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BAD INVESTMENT

By
Catherine Curan
Published April 20, 2008, 8:31 a.m. ET

The turmoil slamming Wall Street’s brokerages and the ensuing international credit crunch has begun to hit college campuses from coast to coast as MBA candidates find job offers rescinded and few opportunities in the glamorous investment-banking sector, according to an survey of the top 20 MBA programs by The Post.

Students at Penn’s Wharton School, Carnegie Mellon’s Tepper School, UCLA’s Anderson School of Business and Texas A&M’s Mays School of Business have all had job offers from Bear rescinded by JPMorgan Chase.

“We are working closely with those students to support them in their job-search process,” Wharton’s Ron Ozio said.

In addition, MBA candidates are being urged to have a viable Plan B as the Wall Street jobs outlook becomes weaker, the survey found.

“If you want a great job, be prepared to have to work for it,” a career services officer at Stanford Business School said. “Be prepared that you may have to work on – and take – your Plan B job, given that the market isn’t as hot as a year ago.”

The schools also report that MBA candidates are less likely to see actual recruiters on campus as firms, looking to cut costs, rely more and more on online resume books instead of making the trek to schools.

Perhaps not surprisingly, the disaster that sent the biggest tremor down Wall Street – the meltdown of Bear Stearns and the expected loss of 7,000 to 10,000 jobs – is also causing a commotion on campuses.

To be sure, some of the top business schools say recruiting remains strong and that job offers have not been affected. But those are in the minority. For example, at the University of Chicago Business School, the number of on-campus job interviews was on par with last year, it said, both in terms of number and mix. But job postings, it admitted, are down 5 percent – albeit from an all-time high.

Even at some schools that reported strong job demand, administrators warned that they expect the market to weaken come fall when the bulk of the recruiting is done.

While a weakening job market is surely bad news for MBA candidates, especially when they are paying $80,000 for their degrees, one administrator said the downturn was, in the long run, a good thing.

“This is a good leveling agent,” Jim Dixie at Texas A&M said of the recession-like downturn.