The bad times will largely impact the backsides of junior bankers and bonuses, predicts Jonathan Knee, author of the Accidental Investment Banker and now an MD at Evercore.

“One of the typical signs of the top of the market is when the largest class in history is starting at Morgan Stanley. They’re all walking in and the same time last year’s class is rotating, the music stops and they’re looking for seats and there are less seats than there are people. There’s no question this is going to come out of the hide of the junior people and bonuses.”

The correction will also have a dire impact on lateral hiring, which Knee tells Reuters (full transcript of the interview here) will “dry up.”

And for those of you who are gearing up for school and still determined to get a job in finance, if there’s one takeaway from Knee, it’s this — don’t say you are interested in completely different things in finance which to you appear very similar:

“The thing you hear most frequently is ‘I might want to go to a hedge fund, or do private equity, or be an investment banker or maybe go to a company.’ There are really three different buckets of jobs and highly unlikely you’ll be good at and love more than one of them. One bucket is a sales job, which is about marketing, influencing people, very interpersonal. On the other extreme is an investing job, whether it’s hedge funds or private equity, which is an analytical job where you’re judged not on how many you sell, but what the results are. It’s a more solitary profession. And then there’s an operational job, which is a totally different thing … I think if somebody really does want to be a banker, it still is a great job. If you want to be a sales person, be in a service profession. I would encourage people to do it.”