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

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.

What can potential MBA's do in these situations to strengthen their opportunities?

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.