Job market looking up for Wharton MBAs
Elissa Harris, Associate Director, MBA Career Management
Issue date: 4/5/04 Section: News
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The job market is looking up for Wharton MBAs! This was the theme of a recent report by the Wall Street Journal and this theme is reflected in PLANS statistics being collected by MBA Career Management. The number of second year Wharton MBAs who have accepted at least one job offer has increased by more than 10% from this time last year.
While the data collection process for first years has just kicked off, preliminary numbers and anecdotal evidence suggest similar good news for first years as well. In addition, the number of non-US permanent residents with summer or full time offers is comparable to the overall student numbers.
But if you don't have a summer internship or a full-time job secured, don't worry! You are not out of luck. Keep reading.... the fact is, students find both full-time and summer internship opportunities in March, April, May and even later. Last year, approximately 26% of all full-time job offers were made in the March to July time-frame. For summer internships, about 53% of all offers were made in the same time-frame. We expect these same statistics to hold true this year, so take a deep breath and relax! There are plenty of additional opportunities that will come in over the next few months. MBA Career Management is working hard to ensure that.
And although the job market for MBA's is still difficult, there are opportunities. While it's true that some industries have nearly completed hiring, others such as Private Equity and Media & Entertainment are just starting their MBA Recruiting process.
Since there are many myths surrounding the MBA job search, we'd like to take this opportunity to dispel some of them and to help you understand what you should be doing if you are continuing your job search. We'd also like to highlight what we, in the MBA Career Management office, are doing to help with your job search.
Myth #1:
On-campus recruiting is the only way to find an MBA job.
Fact: In 2003, almost 50% of both first and second year students found employment through sources other than on-campus recruiting. In 2003, 17% of second year students found employment through personal networking while 5% of them found employment through Wharton alumni.
Myth #2:
There are no more on-campus opportunities.
Fact: Companies continue their recruiting processes with Wharton long past the fall recruiting for Second Year students and DIP week for First Year students. In addition to coming to campus through late March and April, companies continue to post jobs on the MBA Job Board and conduct resume drops for many positions. Use of these channels has increased significantly over the last year. We are pleased that full-time and internship postings on the MBA Job Board are up almost 40% this year. In the last week, 43 new internship and full-time positions were posted on the MBA Job Board. These postings are from companies such as: American Express, Bank of America Corporation, Citigroup, Coca-Cola, Comcast Cable, Fidelity Investments, Gap, Home Depot, Microsoft, Nissan, Unisys and Washington Mutual.
Overall, we are pleased that the number of full-time interview schedules offered through CareerTrak (including on-campus interviewing and resume drops) is up 19% versus last year while summer internship offerings are up 24% versus last year. Companies that recently conducted a resume drop on CareerTrak include: Bear, Stearns & Co, Becton Dickinson, Oppenheimer Funds, The Walt Disney Company, and Yahoo!
Myth #3:
My job search is centered on a specialized industry that doesn't typically do MBA recruiting so the MBA Career Management office can't help.
Fact: The MBA Career Management office offers a number of resources that can help you with your job search, regardless of industry focus. Counselors in the MBA Career Management office can help you think through your job search plan, brainstorm ideas to generate leads and contacts, address international issues associated with your search, and help evaluate opportunities in a wide range of industries. Our online resources can help you identify and research target companies and reach out to alumni in your targeted industry. Our recently acquired videoconferencing technology can enable you to speak with potential employers before scheduling an expensive office visit.
Myth #4:
The MBA Career Management office waits for companies to decide to come to campus to interview or to post jobs.
Fact: The MBA Career Management office works proactively with companies around the globe and from all industries year round, but especially at this time of year. Recently members of the staff have been conducting outreach visits to companies in Boston, Chicago, Dallas, Houston, London, New York, Philadelphia and Seattle as well as connecting with companies via telephone. During these conversations, MBA Career Management is marketing the Updated Class of 2004 and Class of 2005 Resume Books as well as the variety of other recruiting options available to companies. The staff works with these companies to find additional opportunities that fit with the aspirations of students still conducting their job search. Throughout the year, MBA Career Management cultivates relationships with new companies and follows up on leads provided by faculty, staff, students, alumni, and other contacts.
Now that the facts are on the table, what should you do if you are continuing your job search?
1. Have a plan - and a Plan B. Having a plan (that includes specific goals) and working towards it will ensure that you make the best use of your time and resources in the job search. Having a Plan B will ensure that, despite the job market, you will have some opportunities to consider in your job search. Review what you have done to date and determine what has been effective and what has been ineffective. Try to identify how to increase your effectiveness. Remember keep multiple irons in the fire.
2. Network, network and network! Think creatively about networking opportunities and remember the six degrees of separation concept. Networking contacts include MBA Career Management, your fellow students, club members, faculty, staff, former colleagues, undergraduate alma mater, etc. Remember to try our new online resource, Capital IQ.
3. Contact the MBA Career Management office. A counselor can help make sure you are fully utilizing the resources available and brainstorm ideas with you to generate contacts and leads for your job search.
4. Be flexible. While it is necessary to set parameters for yourself when you are planning your job search, be careful not to limit yourself too much. If you are targeting a specific industry and function, remain open to the geographic location. Numerous opportunities exist outside of cities like New York and San Francisco; more than one quarter of Fortune 100 firms are based in the Midwest. Likewise, if you are set on a specific location, look to several industry sectors or functions.
5. Enter your job search status in the PLANs database. This is extremely helpful to MBA Career Management as it allows us understand what direction we need to take in outreach and gives us a sense of the Wharton MBA job landscape. In addition, it enables us to pinpoint students who may benefit from additional services.
6. Stay positive. Maintaining a positive attitude will help you remain focused throughout your job search and will allow you to be confident and enthusiastic as you are talking to companies - important qualities that most hiring companies want.
