Roads to Wall Street Take Routes in Math
YOUNGSTOWN, Ohio – In his six years at Youngstown State University and afterward, Joseph G. Carson listened, learned and studied.
Carson continues to listen, learn and study as a senior vice president at AllianceBernstein, New York, where he is director of its global economic research department. He joined the Wall Street firm in 2001.
In his remarks to students at YSU Monday afternoon, the alumnus told them how their career paths, regardless of which one they’re on, could take them to Wall Street. They have to choose their own roads.
Their road might be music or history or psychology but there’s no reason they can’t turn to the roads of mathematics, statistics, economics, finance or accounting, the traditional routes to Wall Street.
Carson, who earned his baccalaureate in political science in 1973 and master’s degree in economics in 1974, had no plans to work on Wall Street after receiving his master’s.
“Many Roads Can Lead to Wall Street,” was his topic and he noted that he began at YSU as an electrical engineering major before switching to political science -- he discovered he didn’t want to be a lawyer -- and then turned to economics.
“When I left YSU,” he told some 125 underclassmen, “I didn’t have the skill set to work on Wall Street,” nor was he even considering it. “But you can develop it over time,” which is what he did.
He went to work in the economics research department of the U.S. Department of Commerce, where he remained 2½ years before taking a position at General Motors in Detroit, which turned out to be an invaluable experience. “Most people on Wall Street just make trades,” he explained. “They’ve never made something.”
Working for GM, despite its failings in the late 1970s -- which were apparent even then -- gave him “a background in the real economy,” Carson said. He went on to work for five investment banks, most of them since acquired by larger banks, before joining AllianceBernstein in 2001.
Much has changed since he left YSU, Carson said, “especially the information we deal with.” There is so much information today, he said, that the challenge before everyone, whether student, engineer, someone who works in information technology or Wall Street trader, “is determining the relevant data. Everything else is noise.”
His audience will find, he assured them, ”Everything you learn at Youngstown State is half of all you’ll learn the rest of your life.”
To have a successful career, Carson advised, whether on Wall Street or in law, medicine, accounting, engineering, construction, architecture or retail sales, “Do not take a job for the money.”
Despite an offer of twice the compensation he was earning at the time, he said “No” to an offer from a Fortune 100 company. “I didn’t understand their business model or their corporate culture,” he explained. That company was Enron.
Carson also advised his listeners to be mobile and willing to take a job far from home at the outset of their careers.
The remainder of his presentation dwelled on the economy, to wit, economic history since the end of World War II, how business cycles have changed and how the nature of the last three recessions (1990, 2001 and 2008-09) differs from those since the end of World War II, of how the lessons economists think they’ve learned aren’t permanent.
Those interested in his views on the economy and economic history should read his blog at this page on the AllianceBernstein website.
Copyright 2013 The Business Journal, Youngstown, Ohio.
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