Don't think everyone wants to earn a lot of money. There are many other things to take into account when choosing a career.
Conversely, some people choose finance because they find the job interesting, and not for the money.
You talk as though earning a lot of money was just a lifestyle choice. The problem is that as income inequality increases, not earning enough money becomes career limiting in itself, regardless of what you would like to do in your career.
Well, considering: the extreme working hours (that can in extreme cases result in death, or a psychiatric disease), high risk of exposure to drugs, the fact that the starting banking positions do not pay that much money, the fact that you often do things you absolutely do not care about, well, the answer is not that simple.
http://www.businessinsider.com/wall-street-to-silicon-valley...
The trouble is this: with the price of NYC real estate being what it is, how can you afford living in NYC, except by working in finance?
Of course you can live elsewhere, but the cultural offerings in NYC are really exceptional.
There are plenty of people for whom money is not the driving factor in their decisions. However, for me, finance is a very interesting field, and I would probably quite happily play the game for a fat paycheque regardless of what I think of the societal value of what I am doing.
I'm not so sure the pay is that much better after you factor in taxes and the cost of living. The difference would have to be enormous before I moved to NYC.
I would not. I prefer engineering, even for less money. It's not even close.
One would think everyone would take the paycheck if offered a position on Wall Street. There's almost nothing left that pays equally well.