Careers in Finance
研究了金融行业的高薪酬是否源于更好的终身职业机会，通过简历数据重建职业轨迹，发现资产管理和投资银行相比其他金融领域有显著的风险调整后职业溢价，且该溢价随代际下降，尤其相对于高科技行业。
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 nonfinance 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.