Career Paths Shift for Some MBA Graduates amid Economic Crisis » Clear Admit: MBA Admissions Consultants Blog

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Tuesday, March 31, 2009

Career Paths Shift for Some MBA Graduates amid Economic Crisis

Dramatic shifts in the global economy have caused many MBAs to reassess their career options upon graduation, according to a recent article in the Boston Globe. MBAs who in the past would have given little thought to jobs anywhere but on Wall Street are now instead considering launching business of their own, shifting to consulting or exploring emerging industries once considered a gamble.

“Wall Street’s not going to be a great place to work for the next couple of years,” Chad Lovell, a second-year student at MIT’s Sloan School of Management, told the Globe. An intern at Barclays Capital in New York last summer, he turned down a full-time job offer there for a strategic planning position at industrial conglomerate Emerson Electric Co. in St. Louis after he graduates in June. He’s betting on the energy field to become a key driver of the U.S. economy.

Dartmouth’s Tuck School of Business provides similar anecdotal evidence. “We’ve seen a massive shift in the focus of students,” Ted Wilson, a second-year student at Tuck who cofounded Dartmouth Energy Collaborative, told the Globe. Membership in the Energy Collaborative, which runs student projects in wind turbines and biofuels, has doubled since its founding last year, according to an earlier report in the Wall Street Journal.

Soon-to-be graduates are reassessing their options at Harvard Business School (HBS) as well, according to the Globe. Jana Kierstead, managing director for MBA career services at HBS, reports that job postings at the school are down 25 percent from a year ago – and 40 percent for financial positions. Students previously interested in careers in finance are reconsidering. “They’re looking at energy and clean tech, they’re looking at boutique investment banks, they’re looking at restructuring consulting,” Kierstead told the Globe. Entrepreneurship and nonprofit opportunities are also proving very popular, she added.

Career services offices at many top schools also are having to rethink how to best assist their students in changing times. Tune in tomorrow for a closer look at how the career services office at the University of Chicago Booth School of Business has retooled its offerings and remained nimble in order to give students an advantage in a shifting job marketplace.

# posted by Clear Admit @ 11:20 am in MBA News, School: Dartmouth / Tuck, School: Harvard, School: MIT / Sloan

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