Now appears to be great time to be a business school grad, particularly if you want to get into consulting or investment banking. The only down side: the dry cleaning bill. Top candidates are being put through marathon interview sessions.
A new study from Training The Street (TTS) found that 48% of MBA graduates reported feeling "very optimistic" about their job prospects after school while 41% said they were "somewhat optimistic.” Just 6% said they were “somewhat” or “very pessimistic” about their chances.
The rosy outlook appears valid. Nearly half of respondents said they were “very satisfied” with their job offers, compared to just 8% who reported being dissatisfied.
The most active employers of MBA grads are large bulge bracket banks and top consulting firms, according to the survey. As one would expect, investment banks that are hiring are targeting junior folks, likely due to their inexpensive price tag.
Perhaps the most eye-opening part of the research was the sheer number of interviews MBAers are being put through. Nearly 20% of respondents participated in more than ten first-round interviews. Another 40% went on between four and seven.
Training the Street’s CEO Scott Rostan told the Wall Street Journal that, while the job market is improving, graduates still fear that nothing will pan out. Most of the time, they’re wrong. Roughly half of those surveyed received multiple job offers.
Accounting Just Got Sexy (eFinancialCareers)
It may not be the most glamorous job in finance, but accountants are largely confident that their jobs are safe and there are plenty of opportunities currently if they want to move on to another firm.
‘Whale’ Colleague Arrested (WSJ)
Javier Martín-Artajo, the former J.P. Morgan trader who supervised Bruno Iksil, the man responsible for more than $6 billion in trading losses, turned himself in to Spanish authorities. He was released and indicated that he is unwilling to be extradited to the U.S. Martín-Artajo and his former colleague Julien Grout are accused of misvaluing the trades to hide the size of the losses.
IBD Intern Mole (eFinancialCareers)
“Banking isn’t particularly glamorous and isn’t particularly for geniuses. It’s not about having super stamina or enjoying late night work. It’s about being reliable, accurate, driven and astute,” said our investment banking intern mole.
Taxpayer’s Condo (Business Insider)
In January 2009, Darryl Layne Woods, former CEO of Mainstreet Bank and the firm’s holding company, Calvert Financial Corporation, received $1,037,000 in bailout money to keep the bank afloat. A month later, Woods used more than a third of the cash to buy himself a condo in Florida.
Manservant (NY Post)
Convicted inside trader Raj Rajaratnam seems to be handling prison life just fine. He reportedly has a “manservant” and a cushy cell, equipped with a private toilet, shared balcony, television and adjustable bed.
Don’t Be Caught in the Middle (Business Insider)
There are two key roles that will continue to get paid on Wall Street post-crisis, according to Alan Breed, CEO of asset manager Edgewood Management. Those who can raise money (duh) and marketing people who can develop distribution channels. “Everyone else in the middle is going to make less in the future than they are today,” he said.
Welcome to Reality (WealthManagement.com)
John Marcum, founder of Indiana’s Guaranty Reserves Trust, has been charged with operating a $6 million Ponzi scheme. He used the cash to invest in a bridal store, a bounty hunter reality television show and a soul food restaurant. Three recession-proof businesses.
Buzz Around the Office
Darn Economy (Daily Beast)
Just how bad is the economic crisis in Italy? Philandering husbands no longer have the financial flexibility to cheat on their wives. Oh the humanity.
List of the Day: Networking Emails
When networking online with someone you’ve never met, keep these tips in mind.
- Open with something you have in common – a friend, company or interest.
- Be concise.
- End the email with a call to action.