As a worst case scenario, does anybody know what happened to the graduating/ second year MBAs during the GFC in 2008? This would serve as a good indicator as to what is to come. Thanks.
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Was freaking out a lot initially, but headed to a BB coverage group and the risk of rescinded offers is low- still a risk, but realistically banks still need some semblance of a pipeline. The first year will probably be tough with low/no deal flow, but I’ve made sure to maintain contact with colleagues in other firms and industries as a hedge if things don’t improve in the next 6-12 months.
The main thing to remember is that this is a health crisis with economic consequences. So many things will fundamentally change when we hopefully come out on the other side of the health side, but fundamentally banking isn’t going to vanish- it will likely be leaner and more challenging, but it’s still a service that will survive for the foreseeable future. I just try to hustle and stay sharp.
At the end of the day, things may get bad, but as a guy who started banking in 2008 told me- you can only go up from here! There’s always opportunity, just stay healthy and reframe you’re mentality to leverage what you can to make things work.
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