Discover your dream Career
For Recruiters

Wall Street's Biggest Firms Are Aggressively Recruiting MBA Students

Wall Street job prospects for students at leading MBA schools have rebounded strongly and bulge-bracket banks are aggressively hiring permanent associates and summer interns, a training firm's survey indicates.

Sixty percent of second-year MBA students in the survey have at least one full-time job offer, 76 percent of first-year students have a summer internship offer, and 80 percent are optimistic about their employment prospects after graudation. Training The Street, which provides courses in financial modeling and corporate valuation to junior-level staff at more than 50 banks and other businesses, polled students in the top 25 MBA programs.

The job-offer percentages closely match those of 83 eFinancialCareers users who answered the current poll on the eFC Student Center site. In the training firm's survey, 69 percent reported receiving at least one internship or job offer, and 39 percent reported multiple offers. The corresponding figures for the eFC poll that appeared April 19 are 67 percent and 43 percent.

"Although our survey reflects the views of candidates from the nation's top 25 MBA programs, these findings still bode well for candidates at other schools and financial institutions," says Chirag Saraiya, principal at Training the Street.

Interestingly, 57 percent of respondents say that large financial institutions are the ones most actively trying to recruit them. Forty percent say large institutions are their preferred places of work. A year ago, most large global banks had curtailed their campus recruiting after suffering severe financial losses and taking government bailouts.

A majority of respondents expect starting salaries between $100,000 -$125,000.

Scott Rostan, Training The Street's founder, observes:

MBAs are looking for and being sought after by the larger Wall Street firms, despite the negative press and the pervasive idea that these firms aren't hiring. If anything, these firms are hiring aggressively.

AUTHORJon Jacobs Insider Comment
  • Jo
    Jon Jacobs
    17 May 2010

    The three preceding comments illustrate the cruel paradox of how Wall Street recruiting (and Main Street too, I suspect) works.

    A job-seeker applying straight from school has far better odds of landing offers than you three seasoned professionals who hold the identical degree. That's because Wall Street institutions rely on a "pipeline" approach to pump talent into their intellectual gas tanks: They hire many new-minted MBA (and BA/BS) holders straight out of school, using campus recruiting visits. Such "pipeline" hires always dwarf the number of lateral hires a bank makes in a given year.

    In an environment like today's, there are only three feasible ways an experienced pro can get hired as a lateral:

    1. You're a solid producer with a sizable book of transferable business - customers or clients who will readily follow you to a new employer.

    2. You have brand-name experience using or developing a currently hot technology, such as high-frequency trading platforms.

    3. Your last boss, former desk-mate, business-school roommate or some other very close associate is a hiring manager or a hiring manager's closest confidante and turns to you when an opening arises on their team.

    - Jon Jacobs, eFinancialCareers News staff

  • GB
    17 May 2010

    I have a Bachellors degree in Finance and an MBA with over 15 years of accounting and Finace and I am looking for full time work

  • an
    13 May 2010

    I Have 7-10 Years experience in Finance.
    I also have a bachellor;s in Accounting and business management.
    At the present time, I am looking fora job.

  • ab
    12 May 2010

    I have done M.B.A in finance and i hve 2 years of experience in finance and im looking for a job.

Sign up to our Newsletter!

Get advice to help you manage and drive your career.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Latest Jobs

Sign up to our Newsletter!

Get advice to help you manage and drive your career.