You know how you wanted that banking job this year? Well you can have it, in a couple years. JPMorgan is all for extending you a rather nebulous, oft-revoked offer as long as you participate in Teach for America, at least until the market turns. JPMorgan still gets to say it hired a full crop of analysts and that it supports the less financially rewarding interests of its employees.
In this case, those who can’t bank, teach. You still get some hush money – which is what the banks used to do anyway to get analysts to take a hike for a year. Unfortunately, using the cash to go on a far Eastern sex odyssey isn't viewed as favorably.
We personally think the program is a great idea, even if is a transparent attempt to avoid outright layoffs or steep hiring cuts. Budding bankers should go out and do something relatively selfless before they completely sell out, and if the effort gets more (presumably) smart individuals into programs like Teach for America, good for it.
Of course, we think it’d be a great idea if there would be a teaching program similar to R.O.T.C. where you could agree to teach for a number of years in a dodgy public shcool and get a portion of your undergraduate education paid for. Many grad schools already have these programs if you avoid going corporate for a couple of years (you can get some of med and law school paid for at least).
Sure the terrorists would win and fewer people would voluntarily sign up to get shot at in arid climates, but we could make a sequel to Dangerous Minds. If nothing else, we can finally start teaching the kiddies the difference between Muslim factions so they can grow up to run a half-competent state department.
That being said, when you have a completely bogus chart that doesn't take into account a bonus, bankers are just like everybody else (not even richer), so maybe we should have a Bank for America program. Entry-level salaries, from the Teach for America website:
Teach For America [JPMorgan]