With the recent collapse of Lehman Brothers, the sale of Merrill Lynch and the resulting turmoil on Wall Street, business school students and applicants alike are concerned about what impact these events will have on their career prospects. It is clear that Wall Street jobs will be few and far between in the short term, though the long-term impact of the challenges facing the banking sector is still uncertain. Applicants interested in finance careers should consider broadening their job search to include corporate finance positions or boutique investment firms and expand their search to areas outside New York City.
In a recent Businessweek article, “B-Schools Wary on Lehman, Merrill Impact,” Kip Harrell, Board President of the MBA Career Services Council, said that career services offices are preparing for tough times. Some schools, such as Wharton, are choosing to hire more career services staff to help students with their job search. Business schools are certainly aware of the challenges students will face in applying for finance positions, and many are taking steps to help their students weather the storm.
