Biz jobs are back
The M.B.A. job market "last year was just so abysmal," says Randy Williams, director of the M.B.A. career center at the laceType>UniversitylaceType> of laceName>California-IrvinelaceName>'s Graduate School of Management. Many schools saw their placement percentages drop as much as 20 percent. But what a difference a year makes. Companies from most industries are trickling back onto campuses. In the past three years, fewer than 10 new companies visited the laceType>UniversitylaceType> of laceName>Illinois-Urbana-ChampaignlaceName> to recruit annually; since last fall, the number has more than doubled. And while job seekers are still waiting to be deluged by offers, businesses seem to be positioning themselves for bullish times. Some of the most promising fields:
Consulting. Management consulting was the first to go when the bubble burst. Three years ago, 40 percent of M.B.A. grads from UC-Irvine found jobs in consulting. At the end of last year, that number was closer to 5 percent. But for wannabe consultants, the times may be a-changin'. Last fall, Irvine saw a big increase, and there are high hopes for next year's class. Consulting grads continue to make top dollar: Salaries for Irvine graduates going into consulting, even during the downturn, rose from $78,000 to $82,000 between '01 and '03, while the average salary across all fields dropped from $75,000 to $66,500 in the same period.
Finance. "If I could name any industry category that's picked up the most this year, it's been financial services," says Gregory Hutchings, director of the career center at laceName>WashingtonlaceName> University's Olin School of Business. After a few years of giving M.B.A.'s the cold shoulder, Wall Street is showing welcoming signs. "What we're hearing from young people at investment banking houses is 'they're working me to death,'" says Jackie Wilbur, director of the career development office at MIT's Sloan School of Management. Overworked analysts means large-scale hiring may be just around the corner. Corporate finance, too, is looking rosier, especially in biotech and pharmaceuticals.
Marketing. Tech businesses are back on campus, but marketing grads will still do better at tried- and-true consumer-products companies. "People are always going to be buying the essentials: toothpaste, shampoo, and cereal," says Erik Gordon, director of M.B.A. programs at the University of Florida. For example, Cincinnati-based Procter & Gamble, which makes everything from Tide to Tampax, hasn't missed a beat in its hiring of M.B.A.'s.
Supply chain management. M.B.A. grads who have studied supply chain management know how to streamline the process of moving products from the factory to the market. In down economies, their expertise is at a premium: Working the kinks out of a distribution system is the cheapest way to save money. At the University of North Carolina-Chapel Hill, for example, supply chain hires more than doubled last year. But even with the market on the rebound, supply chainers seem to be getting hotter. J. J. Froehlich graduated from UNC-Chapel Hill last spring with a supply chain concentration and easily snagged a job at Johnson & Johnson–and a salary that even a consultant would love.
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