Wall Street Paying Top Dollar For MBAs
On March 14 The Economic Times, reported that banks are offering upwards of $180,000 to graduating MBAs. One Tuck student, a former NFL player, likened the aggressive behavior of recruiters to football players saying, “Once given the offer, you are getting anywhere from two to three to four phone calls a day.”
This competition between firms and rising starting pay is actually prompting schools like HBS, Kellogg, Wharton and Stanford to adjust the timing and amount of recruitment events. There were simply too many events for students. “‘We wanted to reduce the frenzied perceptions by some students [that] they had to attend all 15 events to show they were really interested in a company,'” according to a Wharton career services director. Companies are also getting creative about how they interacted with students — setting up chats at Starbucks, hosting events with student clubs or creating educational social events.
Firms are also going beyond the traditional perks of a signing bonus to offer stock-purchase plans. “‘It is a really good time to be an MBA,’ said Andy Chan, assistant dean and director of the MBA Career Management Center at Stanford.” The Dean at MIT’s Sloan attributes the boost in starting salaries and recruitment activities to basic supply and demand. The Dean of Dartmouth’s Tuck seconds that by saying, “‘I see the demand just going through the roof for this kind of talent.”‘
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