Oddly enough I'm one of those parents. Yes, I cringed, but at the same time I would also have cringed at watching them go into something they hate just for the money. I've seen that too.
An observation I made is that the tournament career system is supported by the entire cadre of players and families, of the kids who won't win one of the prize jobs. One reason is we just don't know which 18 year olds will rise to the level needed to win a symphonic audition a decade later. I've always been ambivalent about this, but don't have a good idea for how to reform it.
I majored in math and physics. My parents didn't cringe, at least quite so much. I became, quite honestly, a mediocre physicist at a time when you had to be a research superstar to apply for a tenure track job at a third rate college. The consolation for me was that a mediocre physicist could still earn a decent living doing something in industry, and I'm now at a late stage of a satisfying career.
I also work on the side as a jazz bassist.
Conservatory kid parent reporting here too. At least I live in a country where there is likely a job for him, even if he shouldn't win out against all the other extremely determined classical piano students.
>at a time when you had to be a research superstar to apply for a tenure track job at a third rate college.
Is it any less competitive now?