MBA Careers

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Why Consulting Is a Revolving Door for MBAs

Of all the industries MBAs could end up in, the largest single chunk of them flock to one: consulting. But Bloomberg data show that they’re not likely to stick with it. Even though consulting is the most popular of the three industries that claimed the majority of business school graduates this spring (financial services and technology are the other two), it’s also the one MBAs are most likely to move on from a few years later. For its 2015 ranking of business schools, Bloomberg surveyed more than 12,700 alumni of full-time MBA programs and found that only 37 percent of those who had gone into consulting after graduation were still working in the field six to eight years later. That’s the lowest retention rate of any industry in the survey. Finance and tech jobs had a comparatively better hold on B-schoolers: 73 percent of students who graduated into finance jobs stayed in finance, and 72 percent of grads who got technology jobs did so. “Consulting firms know that the young talent they work so hard to lure in with all the perks and travel and flexibility will probably leave sooner rather than later,” said Tony Carnevale, director of the Georgetown University Center on Education & the Workforce. “It’s not a world anymore where the employers are going to take care of you. Everyone is a free agent today.” The fact that MBAs seem to treat consulting as a strategic but short-term stop on their career journey isn’t necessarily hurting the industry. In fact, unless an employee is on track to become a partner, she may be more beneficial to the firm when she leaves. “Many consulting firms have resources in place to help individuals make transitions and keep extremely...

42% Of CEOs At Top Fortune 100 Firms Have MBA Degrees...

Business school may be your ticket to the boardroom. More than 40% of the chief executive officers in the top 100 Fortune companies have studied for an MBA, according to research from Heidrick & Struggles, the executive search firm. In the UK, 27% of the top chief executives opted for an MBA degree; 24% in France. The data show that studying at an elite business school could be your best bet for becoming a CEO. Around 50% of the chief executives of SBF 120 companies, the index of France’s 120 largest firms, graduated from one of four top schools: INSEAD, HEC Paris, École nationale d’administration or École Polytechnique. INSEAD, which has campuses in France, Singapore and Abu Dhabi, has several prominent CEOs. These include Tidjane Thiam at Swiss investment bank Credit Suisse; Helge Lund of oil major BG Group; and António Horta-Osório of UK lender Lloyds Banking Group. HEC Paris’ star alumni include Jean-Paul Agon, CEO of cosmetics group L’Oréal; François-Henri Pinault, the chief executive of luxury brand Kering; and Bruno Lafont, industrial champion Lafarge’s chief. In the US, 28% of the Fortune 100 chiefs graduated from seven top universities: Harvard, Stanford, Pennsylvania, Berkeley, Columbia, MIT, and Princeton. Harvard Business School has seven CEOs at top European companies alone. These include Vittorio Colao at telecoms group Vodafone, and Sir Martin Sorrell of WPP, the world’s largest advertising group. Columbia’s CEO alumni are James Gorman, at US bank Morgan Stanley, and César Alierta, at telecoms group Telefónica, among others. Stanford counts Carlos Brito, CEO of brewer Anheuser-Busch InBev, as alumni. Berkeley graduated Joseph Jimenez, the chief of pharma group Novartis, and Shantanu Narayen, head at software company Adobe. Meanwhile, 24% of the UK’s FTSE 100 CEOs graduated from either Oxford...

Morgan Stanley pays MBAs the most

Business school is a profitable investment for almost anyone, but some MBAs are getting more dollar value out of their degrees than others. MBAs who worked in financial services several years out of school earned more than their peers in every other industry, and the best paychecks overall were doled out by investment banking firm Morgan Stanley, a Bloomberg survey of thousands of B-School alumni showed. Bloomberg News reports that as part of our annual ranking of business schools, Bloomberg surveyed 12,773 professionals six to eight years after they graduated from business school. The MBAs who work at Morgan Stanley took home the largest compensation packages, followed closely by alums at Goldman Sachs. Bloomberg asked alumni who graduated from 2007 through 2009 about their current employer, base salary, and bonus. To figure out who pays the most, we focused on companies where we polled at least 20 MBAs. Graduates working in finance – which includes people in accounting and banking – took home a median $210,000. Read full story:...

How to use an MBA to get a job at Goldman Sachs, JP Morgan, or Morgan Stanley...

It’s not as easy to ‘leverage’ an MBA and end up with a job in an investment bank as it was. These days, banks hire fewer MBAs than they used to, particularly into sales and trading roles. They also seem to be a lot more fussy about who they hire. Having said that, banks are still recruiting MBAs: the 2015 associate class is now in place at most leading US investment banks. Based upon the profiles of those who were hired this year, this is what it takes to convert your Masters in Business Administration into a job at a leading US investment bank now. 1. You’ll need to go to a top school There are plenty of rankings of top MBA courses for banking jobs, so it’s no surprise that the world’s top investment banks like to hire the world’s top MBAs. Rami Rankoussi, a new associate at Goldman Sachs, came from the London Business School. Zachary Upcheshaw, another associate at Goldman, came from Darden. Nancy Jiang, an investment banking associate in the TMT team at J.P. Morgan came from Kellogg. Zichao Du, an investment banking associate at J.P. Morgan in Hong Kong, came from MIT Sloan… 2. You’ll probably need past exposure to finance An MBA is supposed to be a vehicle for a change of career, and you can use the course to re-orientate your role, but most of the associates in our sample had some prior finance experience. Take Kate Lee, a Morgan Stanley associate who took an MBA at the Stephen M. Ross School of Business at the University of Michigan and previously spent five years working as an associate in at Woori Securities and Daiwa Capital Markets. Or take Rankoussi, who was a...

