UK
Spare a thought for the classes of 2007 and 2008. It seems investment banking jobs are proving hard to come by.
A student at a leading European business school says banks are still coming to present on campus, but that with the exception of Credit Suisse, few appear to have any full-time places left for 2008: “Places have already been filled by last year’s summer interns. If you missed the boat last summer, it’s a lot of work to find a place – especially if you don’t already have a finance background.”
A spokesperson for London Business School assures us it’s too early to establish what’s going on in terms of banks’ recruitment, but that banks are still coming on campus and conducting interviews.
Really? Other business schools are a little more explicit about the situation. Sandra Schwarzer, a finance careers manager at INSEAD, says they’ve had an “exceptional” year in terms of summer interns and that banks are on campus making offers, but admits that three have already filled corporate finance places – largely with interns.
And another London-based business school careers service manager says MBA students are definitely less popular among banks: “There are a lot more MBAs on the market, and banks appear to be more interested in MSc students with a really good specialty background.”
Malcolm Horton, head of European graduate recruiting and programme management at Lehman Brothers, says this year is no different from any other: “There are some business areas that don’t need to top up offers made to interns with additional full-time hires, and there are others that are still looking.”
Summer interns typically account for 65% to 90% of full-time associate hires, says Horton.
In many cases it looks like 90% may be closer to the mark.
MBA – Master of B All.
Git yawself a proper job, mofo
some of us who have the right qualifications will always be able to get the job we want….For all others i have a valuable piece of advice: go get another job!!!!!!! maybe in a grocery shop
so sean, which one are you? hope you enjoying packing my groceries, mate…
Asset Management – Couldn’t manage their own Ass.
What a load of bankers you all are………
haha, move to Albania
Interesting to see this, having received my MBA last year from a top business school. It’s always a case of supply and demand but people should not be too despondent, if this career is your burning desire and you push hard enough you will get it. But anyone coming out out of A MBA program now should seriously think long and hard about this type of career. The stories you hear about very long hours and tyrannical workplace culture are sadly, true. If you value your sanity, don’t work in an investment bank for more than 2 or 3 years.
It would be nice if a candidates skills and abilities could be more easily and accurately discernable rather than going for the credentials, but that being said, degrees show that you have the discipline, self-motivation, thought processes and at least some intellegence to thrive in most business environments. They are probably more relevant for the soft skills they provide than the actual degree one has achieved. But I certainly don’t think MBA students deserve the premiums they normally garner. There is a lot to be said for applicable experience.
what’s the big deal? So they don’t have as many spots for non summer associte interns, this is just because they are being cautious but if you actually follow results you would notice that for october deal flow was actually higher than what it was in October last year. Forget PE deals, it’s all about cash right now baby and a lot of companies have some to splurge, so as I see it, jobs will be back in abundance. If you didn’t get an internship, sucks to be you, if you can still get one then you should be set…
Insead Summer Interns…Lol
It’s the saddest thing to see MBAs take up investment banking jobs (here I mean corp fin / M&A) – after years of education / qualification (supposed to train on to become a real business wo/men), and they chose to become a slave to do brainless processing for 15 hours a day, on a good day of course..
Yomama, I am moving back to Albania. Unfortunately, your skill set makes that impossible for you.
Warwick Universiy Business School produces some very good MBA’s. I wouldn’t bother too much with the other ones.
I am amazed at the tone of some of the contributions … Thought this was a civilised forum for like-minded people, rather than one sometimes spoiled by personal, zero-value comments… Let’s keep the level up please.
On a lookout for Investment Banking job in Dubai, after completing ‘Bradford MBA’.
Get a job with the so called right qualifications but for what results ??
Profit or loss, too many people with “right qualifications” do not get proper result, the market is not efficient…
A trader with qualifications? Nice try Sean!
i have 20 years work experience, hold a board position and having done both a MBA and MSc in Finance I can say they definately enhanced my capabilities and improved what i deliver. No one is a final product from any form of Post graduate programme but they do have significantly deeper foundations to become a much taller tower of achievement than those who act to enahnce their own personal goals by devaluing those who do have them. And as long as you do an MBA from a buisness school with good accreditations then its fine the rest is about you as a person and that is down to your individual traits. Anyway don’t knock it until you have tried it … as they say.
I agree with John on this point. Having a postgraduate degree does not make you the ‘be all and end all’. It provides the foundations to help you achieve your potential your in your chosen career. Whether the degree is directly relevant or not, you will bring something new to the table – a different angle on things. This is very valuable when everyone is talking the same way and doing the same things. I notice there is considerable resentment out there against those with advanced degrees, but what I also notice is that those who hold such negative feelings do not tend to have the right attitude to move very far in finance.