BUSINESS
05/28/2013 07:29 pm ET Updated May 29, 2013

Wall Street Just Isn't What It Used To Be When It Comes To Luring Harvard Grads, Survey Finds

The Wall Street brain drain appears to be over, according to a recent study.

Of Harvard graduates this year who already have jobs, about a third of graduating seniors plan to take jobs in finance, with 15 percent working on Wall Street and another 16 percent taking consulting jobs, according to a survey run by student newspaper The Harvard Crimson. Only about 20 percent of the class of 2012 went into finance and consulting.

Before the recession in 2007, 47 percent of Harvard graduates took jobs in finance and consulting, the Crimson previously reported. That number fell to 39 percent in 2008.

The reason for the decline depends on who you ask. Some suspect the financial crisis may have played a role in changing the aspirations of the nation's best and brightest. Now, millennials say they'd prefer to work in industries where they’re able to help people, such as health care, CNBC reports.

As for Wall Street, the feeling may be mutual. The industry as a whole continues to lay off more employees than it hires, Forbes reports. On top of that, bonuses for bankers and traders have fallen steeply.

Indeed, college graduates continue to face a grim job market. An astounding 58 percent of 500 hiring managers across the country don't plan to hire new graduates this year, according to a survey by staffing firm Adecco. That said, the jobless rate among college graduates remains significantly lower than that of Americans nationwide.

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