Google Most Popular MBA Employer Amid Migration To Tech Sector...

Google has topped the list of the most popular MBA employers in research that confirms a significant shift in business graduate job destinations to the technology industry. Tech has become a magnet for MBA students, who are energizing businesses from e-commerce group Amazon to Apple, the world’s most valuable company. “Technology companies are seen to be the place of innovation and creativity. This is really attractive to MBA candidates,” Paula Quinton-Jones, director of career services for Hult International Business School, told BusinessBecause. Google bested all other companies for the ninth consecutive year to the title of most sought after company among MBAs, with nearly 30% saying the internet search giant was among their top companies to work for. The annual list is compiled by Universum, the employer branding company founded by a graduate of Stockholm School of Economics. Google has doubled the number of business schools it recruits from. Google is already a leading recruiter at top schools including Berkeley Haas, Kellogg and Stanford. Apple, the record smashing iPhone maker, came second in Universum’s list. Apple is looking for MBAs to join its marketing, operations, sales, and internet software and services teams. In its last fiscal year, the company added nearly 9,000 non-retail jobs to its 100,000 strong workforce. At Duke Fuqua School, Apple has hired 74 students and graduates for internships and full-time roles over the past five years alone. Amazon came in at fifth and is highlighted by 12% of MBAs as a desirable employer. The e-retailer has become a symbol of the tech shift at business schools. It is a leading recruiter from most of the top-ranked MBA programs. At Michigan Ross, for example, Amazon hired more MBAs last year than any other company — including...

Banks’ Big Data Boom Brings New MBA Job Opportunity...

In the depths of a 20,000 sqm vault on the outskirts of Madrid, Spanish bank BBVA is hoarding rows of computer processors. Instead of storing bullion, Spain’s second largest lender is stockpiling data. BBVA, which between 2011 and 2013 spent an average of €850 million a year investing in technology, infrastructure and software development, is an example of the way finance institutions are beginning to bank on big data. “Banks are starting to realise the full potential of digital technologies and their potential to disrupt and transform the banking industry,” says Richard Lumb, group chief executive for financial services at Accenture, the consultancy. The big data boom in finance has started to bring new job opportunity at banks. “Demand for big data experts is strong,” says Adam Jackson, managing director at leading City of London recruiter Astbury Marsden. He says this has become an important focus as more data exchange with consumers is conducted via the cloud. But there is a skills shortage of analytics talent across the financial services industry, according to Accenture. Technology is becoming increasingly important for banks and they are battling technology groups for the best talent. All industries are scrambling to figure out ways to harness the power of data, which they are using to drive decision making. Finance is one sector that has been ahead of the curve. “I have seen both the insurance and financial services areas make the early moves,” says Michael Goul, chair for the Department of Information Systems at W. P. Carey School of Business. Dustin Pusch, director of business analytics at George Washington University’s business school, says big data is becoming particularly important for banks’ credit departments. “The use of big data is increasingly necessary for firms to...

MBA Degrees Are Best Route To Coveted Senior Banking Ranks...

A business school education is still one of the best routes to senior roles in the financial services industry, according to a new analysis of London-based bankers. An MBA improves bankers’ chances of reaching the top, with 21% of banks’ managing directors – typically the top rank at banks apart from Goldman Sachs – having obtained the degree. The figures were compiled based on analysis of data from 1,650 finance employees in front office positions at London banks by Emolument.com, a salary benchmarking website. “MBAs are a hot topic in tough economic times,” said Thomas Drewry, CEO at Emolument. It will be welcome news for business students, who have entered the financial sector in fewer numbers as banks have faced reputational challenges, and increased regulation since the crisis. At London Business School in 2007, 46% of MBA students got jobs in finance, but in 2013 only 28% did. At Chicago’s Booth School of Business, the number of students landing jobs in investment banking fell from 30% in 2007 to just 16% last year…Read full story:...

Five things to know about working abroad after an MBA...

Many young professionals choose an international MBA for one very specific reason: they want to expand their horizons by working in a culture much different than their own. Those who come from countries with emerging economies boost their chances of finding work this way, because developing nations are offering up an abundance of opportunities these days. Why? Developing nations now make up more than half of the world’s GDP. That’s big news. But it takes more than just skills and brains to be successful in a cultural environment that is not your own. This is why cross-cultural competency is one of the top skills employers demand. Without instruction or exposure to working with various cultures, MBAs can fall into cultural traps that can derail their attempts to become employed in a “new” country. Here are my top five recommendations for avoiding cultural missteps when beginning your quest to work abroad. 1) Be open-minded (and be aware!) about the international markets that are currently full of promise, and the skills they require. Some markets simply have more demand and availability for international managers than others. Right now, we see a lot of demand from employers for managerial talent in places like Panama (which is being very open-minded about immigration these days), China, India, Poland, Russia, the UAE (Dubai) and much of Latin America. But know this: not all markets are created equal. Some have stringent visa requirements, and for many, fluency in multiple languages, especially the native language, is a must (this is particularly true in China). Do yourself a favor and study local market conditions and visa requirements before you spend a lot of time applying for jobs in a particular area. 2) Don’t change too much about yourself...

