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September 18, 2008

Career Lesson in Real Time

Catherine New
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On Tuesday at lunchtime, students navigated pizza boxes and a packed auditorium for the semester’s first Town Hall meeting. Dean Glenn Hubbard addressed the school-wide audience about the near and long-term economic impact of the current Wall Street crisis. He also addressed the job market, a source of great concern for many students, saying:

A question that may be on your mind is “Does financial services need to shrink?” There will be job losses and exits, not only with the firms that have exited but probably more. But I have considerably more optimism for the medium term in financial services, and there are three simple reasons for that:

  1. The global phenomenon of an aging society puts pressure on the demand for a whole variety of financial products and services. This isn’t as well developed as it should be in the U.S. or the U.K., let alone in many emerging economies, and the number of return income vehicles, insurance products and so on will increase.
  2. Many of the big emerging economies are improving their domestic demand, which will generate a huge demand for financial services as they exit from the state provision of services to the market.
  3. The overwhelming forces of globalization and the demands for international finance. Anyone who says that the financial sector is going to shrink out of business has not been through these cycles before.

Dean Hubbard urged students to remain flexible and keep perspective.

“We are behind you,” he said. “Ask yourself, ‘What are the right jobs for me on my career ladder?’”

Photo credit: Catherine New

Comments

by Jamie Obletz | September 18, 2008 at 12:28 PM

As the financial crisis unfolds in our backyard and the job market becomes increasingly more difficult to maneuver, I can't help but stop and appreciate being an MBA student at Columbia Business School. The notion of being in a safe and supportive environment has suddenly come increasingly clear. We are surrounded by classmates, faculty and administrators who are willing to provide counsel on how to best approach the job market. However, we must maintain flexibility in the job search. While the market pressures are adversely affecting the bulge bracket investment banks, many of the boutique firms have been isolated from the credit issues and remain very active in their recruiting efforts. Students initially targeting bulge bracket firms may need to adjust their approach and reach out to these smaller firms. In order to be successful in the job search, we will need to fully leverage the resources that surround us including the career management center, career counselors and advisors, fellow classmates, faculty and club officers. If we can take advantage of these resources and have flexibility, we will best be able to get through this difficult recruiting season.

by Maria Plantilla MBA '02 | November 07, 2008 at 4:59 PM

The economy is having a major impact on the job market. Here's some information that you might find useful: http://www.theladders.com/career-advice/job-search-approach-mindset?fromSearch=true&start=&contentSearchKeyword=change%20your%20job%20search%20mindset

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