<p>kville,
When measured on a Cost of Living and Quality of Life basis, you may be right that there is not great value in those NYC jobs…in the short term. However, what you may not be factoring in is how these jobs often position these students for their 2nd and 3rd jobs. Done intelligently, these jobs are part of one’s career path with ever higher compensation possibilities or other employment opportunities that one gets exposed to. If you want VC or PE or hedge funds or highest end consulting, these jobs can usually enable you to at least get a look. </p>
<p>These jobs have also historically been major feeders to the top graduate business schools. That path is a little less open today because the Grad B-schools feel a bit burned by having had so many eggs in the Wall Street basket. I think that it is clear that they will be less willing to enroll a class with 25-40% coming from the Street and that 2-year analyst community.</p>