career Will Be King?

Having been in high school when Sputnik was launched by the Soviet Union, I was part of the generation of students in America that was motivated by national pride, fear, and an opportunity to make a difference, into science and engineering. We were encouraged by society's respect, jobs, and money. I became a chemical engineer and went to work for then the most highly respected industrial research laboratory (AT&T and its R&D arm Bell Labs) to do development work in semiconductors. After the oil crisis in the early 1970's, I transferred into materials recycling research and then recycling operations for Bell System materials. As part of that series of assignments for AT&T, I was transferred to the U.K. to manage the enginering design for the recycling facility that AT&T was buiding in South Carolina. While living and working in London in the mid-1970's, it was clear that U.K. society did not value engineering and technology. The brightest and best of British youth went into government, medicine, and commerce. Engineering was not esteemed by the populace and so the best went elsewhere for their careers. The marginal tax rate in the U.K. during the 1970's was 80%, so there was little financial incentive to make higher salaries. Without societal recognition or economic reward, the best talent was steered away from engineering and technology.

During the Thatcher and Reagan governments in the 1980's, marginal tax rates were dramatically reduced in the U.K. and the U.S. Financial incentives were increased for the first time since the 1930's and compensation drew the best into finance, technology, and enterpreneurship. The benefits (GDP growth and productivity) and the evils (greed) escalated during the 1990's through 2007. During the current economic crisis, careers in finance have lost their luster. In today's New York Times article, "With Finance Disgraced, Which Career Will Be King?" (http://www.nytimes.com/2009/04/12/weekinreview/12lohr.html?_r=1&ref=weekinreview), the authors discuss the situation facing university students. As in the past, society's respect for various careers impacts the students and their parents' perception of the best jobs. With careers in finance in disgrace, I have seen a significant shift in technology jobs toward government, healthcare, and education.