Wall Street is an ugly place to be these days. Bank of America is laying off 30,000 people, for example, and its employees are already looking for somewhere to land when they jump ship.But that place isn’t business school, says the Wall Street Journal. Applications for the standard 2-year M.B.A. program are down 9.9% from last year, according to the Graduate Management Admission Council (they administer the GMAT).
Usually applications go up during economic downturns, especially since companies tend to help students pay their ways through school. Spokespeople at Goldman Sachs, Credit Suisse and Morgan Stanley say they haven’t changed their policy on that either.
One reason could be that getting a job after B-school isn’t a sure-thing anymore.
“They’ll stay in their jobs until they see that There’ll be a return on this investment,” said Wendy Huber, associate director of admissions at the University of Virginia’s Darden School of Business. “They want to know that recruiters will be waiting in line.” Applications for Darden’s full-time M.B.A. program fell “roughly 10%,” Ms. Huber said.
We at Business Insider have another reason– it’s that since the beginning of this year, more and more Wall Streeters are leaving banking and becoming entrepeuners.
Check out this roster:
- Dan Leahy (Brown Brothers Harriman) and Ben McKean (Merril Lynch) started website, savoured.
- Ed Tiedge, Portfolio manager, Sailfish, started his own distillery.
- Luke Holden Analyst, Cohen & Steers Capital Advisors now co-owns restaurant, Luke’s Lobster.
- Andrew Montalenti, a former IT Analyst for Morgan Stanley, founded a tech start-up called Pasre.ly.
So why are you still at a bank, again?
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