P12-13 MBAS8 Work US V6 8/4/08 12:38 Page 3
Editorial
CAREERS
says: “Naturally, foreign students face rigorous
competition from American students. Apart from
not having visa issues, Americans speak fluent
English and, from many employers’ perspectives,
have more understandable and recognizable US
work experience. For example, since two of
the most popular traditional post-MBA careers,
investment banking and consulting, require
constant interaction with clients, less than perfect
English can often put an international student at a
disadvantage. Having work experience from an
unknown company in Russia would not help one’s
chances of being selected for an interview either.”
Banking difficulties
The credit crunch and potential US recession
also has MBAs glancing nervously over their
shoulders. It is likely that any slowdown in the US
economy will see a tightening of belts in the
corporate sector and less to spend on salaries.
There could even be a hiring freeze in the more
cautious companies. Fewer IPOs and mergers
mean fewer jobs for investment bankers and
less money becomes available for consultancies.
In the last US recession only 50-60 per cent
of MBAs had job offers as compared with figures
of well over 90 per cent in happier economic
times.
Luba Nikulina says: “The credit crunch is
bound to have some effect. I have team mates from
LBS who work here in New York and I hear that
Downtown Seattle skyline with the space needle.
it’s not looking good in investment banks,
your overseas company to send you to the US or, to pressed to tighten up on immigration overall, the especially on the trading side. There are a few units
put it bluntly, work somewhere else. UK, for example, has recognized the need for in banks that are already firing, and mortgage units
hiring the best talent and has created innovations are overstaffed. Having said that the US, and New
Overly complicated such as the Highly Skilled Migrant Programme York in particular, always creates opportunities and
A foreign student looking for a job after their MBA which allows visas to MBA graduates from the top it’s still too early to say.”
needs to find an American
company which will agree to
apply for an H1-B visa after the “American companies, with clear exceptions, find non-US
12-month period ends. For large
companies who regularly hire MBAs less attractive than American ones.”
MBA students (think Goldman
Sachs, JP Morgan, Merrill
Lynch, Lehman Brothers, McKinsey, BCG) this 50 business schools in the world. “We’re picking Salaries continue to diverge
is usually not a problem. However it is possible that up talent that the US indicates it doesn’t want,” Projections from the Graduate Management
visas might become a major issue for smaller says one London-based recruiter. “It’s baffling but, Admissions Council (GMAC) indicate that MBA
companies which tend not to have in-house at the same time, America’s loss is our gain.” employment will increase by 18 per cent in 2008.
expertise in hiring foreign nationals and MBA salaries continue to diverge year on year
often assume that the process of hiring is overly Get in to a top tier business school (see MBA Salaries article here in the guide) and
complicated and thus are reluctant to hire American companies, with clear exceptions, find business schools continue to search for the best
international students. non-US MBAs less attractive than American ones talent available. MBA graduates should keep
The winners in this scenario appear to be the so the advice here to aspiring business leaders is try a close eye on developments stateside but it is
European Union and the fast-developing nations and get in to a top tier business school and then too early to predict a long-term downward trend
(sometimes known as the BRIC nations – Brazil, apply for jobs in the country. Having an MBA from just yet.
Russia, India, China) whose US-trained talent are a country like India, is going to make it much
returning home with their skills. Despite being harder to find work in the US. Julia Byshkovskaia
TopMBA CAREER GUIDE
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