"It it a real relief to be offered an internship with a big US investment bank. Deciding to take an MBA is a big investment and I have been counting on a summer internship to help to pay the fees" says Elena Novokreshchenova a first-year MBA student at London Business School.
Banks have been in the headlines for the wrong reasons this year. After the collapse in the market for sub-prime mortgages, banks such as Citi, UBS, Morgan Stanley and Bear Stearns have had to write off billions of dollars in what were once deemed high-margin, acceptable-risk securities. All this is bad news for banks and possibly for MBAs looking to join them on a big salary.
The banks have been taking on employees with an MBA in growing numbers in recent years. A TopMBA.com recruiter survey last summer showed a 23 per cent rise in demand for MBAs in financial services, the fourth successive year of strong growth. The sector accounts for 40 per cent of MBA placements at some schools. If the banks switch off demand, this would leave a big gap in MBA opportunities...
Nunzio Quacquarelli at The Times asks recruiters how they see this summer’s hirings.
