Business Grads Looking Beyond Wall Street
“For the past decade, a job at an investment bank has been coveted. Now the implosion of Wall Street has not only shaken a generation’s ambitions, it has also unleashed them.”
See Steven Greenhouse’s New York Times article below for additional detail and to find out where today’s Business School Grads are looking for jobs.
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Business Grads Looking Beyond Wall Street
Daniel Miller, Nanxi Ling, center, and Jessica Levy are graduating from Wharton this spring. Many in the class of '09 are discouraged about job prospects.
Steven Greenhouse, The New York Times
PHILADELPHIA — Riana Paige, an undergraduate senior at the Wharton School of Business, had a high-paying internship at JPMorgan Chase last summer and was disappointed when she did not receive an offer for a full-time job after graduation. Now she is pursuing a job teaching in Dubai, or working for a wine importer.
Click to see New York Times (Video): Life After Wharton
Daniel Miller, a Wharton senior who interned last summer at a boutique private equity firm in Manhattan, became so discouraged by his search for jobs in finance that he began thinking about becoming a rabbi.
Jessica Levy, also a senior at Wharton, the nation’s most prestigious undergraduate business program, was stunned when her supervisor at UBS told her that although she had done a terrific job as an intern, the bank could not offer her a job after graduation. Her dreams of investment banking quashed, she recently took the Foreign Service exam and is vying for a job at the State Department.
“A lot of my peers, we’re exploring things that we used to not even think of as an option,” Ms. Levy said. “A finance major who was minoring in music was suddenly looking into opening a jazz club. All of a sudden, I saw that a lot of Wharton people were interesting.”
For the last decade, a job at Goldman Sachs, Morgan Stanley or another investment bank has been considered the most coveted prize for many of the nation’s best and brightest college students. But the implosion of Wall Street — the vaporization of Bear Stearns and Lehman Brothers, the general humbling of investment banks — has not only shaken a generation’s ambitions, but also unleashed them. More . . .
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Picture Credit: Laura Pedrick for The New York Times
Harvard MBA’s: Masters of the Apocalypse?
If his fellow Harvard MBAs are all so clever, how come so many are now in disgrace?
If Robespierre were to ascend from hell and seek out today’s guillotine fodder, he might start with a list of those with three incriminating initials beside their names: MBA. The Masters of Business Administration, that swollen class of jargon-spewing, value-destroying financiers and consultants have done more than any other group of people to create the economic misery we find ourselves in.
From Royal Bank of Scotland to Merrill Lynch, from HBOS to Lehman Brothers, the Masters of Disaster have their fingerprints on every recent financial fiasco.
I write as the holder of an MBA from Harvard Business School – once regarded as a golden ticket to riches, but these days more like scarlet letters of shame. We MBAs are haunted by the thought that the tag really stands for Mediocre But Arrogant, Mighty Big Attitude, Me Before Anyone and Management By Accident. For today’s purposes, perhaps it should be Masters of the Business Apocalypse.
Harvard Business School alumni include Stan O’Neal and John Thain, the last two heads of Merrill Lynch, plus Andy Hornby, former chief executive of HBOS, who graduated top of his class. And then of course, there’s George W Bush, Hank Paul-son, the former US Treasury secretary, and Christopher Cox, the former chairman of the Securities and Exchange Commission (SEC), a remarkable trinity who more than fulfilled the mission of their alma mater: “To educate leaders who make a difference in the world.”
It just wasn’t the difference the school had hoped for.
Business schools have shown a remarkable ability to miss the economic catastrophes unfolding before their eyes.
In the late 1990s, their faculties rushed to write paeans to Enron, the firm of the future, the new economic paradigm. The admiration was mutual: Enron was stuffed with Harvard Business School alumni, from Jeff Skilling, the chief executive, down. When Enron, rotten to the core, collapsed, the old case studies were thrust in a closet and removed from the syllabus, and new ones were promptly written about the ethical and accounting issues posed by Enron’s misadventures.
Much the same appears to have happened with Royal Bank of Scotland.
When I was a student at Harvard Business School, between 2004 and 2006, I recall a distinguished professor of organisational behaviour, Joel Podolny, telling us More . . .
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Picture Credit: Times Online UK
“10,000 Women”: Educating Female Entrepreneurs in Developing Nations
Goldman Sachs has a new initiative called 10,000 Women . This initiative aims to provide business and management education to 10,000 women primarily in developing and emerging nations.
In this article, Dina Habib Powell of Goldman Sachs points out that there are encouraging signs that the world is ready to invest in women and discusses the why’s behind the development of 10,000 Women.
By Dina Habib Powell
Special to CNN
Editor’s note: Dina Habib Powell, global head of corporate engagement at Goldman Sachs, served as U.S. assistant secretary of state for educational and cultural affairs from 2005 to 2007.
NEW YORK (CNN) — As we mark International Women’s Month in March, it is encouraging to see that the movement to recognize the vital role that women play in families, nations and economies has been building for more than a decade and that developments in the past few years have shown that real progress has begun to take hold.
On the heels of International Women’s Day, President Obama said Monday, “we will not sow the seeds for a brighter future or reap the benefits of the change we need without the full and active participation of women around the world.”
He also recently announced the creation of a new position, ambassador-at-large for global women’s Issues, at the State Department.
To fill this critical role, the president nominated Melanne Verveer, a widely respected women’s advocate and former top aide to then first lady Hillary Clinton.
Verveer was a founder of Vital Voices Global Partnership, an organization committed to empowering women and recently co-chaired by Secretary Clinton and Sen. Kay Bailey Hutchison, R-Texas.
There has also been very recent progress on Capitol Hill. Last month, the U.S. Senate created a Foreign Relations subcommittee that will focus on the global status of women, led by Sen. Barbara Boxer, D-California. More . . .
Click here to read “Women Entrepreneurs Get Global Helping Hand” (The Wall Street Journal )
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Picture Credit: Goldman Sachs
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