NYTimes: At M.I.T., a 2007 survey showed that 28.7 percent of undergraduates were headed for work in finance, 13.7 in management consulting and just 7.5 percent in aerospace and defense. The top 10 employers included McKinsey, Google, Morgan Stanley, Lehman Brothers, Bain, JPMorgan and Oracle — but not a single military contractor or government office.
OK, could be worse. At Harvard the reported fraction heading into finance is 50%! Pity the public university kids who don't know what proprietary trading is and don't have Goldman et al. recruiting aggressively on campus.
Here is what old school investors like Paul Steinhardt and Charlie Munger have to say about it.
This is what I heard coming out of the gym last time I was at Caltech:
Undergrad 1: Yeah, they emailed me the test. I guess it's honor code.
Undergrad 2: But it's a hedge fund, right? Is there an honor code?
Undergrad 1: Hmmm.... good point.