Quote:
Well, since a lot of people are doing an MBA to get into IB, it seems pretty normal that those people start thinking twice. As for current students, it won't be competitive, it will be bloodshed: even getting a summer internship in IB will be incredibly difficult I reckon.
Finally, no, business schools are not employment agencies: that said, who in his right mind would have a 160k debt on his back without any relative assurance to get a very well paid job? I mean, let's be honest about this whole thing: when you pay so much money, I don't think it's outrageous to expect that you will get the chance to have a well-remunerated job. That's why schools are so expensive in the first place.
Quote:
You hit it on the head. Additionally, school decisions have to be made with this in mind as well. Let's say that you're looking to get into banking, but graduate into a terrible market and it no longer becomes a realistic option. You have to settle for a far less paying GM or Consultnig position. If your school options were UChicago with $150K in debt and Duke with $40K in debt, and you decided to choose UChicago, this also gets very dicey. No one expects anything to be handed to them on a silver platter - but I think that everyone tries to make rational decisions to manage the various risks that they face. This is what I am currently trying to get a grasp on.
Sure it can influence a certain amount of school choice, but I can't see why it should influence a yes / no choice on school or career. A down market doesn't mean no jobs in banking, and it means the jobs there are likely to give you a lot bigger lead in your role and what you can do. The difficulty I have is that the lack of passion and interest people show in the field, beyond the monetary compensation. If you want the career path you will be able to get it - the level of commitment directly translates to results.
I just find it difficult when I hear people discuss that IB looks really tricky right now, so maybe they ought look at MC or something. Maybe I am weird in that I think people should actually really want the career they are going for so much that they are confident, or more insistent that it can happen.
Besides, these are all people guessing for what this means applying for 2009, graduate 2011. Maybe look back and see who could have seen this in 2006 for the class graduating 2009. Impossible to call. The value of your MBA and the education is what you are paying for, like it or not.