If an MBA graduate chooses to seek employment outside of his/her core interest due to this environment, it may never be possible to get back on track. This is especially true for career switchers who have little relevant experience.

There are always opportunities, but they are harder to find. Hearing all of this doom and gloom from my alma mater (http://www.rgemonitor.com/roubini-monitor/253363/new_york_times_article_on_nouriel_roubini_as_dr_doom) makes me glad that I didn’t attend b-school there. Most MBA career placement departments are projecting a “realistic optimism” – when it comes to morale of quality job seeking students, this is just as important as an honest assessment of the economic environment. I’m not inferring that it’s ok to tell an sub-par student that he/she can get a position at Goldman Sachs or McKinsey tomorrow, but quality people are in demand in any market.

My understanding from those more knowledgeable than I is that universities tend to lag the general economy by several periods (both on the way down and the way up).

So while I believe that the job market will certainly be rough going for MBA grads in 2009, my priors would suggest that it won’t be as bad for Ph.D. graduates looking for academic jobs. In fact, when the economy goes sour, applications to business schools generally increase as displaced workers look to go back to school. So demand for the MBA degree often increases during recessions. But executive education and employer-sponsored part-time programs dry up. Alumni giving also begins to wane.

With all that in mind, I believe that 2008-2009 academic year will be so-so for Ph.D. graduates – not great, but not awful either. Private universities will likely continue with their hiring plans. State universities, whose hiring budgets are largely determined by state budgetary considerations, will have difficulty. I am not optimistic about the 2009-2010 academic year. By then, private and public schools alike will feel the pinch.

http://www.realmatch.com

http://wwwRealmatch.com
http://www.craigslist.com
http://www.simplyhired.com

And others…Just a thought for those looking!

I hope it didn’t come across as if I suggested that everything is A.OK if you are a grad with a job. In fact, the economy is likely to deteriorate to a point where everyone is at risk. That said however, the grads of 2009 will be especially challenged when it comes to employment.

Now, since you are employed (albeit not in your chosen vocation), the issue is what next. Unfortunately, when the economy turns as it has, many MBA grads have to accept a few years of under-employment – a few years in which they may have to accept periods of underpayment relative to what they could be making in better times, and a few years of immobility, stuck in a job that they might not exactly want. I’ll call your attention to that BusinessWeek article “It’s Looking Grim for New Grads” cited above. It has some good information for folks in your situation.

Good luck!

I would like a clarification.

You said that

2008 Grads with Job Offers – A.OK.

2009 Grads Prospects – Bleak

What are 2008 Grads w/out Job Offer.

I am currently employed, but not in
my chosen MBA profession.

Please Respond.