7. Don't panic! Remember some of the most interesting and exciting positions come later in the process. With continued research and networking, the right opportunity will present itself.
While the data collection process for first years has just kicked off, preliminary numbers and anecdotal evidence suggest similar good news for first years as well. In addition, the number of non-US permanent residents with summer or full time offers is comparable to the overall student numbers.
But if you don't have a summer internship or a full-time job secured, don't worry! You are not out of luck. Keep reading.... the fact is, students find both full-time and summer internship opportunities in March, April, May and even later. Last year, approximately 26% of all full-time job offers were made in the March to July time-frame. For summer internships, about 53% of all offers were made in the same time-frame. We expect these same statistics to hold true this year, so take a deep breath and relax! There are plenty of additional opportunities that will come in over the next few months. MBA Career Management is working hard to ensure that.
And although the job market for MBA's is still difficult, there are opportunities. While it's true that some industries have nearly completed hiring, others such as Private Equity and Media & Entertainment are just starting their MBA Recruiting process.
Since there are many myths surrounding the MBA job search, we'd like to take this opportunity to dispel some of them and to help you understand what you should be doing if you are continuing your job search. We'd also like to highlight what we, in the MBA Career Management office, are doing to help with your job search.
Myth #1:
On-campus recruiting is the only way to find an MBA job.
Fact: In 2003, almost 50% of both first and second year students found employment through sources other than on-campus recruiting. In 2003, 17% of second year students found employment through personal networking while 5% of them found employment through Wharton alumni.
Myth #2:
There are no more on-campus opportunities.
Fact: Companies continue their recruiting processes with Wharton long past the fall recruiting for Second Year students and DIP week for First Year students. In addition to coming to campus through late March and April, companies continue to post jobs on the MBA Job Board and conduct resume drops for many positions. Use of these channels has increased significantly over the last year. We are pleased that full-time and internship postings on the MBA Job Board are up almost 40% this year. In the last week, 43 new internship and full-time positions were posted on the MBA Job Board. These postings are from companies such as: American Express, Bank of America Corporation, Citigroup, Coca-Cola, Comcast Cable, Fidelity Investments, Gap, Home Depot, Microsoft, Nissan, Unisys and Washington Mutual.
Overall, we are pleased that the number of full-time interview schedules offered through CareerTrak (including on-campus interviewing and resume drops) is up 19% versus last year while summer internship offerings are up 24% versus last year. Companies that recently conducted a resume drop on CareerTrak include: Bear, Stearns & Co, Becton Dickinson, Oppenheimer Funds, The Walt Disney Company, and Yahoo!
Myth #3:
My job search is centered on a specialized industry that doesn't typically do MBA recruiting so the MBA Career Management office can't help.
Fact: The MBA Career Management office offers a number of resources that can help you with your job search, regardless of industry focus. Counselors in the MBA Career Management office can help you think through your job search plan, brainstorm ideas to generate leads and contacts, address international issues associated with your search, and help evaluate opportunities in a wide range of industries. Our online resources can help you identify and research target companies and reach out to alumni in your targeted industry. Our recently acquired videoconferencing technology can enable you to speak with potential employers before scheduling an expensive office visit.
Myth #4:
The MBA Career Management office waits for companies to decide to come to campus to interview or to post jobs.
Fact: The MBA Career Management office works proactively with companies around the globe and from all industries year round, but especially at this time of year. Recently members of the staff have been conducting outreach visits to companies in Boston, Chicago, Dallas, Houston, London, New York, Philadelphia and Seattle as well as connecting with companies via telephone. During these conversations, MBA Career Management is marketing the Updated Class of 2004 and Class of 2005 Resume Books as well as the variety of other recruiting options available to companies. The staff works with these companies to find additional opportunities that fit with the aspirations of students still conducting their job search. Throughout the year, MBA Career Management cultivates relationships with new companies and follows up on leads provided by faculty, staff, students, alumni, and other contacts.
Now that the facts are on the table, what should you do if you are continuing your job search?
1. Have a plan - and a Plan B. Having a plan (that includes specific goals) and working towards it will ensure that you make the best use of your time and resources in the job search. Having a Plan B will ensure that, despite the job market, you will have some opportunities to consider in your job search. Review what you have done to date and determine what has been effective and what has been ineffective. Try to identify how to increase your effectiveness. Remember keep multiple irons in the fire.
2. Network, network and network! Think creatively about networking opportunities and remember the six degrees of separation concept. Networking contacts include MBA Career Management, your fellow students, club members, faculty, staff, former colleagues, undergraduate alma mater, etc. Remember to try our new online resource, Capital IQ.
3. Contact the MBA Career Management office. A counselor can help make sure you are fully utilizing the resources available and brainstorm ideas with you to generate contacts and leads for your job search.
4. Be flexible. While it is necessary to set parameters for yourself when you are planning your job search, be careful not to limit yourself too much. If you are targeting a specific industry and function, remain open to the geographic location. Numerous opportunities exist outside of cities like New York and San Francisco; more than one quarter of Fortune 100 firms are based in the Midwest. Likewise, if you are set on a specific location, look to several industry sectors or functions.
5. Enter your job search status in the PLANs database. This is extremely helpful to MBA Career Management as it allows us understand what direction we need to take in outreach and gives us a sense of the Wharton MBA job landscape. In addition, it enables us to pinpoint students who may benefit from additional services.
6. Stay positive. Maintaining a positive attitude will help you remain focused throughout your job search and will allow you to be confident and enthusiastic as you are talking to companies - important qualities that most hiring companies want.
7. Don't panic! Remember some of the most interesting and exciting positions come later in the process. With continued research and networking, the right opportunity will present itself.