Alumni can be route to job

Peter Degnan, director of MBA career management at Wharton, said alumni played a growing role in helping students find jobs. Wharton has 78,000 alumni, perhaps 30% of whom work in banking.

'Alumni can answer questions and share information about their own experiences. They offer networking opportunities and can help students make decisions about the sort of career they should be pursuing,' said Degnan.

At London Business School (LBS), Jackie Morgan, alumni manager, said former students were encouraged to come back and talk to existing students about their industry.

Alumni also encourage recruiters to hire from their alma mater. Former students often take part in banking interviews on campus. They also form a point of contact for existing students interested in working in a particular firm.

Janet Bacastow, head of finance recruitment at LBS, said: 'If there is a solid nucleus of former students at a bank and they are acknowledged as a good crowd, that gives the firm an extra incentive to put a lot of effort into recruiting from LBS.'

Jane Houzer, head of graduate recruiting at Deutsche Bank, said alumni made more effective recruiters than people with no relationship to students at a school. 'It is very hard to recruit from a school which has sent us no alumni," she said.

Being part of a large alumni group can also beneficial when redundancy strikes. 'People can help each other out. There are a lot of alumni that need jobs right now," said Degnan.