The world has changed. Like JDs from the T-14, Harvard MBAs seem to be surrendering to the new realities. BLOOMBERG BUSINESS WEEK reports that fewer are using their degrees to nail a job on Wall Street. That's because of the continual layoffs there as well as salary/bonus cuts and the lousy branding of the workforce as greedy.
Some say the flight from Wall Street, which had been the go-to place for Harvard MBAs, accounts for the $5,000 drop in the median salary for the Class of 2013. Also, it may be a factor in the increase of the percentage of graduates with no jobs as of May 15. This year it was 15% versus 11% last year. Graduates might simply be taking more time exploring opportunities.
Overall, more of the Harvard MBAs are going into technology-related jobs. Because of the volatility of the industry that could mean they are prepared for short stays rather than building a career with one company. Recent JDs are also embracing the idea that the first place they land will likely not where they pursue partnership. Job-hopping has become part of the new game.