MarketWatch: MBAs face daunting job market

[marmar]

Degree of difficulty
M.B.A. grads face daunting job market
By Whitney Jackson, Medill News Service


WASHINGTON (Medill News Service) -- Fresh M.B.A. grads, especially those working for large banks, say they are living in a climate of fear.

"I feel lucky that I still have a job at this point because I've seen so many people lose them," said Deepa Pai, who recently obtained her master's degree from Northwestern University, and now works for Bank of America in New York.

Pai started her job at Merrill Lynch, a company that was bought out by Bank of America as the credit crisis was unfolding. As this type of upheaval became commonplace on Wall Street, a dicey reality emerged for young M.B.A.s. Read more on Wall Street's job woes.

"A lot of people are looking for a job whether they have one or not because they don't know what's going to happen with banks and the economy," Pai said. "I feel like the (job) recruiting process didn't end."

Turmoil in the stock market and decreased opportunities at big banks directly affect a lot of classic M.B.A. career paths, according to Steven Goodwin, an independent Washington-based education and career-strategy specialist.

He said he's received a surge of phone calls from nervous workers who obtained degrees over the past few years. Many of these former students are forced to broaden their job search and lower their standards, a move labor economists say trickles down and strikes people at the lowest rung of the ladder. ......(more)

The complete piece is at: http://www.marketwatch.com/news/story/mba-grads-face-daunting-job/story.aspx?guid=%7BFA789263%2D6A6C%2D455D%2D9B3F%2DE5EF3DED2B23%7D

[ixion]

1. most people have zero job security thanks to MBAs, in large part

so they can all take a flying f*k at the moon, for all I care.

[kick-ass-bob]

2. "a move labor economists say trickles down and strikes people at the lowest rung of the ladder."

THERE'S YOUR TRICKLE DOWN IN ACTION JOHNNIE-BOY!!!

[OPERATIONMINDCRIME]

3. Everybody Faces The Same. Their Having An MBA Shouldn't Make Them Immune.

[KG]

4. trying hard to dredge up some sympathy.

no, i'm not.

[ProfessorGAC]

5. Perhaps The Banks Should Be. . .

. . .looking for people with expertise in actually developing systems that work rather than know-nothing recent grads who simply do what they told.

But, of course, their powers that be know better, which is why several banks are in such trouble. Their leadership is SOOOOO clever and all knowing.
The Professor

[54anickel]

6. Oh lookie, trickle down DOES work. Though I don't think very many

Wal-Mart, McDonald managers would be too happy with a college grad working under them - rather threatening. I think most would get the "over qualified" line before they'd bump someone down the ladder but they'll surely have an effect on the job market. The other thing will be the folks that would have retired that can't really afford to now. Those assumed labor cuts due to attrition are sort of out the window now.

It's going to get tight out there, very tight indeed. Makes me think of some ad or video I saw where the pick-up trucks pulls up to a crowd of CPAs or something and selects the temporary workers for the day.

[kick-ass-bob]

11. Not only 'college grad' but Masters Degree level.

they will especially get tossed for 'overqualified'

[54anickel]

13. Yeah, I know this is rude of me but I just don't give much deference to the Masters Degree level, at

least not the Business Admin, which are the ones I have the most contact with - they seem to be a dime a dozen and crawling outta the woodwork pushing GE management styles and singing praises to Jack Welch in my neck of the woods.

[kick-ass-bob]

14. Nor do I (for MBA - especially)

but when you see that, it still shows another level of 'education' and flags as 'even more overqualified'

[deoxyribonuclease]

7. Hopefully now more students will start considering engineering and science as careers.

IMO We need more people who 'create wealth' rather than manipulate money. Too many of our scientists and engineers are from foreign nations. It's an unhealthy balance that doesn't bode well for the future of the US.

[no_hypocrisy]

8. Memo to MBA's: Sorry you didn't take more liberal arts?

You'd have a variety of options if you had just taken a few humanities courses along the way "to the top".

[bemildred]

9. Mickey D's reports profits are up. Maybe they are hiring? nt

[Critters2]

10. I know of at least one MBA who'll be unemployed come January.

I have no sympathy for him, nor any of the rest of 'em. They could always go out and get jobs that help people in some way. For a change.

[OhioChick]

12. Welcome to my world.

(IT) (My sector has been dealing with this for years)