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Large Wall Street Banks Are Hiring Again
KANSAS CITY, MO, (kansascityfrontpage.com), May 16, 2010 - Business school graduates still want to work for large, Wall Street financial institutions and are regularly receiving job offers from traditional, bulge bracket firms. That's a key finding of a new survey by Training The Street (TTS), a leading corporate training provider for a majority of Wall Street firms and top business schools.
The survey, which measures the employment trends among business school students at the top 25 MBA programs, finds that an overwhelming 69% of respondents received an internship and/or job offer, and 39% have received more than one offer. More specifically, 60% of second-year MBA's secured a full-time employment offer. 76% of first-year MBA's received a summer internship offer, which is most often a precursor to full time employment the following year.
The survey also shows that an overwhelming majority of MBA candidates - both first and second year students - view their current job prospects positively and want to work on Wall Street despite the recessionary and market events over the last two years including the collapse of Lehman Brothers. 40% of respondents say large institutions are their preferred places of work. 80% of survey respondents say they are optimistic about their employment prospects after graduation.
"Our survey further suggests that Wall Street is on the upswing," said Scott Rostan, Founder and Principal of Training The Street. "MBA's are looking for and being sought after by the larger Wall Street firms, despite the negative press and the pervasive idea that these firms aren't hiring. If anything, these firms are hiring aggressively."
The TTS survey also shows that recruiters from big firms are once again actively recruiting on business school campuses. 57% of respondents say that large financial institutions are the ones most actively trying to recruit them.
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Continued
Other findings include:
-- After bulge bracket banks, 36% of respondents say boutique firms are
actively recruiting, suggesting excellent growth opportunities at the
middle market and micro cap level. 29% say consulting firms are
actively hiring as well.
-- 58% of respondents say they obtained their upcoming positions through
on campus recruiting, while 34% say they conducted their own job
search.
-- Only 7% of respondents have not yet been invited for a single
interview. 77% have been invited for between one and ten first-round
interviews.
-- 59% of respondents expect their starting salaries to be $100K-$125K.
-- 97% of respondents are between 21-34 years old, and 82% are male.
"Although our survey reflects the views of candidates from the nation's top 25 MBA programs, these findings still bode well for candidates at other schools and financial institutions," said Chirag Saraiya, Principal at TTS. "There are opportunities for MBA's across many sectors, and stud
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