TY  - UNPD
A1  - Ellul, Andrew
A1  - Pagano, Marco
A1  - Scognamiglio, Annalisa
T1  - Careers in finance
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 674
N2  - The finance wage premium since the 1990s has arguably lured talent away from other industries. However, the allocation of talent is likely to respond to differences in career paths, not in wages at a given date. We use resume data to reconstruct the careers of 11,255 professionals in finance, high-tech and services from 1980 to 2017, and find that careers mostly develop within sectors. Careers in asset management feature higher and steeper pay profiles than those of employees in banking, insurance and non-finance, yet this career premium cannot be explained by higher risk. Labor market entry responds positively to career premia in asset management and high-tech, and these sectors are regarded as substitutes by potential entrants, consistently with high-tech competing with asset management in attracting talent.
T3  - CFS working paper series - 674 
KW  - asset management
KW  - nance premium
KW  - careers
KW  - labor market entry
KW  - high-tech
Y1  - 2021
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/63402
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-634029
UR  - https://ssrn.com/abstract=3983617
N1  - This work was supported by the European Research Council (ERC, FINLAB project no. 295709), the Italian Ministry for University and Research (MUR) and the Einaudi Institute for Economics and Finance (EIEF).
IS  - December 2021
PB  - Center for Financial Studies
CY  - Frankfurt am Main
ER  -