Black MBA - Winter 2007/2008 - (Page 69) CAREER Market Forecast Industry Profile: Banking and Finance Mortgage Market Woes Take a Toll on MBA Jobs WHILE THE NATIONAL Association of Colleges and Employers’ (NACE’s) Job Outlook 2007 survey suggested that 22 percent more MBA grads would be hired in 2007 than 2006, the continuing crisis in the mortgage lending market and the resulting general rumors of economic discontent have the MBA job market for banking and finance looking less promising for 2008. The summer’s subprime mortgage crisis, which took down several top CEOs, has left major financial institutions in the red. Citigroup, which lost its CEO to the crisis, saw its third quarter 2007 profits fall 57 percent. Bank of America has seen profits drop 32 percent and has laid off 3,000 employees in its global corporate and banking investment division. Quite simply, there are fewer banking jobs currently available and the trickle-down effect is felt all the way down the line. With fewer people making what was a regular jump from finance to private equity jobs, the overall pool of available Job Prospects While MBA hires in cities like London are still primarily for finance positions, the 2007 Corporate Recruiters Survey report noted that MBAs in the United States will have the easiest time finding a job in sales, marketing or finance outside investment banking. BlackMBA • Winter 2007/2008 69 ©istockphoto.com | Konstantin Inozemtsev
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