Part of an ongoing series “MBA in Finance: Forget It?”
Given the weakness in investment banking, hedge funds, and financial services in general, how do you react to applicants who say they want an MBA to enter IB, PE, or a related field that has been devastated by the economic downturn? Is the reaction “What planet have you been on?” Or, are you willing to consider those applicants because you feel the market for these skills will come back in a couple of years? Would you like to know that IB et.al. is the primary goal? Would you like to see a Plan B? Is your reaction different if the applicant is coming from IB or a related field as opposed to someone seeking the MBA to change careers?
Rod Garcia, Director of MBA Admissions at MIT’s Sloan School of Management, responds:
On the contrary, we don’t react negatively to candidates who want to be in financial services. There are still jobs in finance; it’s just not in Wall Street anymore. I see this period much like October 87; the people who wanted to study finance are the ones who are serious about learning the fields rather than going to it because of bonuses. So, from MIT’s standpoint, we look at them kindly.