Is class of 2011 screwed as well

Question

There have been a number of discussions regarding the tough job scenario awaiting class of 2010. Recruitment for internships will start in a few months and things are not looking bright as far as the financial services are concerned.

I'm considering applying to class of 2011 and I dont know how market will behave one year from now when the internship recruitment starts in late 2009. I'll be targetting consulting and I think things will not be easy even at that point of time.

Is it going to be easy for career switchers like me to get a job in 2011. will the job market improve or remain the same.

Rhyme, pelihu, lepium and other GMAT clubbers..you've been keeping an eye on this year's recruitment trend for Full time and internship offers..Could you give us an inside scoop..

riverripper · Answer

Having talked with some students this year about this...it seems that some areas actually seemed better than previous year and others seemed much tougher but all were still doable. It doesnt sound like there has been the meltdown of the early 2000s, maybe recruiters learned their lesson with that. From what I gathered MC was doing well, during tough times consultants often are called on by companies to help them "trim the fat" and turn things around. Pretty much it sounded like IB was the worst hit (seems obvious)...However, people who wanted jobs in it still could find them if they tried hard enough and were willing to go down their dream list and not head to Goldman or Morgan.

trader1 · Answer

I posted in the Financial Markets thread an article about how Morgan Stanley may plan to spen $1B on recruitment over the next year. However, I interpret their hiring to focus mainly on senior executives and/or people with relevant experience. Then again, if you can sell yourself well (and can schmooze) plus be able to tie in something about how your prior experience would add value to a particular firm, the chances of landing your dream job will only increase.

rhyme · Answer

The data that was shared with us showed that this year (those grad in 2008 and interns of the class of 2009) has thus far been no different than previous years from a FT or intern perspective. That is, everyone's doing just fine - I dont remember what the numbers are, but the percentages of people reporting an offer were within like .2% of each other - and I dont remember which one, FT or internships, but one of them was actually higher.

However, they also cautioned that IB recruiting was likely to include little "greenfield" recruiting next year. That is, if you dont have an internship in IB, and you want to get a job in IB, its going to be tough going. They said that all other areas - including things like PE/VC, equity research, hedge funds, investment mgmt, etc all seemed fine.

I wouldnt worry about trying to time things, honestly.

Is class of 2011 screwed as well

Prep Toolkit

Top 5 GMAT Debrief Videos

615 to 715 in 15 Days (Ria's Strategies)

More than Quant/Verbal Abilities: Speed vs. Accuracy

745 with Only Self-Prep and GMAT Club

From 555 to 765: 210-point Improvement

Perfect 805 Score Debrief by Julia

My Rewards