Fewer MBAs Heading to Wall Street
According to initial employment statistics from Harvard Business School‘s Class of 2013 MBAs, a record low of 27% headed to the financial services sector after graduation. A recent CNBC article notes that for Ivy League Grads, Wall Sreet is so Last Season, and a growing number of MBAs are instead looking for jobs in technology and telecommunications.
“While finance remains the biggest destination for elite MBAs, it’s a much smaller share than at any time in recent history. Even in the years immediately after the financial crisis, the sector’s share of Harvard MBAs never fell below 31 percent,” writes John Carney.
The report from HBS also indicates fewer graduates are entering investment banking: 12% headed to IB in 2007, while just 5% did this year. Meanwhile, private equity hiring slipped from 15% last year to 9% in 2013.
In Matt Symonds‘s recent Forbes article on the diversified MBA job market, Fred Staudmyer, Director of Career Management at the Johnson School of Cornell University, has also seen students showing greater interest in jobs within the technology sector and new digital media.
“Big tech is hiring more MBAs each year in the internet retail, social media, and business solutions spaces, and more of our MBAs are interested in earlier stage companies now,” Staudmyer tells Forbes. “I think we’ll continue to see more and more MBAs heading into smaller, flatter and agile companies over the next few years.”