What Does the time to come Hold For Mbas?

David Stern - What Does the time to come Hold For Mbas?

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With Wall street still bouncing nearby and the nation squarely focused on the state of the economy, business schools have kept the financial accident at the forefront of their communications to students and alumni as financial giants withdraw recruiting sessions and back off previously robust hiring forecasts. As the cheaper shifts, top b-schools have put their alumni networks and vocation services into high gear to help today's students and tomorrow's graduates. Their actions are helping students and alumni ride out the current rough economic waters.

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David Stern

Harvard business School's Admission Director Dee Leopold posted an entry on her blog directed at prospective students wondering how the current economic situation will impact upcoming admissions volumes and cycles. Fear in some circles is that the class of 2011 may not find many jobs awaiting them upon graduation, so Harvard -and many other b-schools - have increased communication with students and ramped up their vocation services departments.

According to Leopold's blog, the Admissions Office at Hbs has been receiving a new array of questions because of the atmosphere of uncertainty in the financial markets. They have ranged from either or not Hbs intends to growth the size of next year's class, to the whole of admits from financial services (because of higher application volume), to either prospective candidates who are unemployed will be at a disadvantage.

"The class size next year will not growth and will remain at almost 900 students," Leopold writes. As to expanding the whole of admits from financial services, Leopold's reply was less precise. "Not necessarily," she wrote. "Our goal is to originate a class which represents many dissimilar kinds of diversity, of which professional experience is only one element." But there are no strict quotas that govern business or geographical areas so the thorough class profile could shift some in the advent year.

Leopold went on to assure applicants who find themselves unemployed that they will not be at a disadvantage. "We realize that these are unusual times and that many strong contributors may find themselves in this situation."

Other top b-schools have reached out to their alumni bases to remind them that school vocation services, alumni networks and withhold are ready to those within the Mba society who may need them.

Mit Sloan Dean David Schmittlein wrote in an email address to alumni earlier this week that "[w]hether you are employed by a fledging new venture, a not-for-profit aid or one of the firms in the headlines, these services are there for you." He also encouraged alumni in positions to supply withhold other alums in need to get in touch with the school.

Dean Tom Robertson of the Wharton School at the University of Pennsylvania issued a similar statement to its alumni, listing a range of resources ready to those in need of withhold and encouraging others in a hiring position to post job opportunities at no cost on the school's job board.

The University of Chicago Graduate School of business convened a evening meal in New York after the announcement of the Lehman bankruptcy for members of the 2008 class who had suitable offers with the firm. Twenty-six members of the 2008 Chicago class had suitable offers with Lehman in cities over the globe.

The dean of Chicago's full-time Mba schedule flew to New York to have evening meal with the students two weeks ago. Most had just completed training a week earlier and not yet started their rotational programs. The school did the event to remind them that they were there from them.

Other schools - along with the Wharton School at the University of Pennsylvania - are hiring dedicated staff members to deal specifically with alumni vocation issues. The director of alumni affairs at Wharton recently commented that she has seen an growth in inquiries from alumni who have not lost their jobs but are interested in expanding their networks in these uncertain times.

Nyu's Stern School of business created a vocation services centre specifically for alumni in 2003 after the dotcom bubble burst. The vocation town for Working Professionals has a full-time staff of five and also provides services for part-time Mba and Emba students.

Last month, Stern's town saw a 43 percent growth in the whole of alumni wishing to make appointments for counseling. Many of the requests came from people who had lost their jobs in the financial services industry. About 40 percent of Stern's full-time Mba students enter the speculation banking industry.

Ucla's Anderson School of management has started a series of eight "webinars" taught by vocation professionals and designed to help alumni straight through the basics of how to show the way a job search.

The exertion put out by these top b-schools and others makes a profound statement: Mba degrees are still in high demand. Even as one emphasis loses 'value' there are others that rise to replace it. And while wary to predict a rosy photograph for the future, economists do agree that regardless, the outlook for Mba prospects entering school in the fall of 2009 still remains bright. "While the steps taken to stabilize the financial markets won't have an immediate corollary on the economy, they will help put in order the cheaper for a rescue in the longer-term," says Senior economist Orawin Velz of the Mortgage Bankers Association. "Remember, the cheaper is cyclical - what goes down will go up again.

Three years from now will see some strong sectors again; it just may not be the same ones as right now. Smart applicants will continue to watch store trends and adjust their school experience to position themselves for greater advancement upon graduation." With the continued efforts by b-schools to help their alumni and students navigate these troubled waters, the time to come is suitable for today's - and tomorrow's - graduates.

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