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MBAs who would be bankers must intern to get a job

If you’re an MBA who wants to get into banking, the good news is that business schools are adamant that banks really are still hiring. The bad news is that they’re only hiring MBA students through internship programmes. This means that if you’re in the final year of an MBA and you haven’t got a job lined up in a bank, you’re not going to get one.

Europe’s top business schools say Goldman, Morgan Stanley and Merrill Lynch are among the banks only interested in hiring interns this year.

Enthusiasm for interns appears to be based on the fact that an intern who is booked now for an internship next summer won’t actually join full time until 2010, by which time the current problems may have blown over.

“Banks are interested in interns because they’re a long-term investment. They’re planning two years in advance,” says Vicky Lambiri, associate director of careers services at IESE. She says IESE’s encouraging its final-year MBA students who are still looking for positions in banking to look at industry instead.

Sandra Schwarzer, director of careers services at INSEAD, says other finance firms are lining up to fill the investment banking gap: “We’ve had turnaround managers such as Alvarez & Marsal, hedge funds and PE firms, as well as the European Investment Fund, coming to campus for the first time.”

A final-year MBA student at one top UK business school says students are getting turned off from the big investment banks: “People are looking at boutiques, private equity and investment management.”

Comments (8)

  1. They want interns as theyre cheap hires in the summer…. extra, qualified intellignet people, for a couple of weeks on the cheap…

  2. So after spending $160,000 on a Wharton MBA, Investment Banks are dragging their feet over a position? Whats the point then?

  3. that’s how it always should have been. best practice is on the job training. most MBAs are useless when they enter the industry. in fact, from my experience, finance undergrads tend to pick things up quicker than MBAs.

    MBAs expect to be things handed to them right away and that is not how it works, and I am glad that these overblown academic egos (MBAs) will be forced to learn on the job what banking is all about.

  4. Igor, what a wonderfully predictable comment, but to be honest i coudn’t agree more

  5. MBAs from top schools are meant to already have several years of experience, for a non negligible proportion of them this may have been obtained in the financial services industry. Furthermore a subset of these will have an undergrad in finance so there is no point in comparing a finance undergrad with an MBA, they are certainly not mutually exclusive categories! And finally, the overblown egos accompany the university brand name , not necessarily the degree type. You can bet that even graduates with an Msc in “laziness” science from Harvard will have an ego!

  6. MBA sumemr salaries are standardized and may only vary between schools.. Tier 2 less than Tier 1, also this is rare.

    MBA are not hired for technical skills.. you can just promote more analysts then.. there is the political, relationsship angle, where banks hope MBAs are better equipped to walk these fine lines. sometimes they are, sometimes noy, but the probability is higher as they have been big time screened before.. that’s it.

  7. MBAs should look for higher salaries elswhere, as in Banking for the coming years, salaries will be very average, kind of tough to pay back 150,000 $.
    This train’s long gone guys… dont bother!

  8. Where could I get the names of small and mid-cap boutique, investment and hedge funds.
    Will be grateful for your assistance.

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