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Finance and the Reallocation of Scientific, Engineering and Mathematical Talent

Author

Listed:
  • Giovanni Marin

    (University of Urbino ‘Carlo Bo’, SEEDS, Ferrara)

  • Francesco Vona

    (University of Milan, Fondazione Eni Enrico Mattei, and OFCE)

Abstract
The US financial sector has become a magnet for the brightest graduates in the science, technology, engineering and mathematical fields (STEM). We provide quantitative bases for this anecdotal fact for the US, over the period 1980-2019 and with a specific focus on the last decade where information on major fields of study is available. First, we show that long-run educational upgrading of finance was biased towards STEM graduates, especially for postgraduates, and accelerated in the last decade. Second, the STEM upgrading also occurs within finance and business occupations, matching a task reorientation towards mathematics in those occupations. Third, STEM reallocation towards finance is more pronounced among experienced workers peaking at prime age. Fourth, the reallocation of STEM is associated with large wage premia in finance, which are heterogeneous across occupations, age groups, degrees and along the wage distribution. Returns to STEMs are higher than returns to other degrees in finance and become very high in finance and managerial occupations at the top of the distribution, especially for postgraduates.

Suggested Citation

  • Giovanni Marin & Francesco Vona, 2022. "Finance and the Reallocation of Scientific, Engineering and Mathematical Talent," Working Papers 2022.17, Fondazione Eni Enrico Mattei.
    • Handle: RePEc:fem:femwpa:2022.17
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    1. Saussay, Aurélien & Sato, Misato & Vona, Francesco & O’Kane, Layla, 2022. "Who’s fit for the low-carbon transition? Emerging skills and wage gaps in job and data," FEEM Working Papers 329079, Fondazione Eni Enrico Mattei (FEEM).
    2. Valerio Della Corte & Stefano Federico & Giacomo Oddo, 2024. "Trade in low-carbon technology products: macro and micro evidence for Italy," Questioni di Economia e Finanza (Occasional Papers) 882, Bank of Italy, Economic Research and International Relations Area.
    3. Bonnet, Paolo & Olper, Alessandro, 2024. "Party affiliation, economic interests and U.S. governors’ renewable energy policies," Energy Economics, Elsevier, vol. 130(C).
    4. Speer, Jamin D., 2023. "Bye bye Ms. American Sci: Women and the leaky STEM pipeline," Economics of Education Review, Elsevier, vol. 93(C).
    5. Filippo Maria D’Arcangelo & Ilai Levin & Alessia Pagani & Mauro Pisu & Åsa Johansson, 2022. "A framework to decarbonise the economy," OECD Economic Policy Papers 31, OECD Publishing.
    6. repec:spo:wpmain:info:hdl:2441/4q63gsp61h87h81knveut4qm7m is not listed on IDEAS
    7. Botta, Alberto & Caverzasi, Eugenio & Russo, Alberto, 2022. "When complexity meets finance: A contribution to the study of the macroeconomic effects of complex financial systems," Research Policy, Elsevier, vol. 51(8).
    8. Gaetano Basso & Fabrizio Colonna & Domenico Depalo & Graziella Mendicino, 2023. "The Green Transition and the Italian labour market," Questioni di Economia e Finanza (Occasional Papers) 811, Bank of Italy, Economic Research and International Relations Area.
    9. repec:hal:spmain:info:hdl:2441/4q63gsp61h87h81knveut4qm7m is not listed on IDEAS
    10. Dong, Feng & Jia, Yandong & Wang, Siqing, 2022. "Speculative Bubbles and Talent Misallocation," Journal of Economic Dynamics and Control, Elsevier, vol. 141(C).

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    More about this item

    Keywords

    Finance industry; finance occupations; STEM labour markets; reallocation; technological change;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • I26 - Health, Education, and Welfare - - Education - - - Returns to Education
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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