Professionals are flocking to graduate business schools across the country, hoping to shore up their credentials and sharpen their competitive edge. BizSense previously reported on the increased interest at local area MBA programs. C and University of Richmond have experienced a swell of interest for their programs, paralleling the surge occurring nationwide.
But once MBA students finish, finding the job they want will be the hardest it’s been for years. The MBA Career Services Council reported that 70 percent of 77 schools have experienced a decline in recruiting opportunities this year in October, and half said job postings and on-campus recruiting was down up to 10 percent.
Business Week describes the experience of Ari Perlman, an MBA student at University of Virginia’s Darden School of Business, whose summer internship with Lehman Brothers turned sour. After the Wall Street debacle, Lehman cut bonuses awarded to interns. Even a check from for Perlman’s travel expenses bounced, and after promising another check in the mail he hasn’t word one word from the bankrupt investment bank.
Perlman’s experience demonstrates a trend many second-year students are preparing for: internships that don’t lead to jobs, reduced recruitment and job offerings on campus and smaller signing bonuses for those that do land an offer.