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What happended to the MBA class of 2008/2009/2010?

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What happended to the MBA class of 2008/2009/2010? [#permalink] New post 12 Aug 2010, 02:29
We all know that the job market has been very tough in recent years.

I just want to know what happened to the MBA class of 2008 who were offered jobs in banking but were subsequently let go due to market conditions. Have many of these people resurfaced at other banks? Otherwise what have they gone on to do career wise? Is it safe to say that alot of the 2008 MBA class are still looking for jobs?

Just trying to guage, how when markets are tough and you are made redundant through no fault of your own, whether the MBA letters after your name provides any help/advantage during these times when perhaps you really want it to help you. Is the MBA just a possible second chance ticket to a junior IB/consulting role or more than that?

What about the 2009/2010 class. As hiring by most industries would have fallen drastically, where have these folks ended up? Are these people still likely to be job hunting?

Given that alot of MBA's also do not stay in their first job post graduation, does this mean that many MBA's choose to give up on the high pressure environment of Banking/Consulting and just settle for more enjoyable but less paid jobs? Surely MBAs candidates are the most ambitious and therefore should just put up with the long hours and pressure.

I want to do an MBA but analytically thinking, I will be paying approx £300k (£50K fees, 2 x £100K lost salary, £50K living costs?) for essentially a second chance ticket to a front office banking position that will probably pay me £80K all in as an Associate in the first year. The logic will be that the banking position has the potential to turn into a £1million+ salary job or at the very least a £500K job. Therefore I would do the MBA for the long term prospects but with all these people still losing their jobs does the MBA do anything for a person apart from offering this possible second chance ticket?

Are there lots of stories of MBA graduates who have gone on to do great things after they lost their first job?
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Re: What happended to the MBA class of 2008/2009/2010? [#permalink] New post 12 Aug 2010, 16:33
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OK - this is basically a question for me & rhyme, when rhyme dips in.

For S&T, a world I know best;

2007-2008. 90% of MBAs who were in these classes don't have jobs in S&T any more. They got cut, and there weren't any jobs (there still really aren't at associate level - a friend who is probably the best qualified in his class is consistently interviewing, and in some never land of meeting more and more people, never getting dings, just more interviews).

2009 - Class sizes for summers were probably half what they were in 2008 (who felt it was smaller than 2007, which would make some sense as tightening had begun). A few lost jobs through TARP, but that serves them right for being foreign. There has been little movement - some doors at mid-market banks opened for FT, but christ you had to work to make them arrive.

2010 - Class sizes show no sign of increasing, I doubt they ever will. With consolidation, it is even worse compared to 2008.


In response to your other question, an MBA is much more than that. I lost out on a front office career immediately due to no fault of my own, but wouldn't change my job for one again (the employer that cut me did try, half-heartedly). You can find your way to some great things having time to think and learn for two years after some time working. My life is way better than many of my friends on the trading floor.
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Re: What happended to the MBA class of 2008/2009/2010? [#permalink] New post 13 Aug 2010, 02:51
3underscore, can I ask what you are doing now?

At the moment I have a nice and fairly relaxed job. However, everyday I constantly think how it could have been had I been more fortunate in my previous front office role. Coupled with my natural ambition, I am always considering risking it for a 2nd chance. However, the last thing I want to do is to risk the MBA route, and end up with a job worse than my current one. However, if as you say the MBA is purely more than getting a Job, it makes this risk more justifiable.
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Re: What happended to the MBA class of 2008/2009/2010? [#permalink] New post 13 Aug 2010, 06:00
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Heh, my job is pretty weird. Boutique financial consulting I would say best describes it. Do a lot of prep for boards (a Hedge Fund, a Mutual Fund), restructuring consulting to European banks (plus some other really wacky stuff), some litigation on structured credit and stuff, some municipal finance restructuring and advisory. The firm is really small, so I get varied things all the time. I remember building a VBA Black-Scholes model on my first day. I get to work on things with two people who ran hedge funds - the learning and type of people I work with on things are inspiring.

The potential from my job now is way more than I would have had sitting on a desk at Big Bank. I know I would have enjoyed that, but this is way more challenging. I still get approached for jobs in the field I used to work, but would not go back (similar to you - fairly good money, somewhat of a easy but interesting life).

Business School is a lot more about the friends you make. Call it your network if you like, but it is more friends in my case. I now have a good friend working in the Fed, a couple in distressed debt, some bankers, some corporates - it makes for really interesting times and a great ability to get a handle on what is going on.

I am sure some people are a little bitter about their MBA from 2007-2009. A lot of people are moving around from '09 already as the door they wanted was not there. You can often make it later if you keep on top of things (an 08 guy who was at ML and has been away for 2 years now is getting interviews all the time at top firms to go back to S&T).

I think it is about how much you want it. But then again, you also sometimes find that there is something else, and you didn't really want it as much as you thought. Some people move out of the industry by choice. Some things just come up and are right. I turned down an Associate job at an asset management firm with a track to PM for this - which sounds ridiculous in many ways, but was certainly the right decision. Not one I would have expected in 2007. Opportunity isn't necessarily greatest where you first expect.

This is actually why I really think the lowering of MBA class ages is a bad thing. I imagine if I did things when I was 24/25 I would have screwed it up compared to what I have now. I think the older people made a lot more considered decisions - by that point you are well aware that you are making your bed and going to lie in it. Stability in life (long term gf / bf, wife / husband) helps too. You are clear that the decision has more magnitude.

i suppose that best sums it up.
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Re: What happended to the MBA class of 2008/2009/2010? [#permalink] New post 28 Sep 2010, 16:07
What can potential MBA's do in these situations to strengthen their opportunities?
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Re: What happended to the MBA class of 2008/2009/2010? [#permalink] New post 06 Oct 2010, 06:47
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It is difficult to answer that without sounding glib or drifting into bland rhetoric, TwoThrones.

I think that business schools have finally woken up to the fact that an MBA isn't a complete whitewash. It may have used to be, but the number and depth of the programs mean it is difficult to go in a grapefruit and come out a tomato. There is a transformative effect, but the career path and skillset of an individual cannot transform, so they need to consider whether the Non-profit person really can convert to an I Banker way more than they used to. This is reflected in the push to ask about second plans from those in the essays. Students should really consider what their options are fully and have a few lines to pursue, much like when they apply to school. It is great if plan A comes off, but if it doesn't, having no plan B rapidly turns into very bad news.

There is the mix of having a solid plan, a backup, and also being open to things that present themselves. This is something that schools should teach more of (critical thinking) but don't really do that great a job of. I improved on this after I let some paths go that I really ought to have given more time to. I learned from that mistake, but some repeat errors and are really not open to things. If a firm approaches you, speak to them. Immediately closing off options that arise is a bad path to go down, as you never know what lurks and it may become the job you dreamed of but never knew existed. If a firm approaches you, there has to be some fit that they see, and it is worth finding out more even if only to learn more about yourself.
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Re: What happended to the MBA class of 2008/2009/2010?   [#permalink] 06 Oct 2010, 06:47
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