I’m trying not to look at the markets (and my meager portfolio) today, but it’s impossible! I feel like I’m seeing months of work wiped out in real-time. Ouch. But the only thing worse than buying at the top is selling at the bottom, right?
This is a great time for business schools. Applications skyrocket, ivory-tower professors are looked upon once again for advice, and “expert” panels are formed left and right to diagnose the problem. In recruiting news, BusinessWeek had an article recently about the shift of MBAs from investment banking to consulting. I’m a bit dissapointed in this… while I’ve tossed around the idea of doing some sort of financial engineering for a hedge fund, I think I had set my sights on a consulting job with McKinsey (at least for the summer). There’s still the possibility, but the market just got way more competitive. Here are the career stats for the top four job functions for the class of 2008:
- 45% – Finance
- 22% – Consulting
- 11% – General Management
- 7% – Marketing
Those 45% of HBS grads have to go somewhere. It’ll be very interesting to see what the breakdown is for this upcoming year… (As a side note, this may be one of the “good” outcomes of the whole financial mess… talent will reallocate from being highly concentrated in finance to more productive uses throughout the economy.)