More MBA grads are heading off to Shanghai, Hong Kong, Indonesia and elsewhere for investment banking jobs, rather than traditional centers such as New York and Los Angeles.
Thomas Robertson, dean of the Wharton School at the University of Pennsylvania, recently noted that 25 percent of his school’s graduating class will be taking jobs in other countries, according to an article by CNBC.
Graduates are looking globally to find opportunities in the fastest-growing economies. And it’s not only U.S. students who are flocking overseas. Many of the international students who come here to earn their MBAs are instead returning back home to find their first jobs, especially in such robust economies as India and China.
Financing one’s MBA has changed dramatically in recent years as well. Many employers have stopped subsidizing advanced education for their employees. Instead, MBA students must pay the tuition themselves, which can cost upwards of $50,000. This of course incents students to look for the best opportunities for themselves, after graduation, rather than maintain any particular loyalty to their current firm.
An MBA degree still seems to be a sound investment. J.J. Cutler, head of Wharton’s MBA Admissions and Financial Aid and Career Management Office, says he’s seen a rise in on-campus recruiting this year.
In addition to the hiring trend overseas, there has been increased attention to less traditional career paths in finance. Both students and career guidance professionals note an increased attention in finance jobs in real estate, private equity, hedge funds and smaller, and boutique investment banking firms.
What about you? Are you broadening your investment banking job search to different geographies, or beyond investment banks? Add your comments below.