Aired on American Public Media's Marketplace Money on February 27, 2010

Rachel's story is the last in a three-part Youth Media International series for Marketplace.  How has the recession influenced students dreaming about careers in the finance industry?  

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Right next to the American Stock Exchange building is the High School of Economics and Finance. And for most of the students at this school, Wall Street isn't just their neighbor—it’s their potential employer. Like senior Makeeda Loney.

Makeeda Loney: I do like to make money and the aspect of making money interested me. So I thought maybe if I came here, I would learn more about the business world, which I have.

More than 800 students attend this New York public high school. The school doesn’t keep numbers about how many students end up on Wall Street. But they have academic requirements to prepare students for a career in finance. Like taking a class every year on topics ranging from macroeconomics to personal finance. Hiro Shinohara is a former stock trader who teaches social studies. He says most students at the school don’t come from a wealthy background.

Hiro Shinohara: In fact 75% of our students come from homes where yearly income less than 15,000 a year... they're barely surviving, these are families that are going pay check to pay check. And with the recession, I think there's no question it's hitting these families the hardest.

So why do these students want to enter a world that in some ways hurt theirs? A lot of families have watched their savings evaporate over the last two years.

Hiro Shinohara: I think students are a little worried, and that stress and concerns about money that perhaps they have at home, that they bring to school, as teachers we certainly feel that.

But he says these students have something that a lot of young people don’t have: the school has helped them develop the confidence to ask questions about money, about the economy, about the direction of Wall Street. Take sophomore Shatiek Gatlin. He talks a lot about money with his family.

Shatiek Gaitlin: I think it's more me thinking they could have done something better or me even speaking out and saying 'we don't really need this' or you could have handled that situation with buying another pair of shoes, or whatever the case may be, a little different.

He’s says that the school has made him smart about money—smart enough to express his opinion to his parents…though they don’t always listen to his advice.

Shatiek Gaitlin: Sometimes they do consider, but the majority of the time, you know, they're the parents so they're going to do what they want regardless.

Sounds like a complaint that parents usually have about teenagers. But the students here seem to enjoy having those adult conversations. Plus, they say the school has prepared them for life in this economy. And Senior Makeeda Loney says she knows how to live within her means.

Makeeda Loney: I used to spend all the money that I got, but now I’ve learned to save half and spend half, so I always have some backup in case I need to do something else. I actually do have it hidden in my room in cash, but it's in a place I don't want to say right now (laughs).

Makeeda says the school didn't just help her look at herself, it helped her look at Wall Street, too. It gave her an intimate look at Wall Street’s collapse. And the loss of jobs and income that followed. Makeeda says she saw the effects on her subway ride to school.

Makeeda Loney: I do notice the people that walk around every day when I come to school on the train, like I do notice that they have their nice suits and their nice briefcases but I also do notice… freshman year it was a bit more packed than coming up to senior year now. That even though I leave at the same time, it’s not as crowded as it used to be.

But she and her fellow students say they are still excited about careers in business. Just listen to senior Gabriel Muñoz. Ask him about the future of Wall Street and you’ll hear the confidence in his voice….

Gabriel Munoz: People are still going to make money on Wall Street... President Barack Obama gave a State of the Union where he stated banks need more regulation, and definitely I agree with that. We can't make the same mistakes... Every time we have a crisis it will get worse and we'll probably need to bail out more banks so by changing the rules and how the game is played hopefully will get things back on track and get this economy running.

Gabriel says after everything that’s happened, he still wants a job on a trading floor as a stock broker. And he wouldn't trade that future for anything.

Gabriel Munoz: Every single time I get off the train and I see Wall Street, I just get the chills. Cause it's amazing to walk through this area.

In New York, I'm Rachel Krantz for Marketplace Money.