An MBA degree from a top university is supposed to be a golden ticket to the hallowed boardrooms of high finance. But with the rocky economy tossing the financial sector about and new government regulation expected to further tighten the reigns on industry spending, many a dream of making it on The Street has been dashed.
By Cara Scharf
Searching for Blue Skies in Dreary Times An MBA degree from a top university is supposed to be a golden ticket to the hallowed boardrooms of high finance. But with the rocky economy tossing the financial sector about and new government regulation expected to further tighten the reigns on industry spending, many a dream of making it on The Street has been dashed.
Those who lusted after big-name financial firms are confronted with some particularly harsh realities. The financial industry has shed almost 200,000 jobs since January, and several companies that were popular destinations for MBAs were absorbed by other companies (Bear Stearns and Merrill Lynch), went bankrupt (Lehman Brothers), or now face uncertain futures (Citigroup). “From the collapse of Lehman Brothers through to now, we’ve seen the single most dramatic shift in the employment market,” says Derek Walker, head of careers at Oxford’s Saïd Business School in the United Kingdom.
The result of this shift is that MBAs are being forced to have more flexible career aspirations and look to industries other than the formerly high-flying banking sector. Fortunately, new companies are showing up on campus, taking the opportunity to poach top talent. “We’re beginning to see the emergence of employing organizations that were not necessarily high profile among MBAs before, proving attractive now,” says Walker.
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