But his observation is accurate: it is simply more economically sensible to go into another career than engineering. Unless that dynamic were somehow to change, and I don't see that happening, our best and brightest will tend more toward careers that make more money and are less subject to lay-offs. (Though I might point out to the young man that while the legal profession doesn't seem to have many lay-offs, investment banking is not immune to them.)
Or time off. But hey, it's only life right.