Name: How MBA Students Are Dealing With a Tighter Job Market
Uploaded: 2023-10-19T21:22:00Z
Duration: 5 min 53 s
Description: Second-year MBA students are facing a much slower pace of hiring and recruiting by companies in the tech, finance and consulting sectors. Wall Street Journal reporter Lindsay Ellis joins host J.R. Whalen to discuss alternate plans some students are considering. Photo: Zuma Press Wire

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Second-year MBA students are facing a much slower pace of hiring and recruiting by companies in the tech, finance and consulting sectors.  Wall Street Journal reporter Lindsay Ellis joins host J.R. Whalen to discuss alternate plans some students are considering. Photo: Zuma Press Wire

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How MBA Students Are Dealing With a Tighter Job Market 

J.R.: Here's "Your Money Briefing" for Thursday, October 19th. I'm J.R. Whalen for the Wall Street Journal. MBA students are finding that job offers are few and far between. It's a stark change from when they first applied to graduate school. Wall Street Journal reporter Lindsay Ellis joins me. So Lindsay, take us back to when the current crop of second year MBA students applied for business school. What was the job market like then?

Lindsay: So, the students who are set to graduate this spring applied to graduate school in 2021 and 2022. And as you'll remember, the white collar job market then was incredibly hot. So much so that employers were trying to convince their workers who were applying to business school at the time to stay on the job. And they were offering raises and promotions to try and incentivize some of these individuals to stay, rather than take two years and do a full-time MBA program. So that's the cohort that we're talking about right now.

J.R.: And what do things look like now?

Lindsay: So, the broad employment picture is still quite good, but as we've reported over the last six months, the white collar job market is much more challenging these days. We're talking many interviews before an offer comes, fewer job postings overall. These are positions that are tough to land right now.

J.R.: In what sectors are we seeing fewer job offers?

Lindsay: So in my reporting for this story, I was really focusing on three sectors: tech, finance, and consulting. And that's because those three sectors hire 70% or more of students from top MBA programs. And they've all had a really rocky year. In finance, deal making has slowed down. Corporate clients have been hesitant to hire consulting firms, which makes for a challenging environment there. And we've all been following the tech layoffs at big companies. And so it all adds up to a really challenging job market for students.

J.R.: And why has the job climate changed so much?

Lindsay: In addition to the more challenging climate for those key areas, another key reason is overhiring. We know that some of the major employers of MBAs had gone on a hiring spree a few years back, and so they had a ton of people. And now that's coupled with this more rocky stretch business-wise for them.

J.R.: You spoke with several MBA students who entered business school when the job market was red hot. How are they dealing with this shift?

Lindsay: Many of them are really trying to step up their networking game. Traveling long distances for face-to-face meetings, casting a wide net on LinkedIn among people who went to their MBA programs and graduated a few years prior. They're also considering a wider range of roles in companies. So someone who might be interested first and foremost in management consulting might think, okay, well maybe I'll look into a strategy role inside a company. Or someone who might be interested in investment banking and really going into deal making, maybe there's a finance role inside a company in another sector that will be fulfilling and be a good spot to land after graduation. So they're really hustling to try and get interviews in the sectors that they want, while making sure that they have alternates if it doesn't pan out the way that they're hoping.

J.R.: What are the companies telling students who would normally be seeing full-time job offers roll in right around now?

J.R.: Much of the messaging from companies sort of trickles in through campus staff and campus messaging. And so what students are hearing is that some of the most attractive employers might be hiring for a smaller range of positions. Or they might be saying, "We are not sure if we can extend an offer right now, but we like you, but we'll get back to you when we have hiring capability."

J.R.: How are graduate schools encouraging students to deal with this?

Lindsay: So their key advice is keep your options open and be open to a plan B or a plan C. Really think about what is it about this job or that job that is interesting to you, and can you find that in broader range of roles?

J.R.: And what position does this put the business schools in? You know, a major selling point for them is sometimes multiple full-time job offers for students who've come through the program.

Lindsay: That's a great question, and it's something that I have my eye on. A lot of hiring for MBA programs typically does take place in the late summer and early fall. We do have a number of months between now and graduation. And so many of the career offices at business schools are saying, "Wait and see. You don't know what's going to happen in the next six months or so." There is still the open question of, will firms' needs eventually require them to hire MBAs, but it might take place closer to graduation. And so that's a key question here as what the timeline is moving forward.

J.R.: That's Wall Street Journal reporter Lindsay Ellis, and that's it for "Your Money Briefing." Today's show is produced by Ariana Aspuru, with supervising producer Melony Roy, and Deputy Editor Chris Zinsli. I'm J.R. Whalen for the Wall Street Journal. Thanks for listening.

WSJ's Your Money Briefing podcast is your personal-finance and career checklist. Finance reporters and experts break down complicated money questions every weekday to help you make better decisions about managing your money. 

How MBA Students Are Dealing With a Tighter Job Market

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