Wall Street vs. the Minors

Pete Toms sends along a story about a Princeton pitcher poised to go in the second or third round of the draft. He’s a business student, and there’s a discussion about his choices:

Hale, a 21-year-old junior from Marietta, Georgia, majoring in operations research and financial engineering, said he’s already decided that he’d rather play minor-league baseball than return to Princeton and a possible career on Wall Street.

“I don’t know if I’m in for those hours, so we’ll see where baseball takes me,” the 6-foot-2, 195-pound right-hander said in an interview at Princeton’s Clarke Field. “It’s probably a better option right now with the whole economy, and it’s my dream, so I obviously want to do this.”

As a baseball player drafted in the late second or third round, his skills would earn him a one-time signing bonus of $400,000-$600,000, said Baseball America Co-Editor in Chief John Manuel. The major-league minimum salary in 2008 was $390,000.

Entry-level Wall Street jobs for Ivy Leaguers are paying in the $100,000 to $200,000 range, according to eFinancialCareers.com. Postings by employers on the Web site were down 47 percent in April compared with the same month last year.

Amazingly, nowhere is it mentioned that being a baseball player is amazingly cool, while working on Wall Street sucks by every human-based measure.

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  1. jason11 said...

    “I don’t know if I’m in for those hours,”

    The kid seems to have his head on straight and his eyes wide open.

  2. Vin said...

    Also, though it looks like he’ll get a sizeable signing bonus, they should probably be talking about minor league pay, not big league pay. And while I don’t exactly what the figures are, my understanding is that pay in the minors is unimpressive, to put it lightly.

    Still, being a baseball player IS way cooler. I’d make the same decision if a) I had any athletic prowess, and b) I had any mathematical prowess, and c) I went to Princeton. Man, this guy is like my polar opposite or something…

  3. Kelly F. said...

    Uninformed snide reply:

    This is what’s wrong with American education today. What the heck is financial engineering? Is that how to make a better dollar bill? Or is that monetary engineering?

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