Journalism or Investment Banking?

I was listening to NPR’s radio show “Tell Me More” yesterday and the topic intrigued me. A professor of finance was challenging a student of journalism at Columbia regarding the practicality of entering a field that may not have a job to offer him when he graduates.

Upon graduation he would be handed a diploma and $50 thousand in debt. If there ever were a job opening waiting for him it would only pay about $10 per hour as an entry-level journalist, which isn’t glamorous by any means.

The finance professor recommended journalism students double major in business and journalism so they can explore the different avenues of the field. Does he mean advertising, public relations or investing opportunities? Rubbish! Those of us who want to write true stories and save the world with our pens would abhor the idea.

So is there a place for those who wish to enter the traditional field of journalism?

The finance professor said any “J” school student who thinks they are getting into “1985” journalism will be surprised to find out the current field is NOTHING like it. He is right. Spending time doing deep investigative stories scooping the muck out from under the government is harder to do. There isn’t time. Of course there are a few archaic fixtures typing away at the papers still standing, but young journalists won't find a themselves in that position. One reporter now does the job of what 3 reporters used to do in the past. Newspapers merely can’t afford it anymore.

But there must still be a need for good writers who have a passion for non-fiction storytelling!

Everyone knows print journalism was suffering an economic crisis before the rest of the world took a hit in the gut crippling the industry only more. Hiring freezes and decreasing advertising revenues were just a start. What about the content? Studies show typos and errors are increasing in newspapers.

Needless to say I feel the Columbia journalism student lost the debate. He was left stuttering. However a degree from Columbia in journalism is very shiny and pretty to those in the industry who may still be hiring. He may have a chance. What are the rest to do? At what point does an impassioned and ambitious young journalist give up the dream and study finance only to sell his soul to Wall Street?

I wish I knew the answer.