Difficult times ahead

Is this a terrible time to go for an MBA?

In my view, it depends on how you look at it. If you have a clear idea of what you want from your MBA, you have realistic goals and also a background fit, then you might just do fine. On the other hand, "I am really passionate about consulting/ banking and am excited at the prospect of working for you" wont fly with the recruiters at all.

Its a fact that there are considerable number of people hoping for a career switch to Banking/ Consulting via MBA. Most firms in these sectors are bottom heavy. They go to business schools and recruit army of Associates. But it all makes sense when its blue sky and sun shine. Quite similar to IT industry where firms always keep a certain number of techies on reserve/ hold to ensure they are highly responsive to client needs. But when the going gets tough, firms try to make their operations leaner, reduce costs etc.

What it means for prospective MBAs is that recruitment will still go on, probably at reduced levels, but recruiters will now look for much more than passion and other superlative adjectives. There has to be a fit (firms expect you to get on with the job from day 1), a sensible reason (as a Tunisian you cannot say you prefer Shanghai office) and a background match (as PhD in Microbiology, you might find it difficult to become a TMT analyst). So you got to be very very clear about your goals, target industry, target location etc. Cast a wider net and have a solid Plan B. Dont burn the bridges with your current employer and make sure your network remains strong during the MBA year.

Its going to be tough. There is no doubt about it. The current turmoil will eventually affect other industries. But before you start whining, remember that there are folks out there graduating right in the middle of this global shit storm.

To the participants of J09/ D08, hope it all works out well.

All the best !!