... 2008 The Making of an Investment Banker: Stock Market Shocks, Career Choice, and Lifetime Income PAUL OYER∗ABSTRACTI show that stock market shocks have important and lasting effects on the careers of ... thatgraduated in the year onthe x-axis that works ininvestmentbanking in the first January after graduation, the fourth January, the seventh January, and the tenth January. THE JOURNAL OF FINANCEãVOL. ... number of Stanford MBAs could be successful investment bankers, Wall Street firms demand more people when the stock market is doingwell, and the wage difference between investment banking and other...