Career counselors were surprised because banks hired so few interns in 2010, says Jackie Wilbur, senior director of career development at MIT Sloan. So one would assume there would be fewer full-time offers presented in 2011.
However, many banks have had to recruit more heavily this year because of the low levels of hiring since 2008. “They became very thin in the associate layer and they have a lot of work now,” says Jana Kierstead, managing director for MBA careers at Harvard Business School. “For MBAs it’s great because there is no one ahead of them for two years.”
This boom in bank hiring is apparently a global trend, too. Talent search executives report at 15 percent increase in recruiting worldwide.
Starting salaries for new MBAs range from $100,000 to $125, 000, with graduates at the top business schools such as Harvard and Insead in France and Singapore commanding premium pay. FT reports that the average salary for Insead’s graduating class was U.S. $125, 000 in fact. And among Insead’s January graduates, 93 percent landed a job within three months, a high water mark since the 1990s.
Job posting levels and recruiter feedback tell a similar story. At the Stern School of Business at New York University, the assistant dean of career services says visits by recruiters are up 15 percent.
Even business schools in Shanghai are seeing an increased demand for MBAs, though admittedly for those who speak Mandarin. Multinational U.S. and European firms are eager to expand their business into China and seek MBA grads who can pave the way, according to Gene Huang, director of the career development office at Fudan, a business school in Shanghai.
Are you a recent MBA grad or know someone is who is? Are you seeing an uptick in interest? Add your comments below.