I was planning on entering in 2010 in either the States with an investment banking background (from Dubai), but I'm no longer confident that recruiting for international students will be strong enough to give me job opportunities upon graduation. Most banks won't be in any shape to hire associates at historical salary and bonus levels for a while, and I think the impact of a new US President would be negative in either case; higher taxes under Obama and lower likelihood of H1B sponsorship under McCain. It's a $150,000 risk I'm not willing to take anymore. Dubai's relatively safe at the moment, but the markets have been tanking here too, and Lehman's going to close down its offices here any time now. The BBs are barely hiring, but I think I'll stick it out at my regional bank and transfer out to a BB or PE firm when hiring is up again, minus the expense of an MBA. Sucks though, because an MBA was my exit strategy; I grew up here and don't think I could work here my entire life too (my time away at uni was among the best years of my life). Looks like I'll have to.
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That's a hard decision to make. But if you're already in the industry of your choice then its probably the right decision.
I can tell you first hand that today is NOT a good day to be a full time student looking to break in.
At least I still have a job. I feel terrible for all the analysts and associates with mounds of debt who thought they had their dream jobs. Poor guys.
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