I’m sure many – if not all – of you are curious about the current job market for MBA graduates. If you’re on the fence about committing to a program, the grim economic picture painted by the media each day probably isn’t helping your decision. It used to be that a top-tier MBA magically unlocked the gate to the mythical realm of six-figure employment with companies that do stuff you can’t explain without obscure acronyms like TQM and KPI. Recruiting season culminated in a grueling decision among multiple offers in major cities across the globe, and then you went out for Halloween and pissed away every cent of that $10,000 sign-on bonus. That’s about as close as a civilian can get to feeling like a top pick with the Yankees.
Unfortunately, the days of 2006 are over – for now, at least. The situation has changed dramatically for this year’s graduates, and not just MBAs, but almost everyone who is diving back into the job market in May. I read this week that 3,000 lawyers were laid off in the first quarter, hapless victims of what was once regarded as a bullet-proof profession. Even some of my classmates with job offers are unsure of their status, as a number of companies have pushed their start dates to next year, if ever.
In the interest of full disclosure, I am not a “typical” MBA student in that I have entrepreneurial aspirations and did not subject myself to the traditional recruiting process during the fall. But when the market imploded and launching a new venture became unfeasible, I began scouring for opportunities in the two industries I know best: real estate and media. I sent out dozens of resumes and spent last weekend in New York City wearing out my shoes and meeting with anyone who would have me. The responses have been bleak, a stark contrast to the moderately healthy hiring environment when I graduated college in 2003. Most companies said they are still three to four months from considering new employees, and those who are hiring want candidates far more experienced than me. With the number of layoffs over the past year, there is certainly no shortage of those.
I am, however, optimistic that the overall picture will improve in the coming months, and I’m not yet willing to chase a mindless job just for the refuge of a paycheck. A peer recently remarked that perhaps right now is not ideal to have a full-time gig. He may be right: Last weekend I managed to scrape together several projects that will keep me occupied through the summer (albeit without definitive compensation) and could lead to something bigger. If there is one, the moral of this story is always to watch for the breadcrumbs that will line your path and maybe feed you too.
The atmosphere at school nonetheless has remained somewhat upbeat despite the staggering full-time and internship placement levels this year. Ticket sales for the MBA formal this weekend have been brisk (where are people getting this money?), and earlier today an energetic bunch crowded around the TV to watch Manchester United’s win over Porto in the Champions League semis. I guess this is evidence that the dour economy hasn’t robbed us of our capacity to enjoy ourselves.
In any case, the situation undoubtedly will be better for the classes of 2010 and 2011. I don’t mean to preach, but I’ll leave you with this: Work hard and be persistent and you’ll find what you’re looking for. Lunch is never free.
And don’t forget the offering plate on the way out.
-Chris Wang, guest writer, MBA09
Read the full article: The eagerly awaited job post…
