P10-11 MBAS8 Financial .qxd 8/4/08 12:39 Page 3
Editorial
CAREERS
“Several banks made the
mistake of cutting back in
2002 and were left with a
big gap in talent when the
markets picked up.”
– Diane Morgan, London
Business School Career
Services
remain unstable and undervalued. Market Risk &
Compliance departments may also see increased
MBA hiring as banks seek greater security and con-
trol of risky investment classes.
The new recruiters
Who are the new recruiters on the block? Taylor
believes “banks operating in Asia are likely to be
insulated to a great degree from the trans-Atlantic
problems”. Thomas confirms that for Standard
Chartered “China, India, Korea, Singapore, Hong
Kong and UAE are some of the key growth engines
for the Bank” and they expect to increase MBA
hiring to “between 50-70 MBAs” in 2008. HSBC
and OCBC Bank in Singapore are also expanding
business as usual and their long term perspective”. growth of 20-30 per cent. Much of the growth was rapidly and recruiting MBAs for Asia.
The entry points for MBAs into banks vary by fuelled by the private equity boom, which has Banks serving Latin America are booming.
firm. Novokreshchenova will join a generalist pool come to an abrupt end, but M&A activity is In particular the Spanish-headquartered Banco
and be allocated to a project. However, as a currently forecast to drop by only 20 per cent, Santander and BBVA are recruiting MBAs for
general rule, MBAs are hired straight into one of which would still be above 2006 levels. positions throughout the region. Russian and
the following departments: Corporate Finance/ Taylor believes that if the US economy does Central European banks, especially those serving
M&A, Sales & Trading, Debt/Equity Research, slow down, banks in the second quarter will have the oil rich regions, are also hiring actively.
Structured Finance, Asset Management, Private to shed some of their existing labour force to keep Elena Novokreshchenova sees “big opportu-
Equity and Private Client departments, as well as down costs. But he adds that “new MBA hiring is nities in the near future in emerging markets like
back office functions. likely to be maintained, not least because young Russia, but also across Latin America and Asia.”
According to Taylor, the areas likely to see a MBAs are relatively inexpensive compared to the Unless global growth stalls, for which there is only
short-term cut back in MBA hiring, include Credit seasoned professionals.” limited evidence at present, Taylor believes “the
Derivatives, M&A, Private Equity, and Asset opportunities for MBAs in the banking sector
Management. Opportunities in Credit Deriva- Credit crunch could still cool slightly in 2008, but the prospect is
tives, which expanded to $trillions in value The credit crunch may even lead to growth for strong long term growth.”
in recent years and are the source of current in other asset classes. For
problems, are likely to see big cutbacks. M&A example, derivatives are a
“Much of the bad news is out there.
often accounts for the largest number of new MBA zero sum game. Laurent
The banks are still robust and have been able to
hires and the big investment banks enter 2008 Kerviel’s $4.5bn loss for
on the back of record M&A activity in 2007. SocGen was a $4.5bn gain
refinance to strengthen their balance sheets.”
Goldman Sachs headed the M&A league table by for traders in other banks and
value of deals at $759bn in 2007. Morgan Stanley market volatility will create new openings for some
grew deal value by 27 per cent, CitiGroup, JP MBAs. Companies seeking access to capital are
Morgan and Lehman’s followed closely with also likely to issue bonds if the equity markets
TopMBA CAREER GUIDE www.topmba.com 11
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