The Sunday New York Times had great news for students who want to work with the financial services industry. Not a lot of love for the lawyers, but the market for young i-bankers is picking up:
With banks climbing out of the recession, more business students across the country are finding banking jobs and internships, enrolling in finance clubs and going on class trips to Wall Street, universities say.
Unemployment is plaguing millions of families, and the public may still be seething about bank bailouts and eight-figure bonuses. But business students and career advisers see a job market that is quickly stabilizing.
Well, that’s nice. Not only did business school kids choose a professional school that nets them significantly more money when the economy is good, apparently they also chose a career that recovers more quickly after a recession.
Is it too early for law students to begin drinking on a Monday?
For law students, NALP director James Leipold sums it up for the Sacramento Bee (gavel bang: Business Insider):
James Leipold, executive director of the National Association for Law Placement, had two words to describe the market for law school grads:
“It tanked,” he said. “The pipeline is clogged up.”
Granted, the Sacramento Bee tells us that things are similarly tough for both JDs and MBAs in California. So maybe the MBA recovery the Times sees is particularly focused on the east coast big banking market?
But most likely, the Times is just picking up on the subtle signs of recovery that will soon spread through the entire industry:
“There’s reason for students to be optimistic,” said Tracy Handler, a spokeswoman for the M.B.A. Career Services Council, an association of business school career advisers. “Any signs of recovery are modest. But business schools are looking ahead and seeing a light at the end of what is now a pretty short tunnel.” …
“Ironically, this can be a superb time to enter banking,” said Jeff Fischer, the director of career management at the business school at the University of North Carolina, where the number of investment bankers visiting campus has risen 67 percent since last year. “The M.B.A. population is like the end of a whip. When cycles swing up and down, students are the ones who swing up and down the most in terms of employment.”
Hey, speaking of getting whiplash, any chance that clients can start hiring outside counsel and making the legal market swing up again? Let’s hope so.
Job Market Stabilizes for Business Students [New York Times]
Job offers dwindle for MBA and law school grads [Sacramento Bee]
Law Schools Try To Help Graduates Get Work [Business Insider]
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Law – Education – Sacramento Bee – Employment – Colleges and Universities
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