IT'S A GRIM MARKET FOR NEW GRADUATES

Tuesday, May 06, 2008

IT'S A GRIM MARKET FOR NEW GRADUATES
Okay, yesterday, I posted a link about lawyers. Well, today, it will be about MBA graduates. Here’s an article showing that MBA graduates this year may not only start on average with lower salaries then some of the past graduates, but that it may lead to a lifetime of lower salaries compared to some of other past MBA graduates. Yah, I know, more grim news. The article explained that during the bull markets, many MBA graduates tend to flock to investment banking, which usually commands higher starting salaries. With a bear market and a downtown in our economy right now, graduates have fewer options in the higher salary fields. I remember 10 years ago (in 1998), one of my high school classmates and friend, he was graduating with an MBA from Wharton at U. Penn, one of the top business schools in the nation. He was getting job offers left and right and flying all over the place for job interviews. He ended up taking a job in management consulting at McKinsey in Hong Kong with a commanding six-figure salary. That was good he moved to Hong Kong. He met his future wife there, moved to Singapore to work at Microsoft before coming back to California to work for Disney. I still think graduates of top MBA schools like Wharton can be offered great jobs, but perhaps with this economy, it won’t be as rosy as when my friend graduated in 1998. And just think, a couple of years ago, I was contemplating on getting an MBA, despite already being a lawyer.

Here’s the link to that article:

http://articles.moneycentral.msn.com/CollegeAndFamily/MoneyInYour20s/ItsAGrimEconomyForNewGrads.aspx

More planned to come…