The Carey Global MBA program is truly an interesting case.
Full disclosure first; I applied to the program, was offered a nice financial package and am quite seriously considering (even leaning toward) going over other offers from top 30 schools (though in the 15-25 half of that group).
Yes the program is new but there is so much to be said for it. First, and most obviously, is the environment in which it is situated. Hopkins is a first rate school in every sense of the phrase and at the top of many fields... fields that segue so well with any business program (bio med, life sciences, tech, engineering). The University broadly is such a pinnacle of achievement and class that there is a sense that Carey simply will not fail and will, in fact, succeed quite thoroughly. You feel that sense of excitement and intellectual innovation in everyone you speak with.
The faculty they have recruited is really top notch and certainly on par with what you would find in many of the top 30 schools.
Regarding recruitment and career opportunities. It is certainly true that they don't have a well-developed program of on campus recruiting. Not having a full time program until now, they simply couldn't. That being said I think there are some real mitigating factors that helped assuage my concerns in this area.
First, take a look at the companies and executives that have thrown their names and support behind this endeavor as presented by the Board and the Advisory Council. Impressive for a new program. Second, while on campus recruiting may not be established and robust, the career services staff certainly is. And considering that the entering class will have fewer than 80 students, personal attention will be abound. Third, while this particular program doesn't have an alumni base, Hopkins has been doing business education for years and has a large and impressive alumni network in the business world. Going one step further, the JHU alumni network is a vast resource of powerful people in excellent positions. Finally on this front, the Hopkins name carries a lot of weight, especially on the East Coast and in the areas Hopkins is strongest. I think that we, in the b-school admissions rat race, often have a tendency to get hung up on the rankings. Rankings are a great indicator of a program's strength, but for many employers, their judgment and perception is far more subjective and brand based. The Hopkins brand of intellectual rigor is a strong one to be associated with.
The bottom line in terms of career development is that the people at Hopkins and the Carey School are very savvy. They know that the success of the program and the school will be determined in large part by the profile and success of their inaugural class. Significant resources both from the Carey School and JHU institutionally are being deployed to ensure this program is successful.
One of my main concerns with the program was that I had no idea what the entering class would look like. Carey recently launched a (surprisingly nice) social networking site for admitted students that has put many of my fears to rest. The academic/professional profiles, life experiences, and geographic spread of the applicants seems to be almost identical to what I've seen at other top B-schools. The only difference is that it appears there is a more pronounced interest in social issues.
The program probably isn't the right place for someone who needs traditional structure and is interested in walking into management consulting or finance. If you have the profile, there are places you could go that would make your life much easier. There is no doubt that the program will experience some "growing pains". But for the right kind of person who is excited by the program's unique philosophy, the Hopkins brand and the idea of building something new, I think it would be a great fit.
It also turns out that Baltimore is much nicer than I was led to believe...