Regional Focus
North america
A Review of MBA Demand
in North America
By Spencer Matheson
Partly due to the financial crisis, applicant demand for MBA places is at record levels in North
America and interest in ‘green’ issues such as corporate social responsibility (CSr) and non-
profit organizations among MBAs is on the increase. There has been a gradual slow-down in
recruitment demand, especially in financial services but, as yet, it has not been pronounced, as
banks seek to maintain their entry pipeline of young MBAs.
I
t is still early days however to measure the downturn, but so did MBA programs. “As the manufacturing. Rather, the MBA is now
impact of the contracting economy. As economy tightens further, MBA career services recognized as a degree that provides a breadth
Stefanie Slade, the Assistant Director of offices will continue to innovate to ensure that of skills that are applicable to virtually any
MBA Admissions at the NYU Stern School of students are well equipped to compete in this career, including those dedicated to social
Business says: “While we have certainly seen an highly competitive labor market. The Yale entrepreneurship.”
increase in attendance to our recruiting events School of Management has frequent
throughout the fall season, it is still early to gauge conversations with recruiters and a clear sense
the level at which that increase will translate to of how the upcoming belt-tightening will affect
MBA applications. In general, we tend to see an our students,” Moore explains. “We expect the
increase in applications year after year, and we investment banks to rely heavily on converting
do expect that to continue this year. We saw a their top performing interns into full-time hires,
20% increase in applications last year as the which will likely impact their on-campus full-
economic crisis was just beginning, so it’s difficult time recruiting efforts this fall. However, last
to attribute the trend to any one cause.” year, 100% of our first-year students who worked
“Despite the softening economy, the as summer associates for investment banks
placement rate for our 2008 graduates is on par returned to campus with full-time offers so we
with last year’s graduates,” confirms Allyson remain optimistic about the upcoming
Moore, Director of the Career Development recruiting season.”
Office at the Yale School of Management. On the applications side, things are looking
“Historically, more than 50% of our graduating up as increasing numbers of students take
students have accepted full-time offers in the advantage of a ‘break’ in their careers to get an
financial services industry, and it remains the MBA, and the profile of candidates is
top field of interest. However, this year our broadening at the same time, even if events in
students enjoyed particular success in Fall 2008 have pushed a lot of bankers into the
Consulting, with nearly one-quarter of our pipeline. Mae Jennifer Shores, Director of
2008 graduates entering the industry compared MBA Admissions at UCLA’s Anderson School
to 14% last year.” of Management, says: “Not only are applications
It is hoped that many consultancies at UCLA increasing, fuelled in part by changes
learned their lesson in the last downturn, when in the US and world economies, but the
they cut back on hiring too severely, and though diversity of students applying to business school
this recession is clearly of a different magnitude, is widening. We find more individuals in the
it is clear that those in a position to do so, are pipeline with backgrounds in government, not-
maintaining MBA hiring. for-profit firms, and international agencies. The
MBA is no longer seen as primarily a degree for
Learning lessons those who wish to pursue careers in investment
Companies learned lessons during the 2001 banking, consulting, and consumer goods or
times Square, New York city
80 TopMBA CAreer Guide
www.topmba.com
TopMBA CAreer Guide
www.topmba.com 81
MBA_SPR09_pp_052-155.indd 80 17/2/09 15:28:45
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