Ontario Teachers' Pension Plan head Jim Leech quipped in 2009 that if pay declines in the securities industry continued, the talent drain from the rest of the economy into finance might slow.
From the looks of the latest pay stats in the U.S., it doesn't look like it's going to happen.
Bonuses in the securities industry may not be what they were in 2009, but as Bloomberg News points out after compiling figures, there's still no comparison to many other jobs. A decent M&A banker can still make much more than even a brain surgeon in the lucrative U.S. health-care system.
Mr. Leech's exact words, in a May, 2009, speech, were, "If this pay decline does continue, there remains hope that our schools' best and brightest won't automatically head straight to Wall Street or Bay Street. They might consider other more worthwhile careers."
Well, those other worthwhile careers still can't hold a candle to finance in the pay department. Here's the look at some finance and non-finance jobs and their estimated pay, courtesy of Bloomberg.
M&A banker with 10 years experience -- $2-million
Bank oil trader with 10 years experience -- $1-million
Corporate bond trader with 10 years experience -- $1-million
Neurosurgeon with 8-17 years experience -- $571,000
Law firm partner with 10 years experience -- $600,000
Four-star general with more than 34 years experience -- $185,000
Cancer researcher with 10 years experience -- $110,000
Aerospace engineer with 5 to 10 years experience -- $100,000
Architect with 10 years experience -- $80,000 to $100,000