It’s cheaper and easier to rent an MBA than to hire one...

The on-demand economy, where people work when they want and get paid by the task, has redefined the roles of taxi drivers and created new jobs such as professional grocery store shoppers who are paid by the hour to run other people’s errands. Less well known is how the 1099 economy (named for the US tax forms filed by independent contractors), is now bleeding into the upper echelon of the workforce: The nation’s top business school graduates. For many of these people—unlike the “struggling workers” of Uber or the homeless house cleaners at Homejoy who critics say are getting a raw deal—the decision to leave big companies is more often than not, a choice. And their migration has big consequences for the future of employment. HourlyNerd, a two-year-old startup that lets companies rent an MBA, is bankrolled by the likes of Mark Cuban and Greylock Partners, and this week it secured its third round of financing, bringing the total raised to $12.55 million. One of its newest funders: General Electric’s venture arm. Perhaps the most institutionally corporate of all global companies is now backing a network of 10,000 graduates from top-40 US business schools. The rise of these “nerds,” who don’t commute to an office but earn $100 to $150 an hour from companies such as Microsoft and American Apparel, tells an important story about where the labor market and the economy are headed. For one, companies can now bypass costs associated with hiring full-time employees or paying the overhead of big consulting firms, says John Shegerian, president of the recycling giant Electronic Recyclers, which used HourlyNerd to find a Harvard MBA to write a business plan for a new project. “You get access to really smart people without...

Consultants lure MBA interns with better pay than investment banks...

Choosing an internship should never be about the money, particularly for MBAs who likely have a fairly clear plan in place for their career. That said, who isn’t curious about what other people are taking home during their internship? And if you are struggling between two different industries, like say investment management and investment banking, compensation isn’t the worst tiebreaker in the world. Below is recently released data from New York University’s Stern School of Business. It details the average weekly base salary its students earned during their internship, categorized by industry. These are internships that students who are scheduled to graduate in 2015 undertook between their first and second year in business school. The main takeaway is that MBA interns make fairly strong salaries in most industries, though it’s important to point out that Stern is a top 10 U.S. business school on most lists, so adjust your expectations accordingly. It’s ranked the third best U.S. graduate school for getting a job in finance on one list. We rank it as the ninth best school for getting a job in investment banking globally. Plus, as Stern is located in the heart of New York City, most students likely worked close to home where wages are inflated to help meet the cost of living. Stern didn’t break the class down by city, but noted that 83% of students interned in the Northeast. Roughly 94% worked in the U.S…Read full story:...

From MBA To CEO: Five Tips From General Motor’s First Female Chief...

Mary Barra, chief executive of General Motors, the world’s third largest automaker by sales, is perhaps the most successful female MBA graduate of her time. The General Motors chief has presided over the tail end of a remarkable turnaround at the American carmaker, following its government-managed bankruptcy in 2009. She has sought to invest in developing luxury lines, and made an ambitious push into the electric vehicles market at last month’s Detroit auto show. Mary took the reins of GM, known for its Cadillac and Chevrolet brands, in January 2014. She has risen through the ranks at the US-based company, after joining in 1980 as a university co-op student. An MBA at Stanford GSB in California allowed her to move into a senior position within GM’s operations engineering services upon graduation, in 1990. The number of MBA graduates leading the world’s largest listed companies has nudged upwards 2% to 31% in a year. The career takeaway for Mary is that, whether you spend your career working for one company or 20, you need to hone your ability to start strong in each new position you hold. In a blog post reflecting on her first 90 days as chief executive, the MBA graduate outlined five tips she has developed while working for a company with 219,000 employees, and which produced $156 billion in annual revenue…Read full story:...

When’s the perfect time to take an MBA to advance your finance career?...

s there a sweet spot in your finance career when taking a few years out for an MBA is most beneficial? No, insist business schools, which say they accept old and young students alike. Yes, suggest the statistics and – privately at least – graduate recruiters in investment banks. The theory is that undertaking an MBA is pointless, or at least of minimal benefit, if you have little to no work experience in the real world. Equally, it seems an odd decision to start at a business school with decades of experience under your belt. The most recent classes of top business schools suggest that the optimal level of experience is five years, and the perfect age for starting an MBA is 28 Share on twitter. The class of 2016 at London Business School has an average age of 29 and mean work experience of 5.5 years – the youngest person is 23 and the oldest 38. At Columbia, the average work experience is 5 years, and the oldest person is just 30 Share on twitter, while at Insead the average age is 29 with six years’ of experience. At New York Stern University, where 27% have a background in banking or finance, the average amount of work experience is 4.3 years…Read full story:...