Actually, elite students are going off investment banking AND consulting
Everyone knows that the average top MBA student is less likely to hyperventilate when offered a job in investment banking than before. Banks pay less than they used to. They're more hamstrung by regulation. They're filling up with 'working ants' who aren't especially intelligent but are prepared to do all the menial stuff that's required to support their automated systems. So far, so blah. Less well known, is that elite students seem to be going off management consulting too. The elite MBA career path is taking a strange new turn.
At least, this is what's implied by the charts below, pulled from the London Business School's slideshare site.
London Business School students' responses to finance club invitations, as a percentage of the total
As LBS helpfully points out:
This is a bit of a shock in light of the fact that consulting had been posited as one of the big beneficiaries of elite students' move away from finance. The elite are, after all, conservative creatures on the whole. If one safe and prestigious career drops off, they'll just switch to the next in line. Or not.
So what are the LBS elite aspiring to (or at least which clubs are they attending) now that the finance clubs and consulting clubs are out of fashion? It seems that 'Net social impact', entrepreneurship and energy careers clubs are all eliciting better responses to their invitations (see chart below). It's worth noting, however, that their combined share of total RSVPs still only amounts to 24%. Elite students are moving away from elite careers, but they haven't given up on them entirely yet.
London Business School students' responses to 'net social impact', entrepreneurship and energy club invitations, as a percentage of the total