More M.B.A. graduates are choosing jobs in technology and consulting even as banks jack up starting salaries, a Wall Street Journal analysis shows.

Financial services last year slipped below consulting as the top destination for grads from the U.S.’s top 10 masters in business administration programs as ranked by U.S. News & World Report. Tech firms are fast catching up on banks in terms of popularity.

The share of full-time M.B.A. graduates from the top 10 business schools accepting jobs at financial-services firms dropped between 2012 and 2017 from 36% to 26%, based on a weighted average calculated by the Journal. The share accepting jobs in technology rose from 13% to 20% in the same period. Consulting edged out financial services as the top draw in 2017, as the choice of 29% of grads, up from 27% in 2012.

“Banks face a serious image problem,” said Atta Tarki, founder of Ex-Consultants Agency, a recruitment firm based in Los Angeles. “They are increasingly seen as ruthless moneymaking machines.”

The Securities Industry and Financial Markets Association trade group declined to comment.