So where do the best and brightest go today? Private equity funds of course. And why not. The Financial Times' Alphaville notes that business school graduates that joined a top private equity firm earn more than $400,000 in salary and bonus in 2007-08 and could make up to $5 million over several years (Glocap and Thomson Financial). First-year associates at top investment banks, meanwhile, can expect to earn $70,000-$80,000 in base salary plus bonuses of $60,000-$80,000. Even in the face of the credit crunch, private equity firms have not lost their cachet, while hedge funds and to banks have seen a bit of tarnish collect on their good industry names. The bright folks, for better or worse, will all follow the money. There was a day when the smartest kids wanted to become doctors.  

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