Banks are continuously laying people off and downsizing, and I don't this is cyclical. With the current economic slowdown and dodd-frank and uncertainty in Washington, I think we're sort of in the midst of a fundamental shift. As for buyside, there's a lot of instability there as well, and funds just aren't hiring.
I recently had on-campus interviews at 2 top b-schools and talked to students in the finance clubs, IM club, hedge fund club, and sales&trading club. The overall mood was pretty negative, and most of them were still looking for opportunities or were unhappy with their offers. However, those in consulting, corporate strategy, marketing, and tech, did great with recruiting.
Is my experience not indicative of what's really going on? Is the situation not as bleak as those students portrayed?
Bump
What is your definition of top?
M7
I don't think it's nearly as bad as you're making it out to be. Of the areas you mentioned (and some you didn't), here is the feeling I have been getting)
S&T - down significantly but due as much to student interest as industry pullback. I do not think MBAs will be a large presence on BB S&T desks going forward (there will always be some) but I think it's a secular shift in the industry and the types of employees they are looking for
Hedge Funds - Has always been tough and self-directed. Hasn't quite recovered since the crisis, but still a few big shops coming to campus. Need to have some kind of previous trading/research/etc experience
Banking - Pretty flat, but still much easier to do post-MBA than many other finance positions. Every one I know who tried reasonably hard got a job.
IM - Not bad at all. A very successful year for the guys who tried hard, lots of big-shop placement. A handful of guys doing Private Banking for the summer who didn't get true PM type jobs.
Consulting - going well, lots of multiple offers, who the fuck wants to be a consultant though?
Strategy - TBD
Marketing - Doing well, people very excited, lots of top of the line offers at blue chip firms
PM me about S&T at m7, know a bit about IM and IB too (in that order - and obviously I know more about my m7 than others though saw a lot of other folks from other schools at final rounds).
BoothOrBust - is your comment specific to Booth? or in general?
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