It is hard to believe that just two years ago MBA careers directors were tearing their hair out trying to find jobs for their students. From luxury goods to consultancy and technology to pharmaceuticals, in 2011 jobs are back across the board. But the development that has taken most business schools by surprise is the strength with which banks and financial service firms have returned to the hiring trough.
Gone are the days when an MBA graduate who aspired to work in M&A had to take a stopgap role in a corporate finance department, confirms Bruce Lane, vice-president at MBAFocus, the US MBA recruitment firm. “Those [MBA] candidates who want to be in banking are in banking. Right across the board now you have candidates who are holding out for the dream job.”
Careers directors were taken by surprise, says Jackie Wilbur, senior director of career development at MIT Sloan, because banks hired so few interns in 2010 – internships are the first indicator of the subsequent number of full-time offers made.