FOR IMMEDIATE RELEASE
MBA EMPLOYMENT SURVEY FINDS WALL STREET JOB MARKET CONTINUES TO IMPROVE; MANY CANDIDATES RECEIVE MULTIPLE OFFERS
Investment Banks Remain Top Employment Choice for MBAs, While Consulting Firms and Private Equity Also Draw Interest
NEW YORK, AUGUST 22, 2013 – A survey of MBA students and graduates from Training The Street (TTS), a leading corporate training provider for Wall Street firms and top-tier business schools, suggests that MBA candidates are receiving multiple offers as the banking industry continues to search for top talent. Offers are coming from the large bulge bracket banks as well as non-investment banking financial firms, such as consulting and private equity shops.
The fourth annual MBA employment survey from TTS also found that candidates are going on multiple interviews and receiving competitive job offers. Forty percent of those surveyed conducted between four and seven first-round interviews, 23% participated in one to three first-round interviews, 12% in eight to ten, and a surprising 19% participated in more than ten interviews. When asked about their satisfaction with their employment offers, 45% of respondents said they were “very satisfied,” with 32% answering “satisfied,” 15% “neutral,” and only 8% “dissatisfied.”
“The Wall Street hiring environment continues to improve, and investment banks in particular are willing to invest in top talent,” said Scott Rostan, Founder and CEO of TTS. “What’s also clear is that other financial and professional firms now feel the need to hire as well, and strong candidates have their choice of where they’d like to work. All of this suggests a significant shift from just a few years ago.”
The most aggressive recruiting came from large bulge bracket banks and consulting firms, with 48% and 35% of survey respondents stating those firms have been actively recruiting them, respectively. Boutique advisory firms/middle market banks were also heavily recruiting, with 27% of survey respondents stating such institutions have actively recruited them. Twenty-two percent said they had been approached by startups.
In terms of candidate sentiment, 22% of respondents said that large banks would be their top employment choice, while 19% would choose a consulting firm. Only 9% of those surveyed chose boutique advisory firms/middle market banks as their top choice, and just 5% selected startups as their top employment choice.
“Our results suggest what we’ve known anecdotally for a while, that not only has the Wall Street job market improved, but it continues to improve regularly,” added Mr. Rostan. “We know from our conversations with recruiting departments that many investment banks are now actively looking to hire more junior professionals as they see the need to expand their talent pools.”
Other findings from the survey include:
- Optimism among candidates is high, with 48% reported feeling “very optimistic” about their job prospects after school and 41% as “somewhat optimistic.” Only 5% and 1% responded that they were “somewhat pessimistic” or “very pessimistic,” respectively.
- On-campus recruiting was the most successful way for finding a job. Forty-eight percent found their job through on-campus interviews, while 22% found their job independently. 18% utilized personal references.
- Forty-seven percent of respondents said they will be receiving a starting annualized base salary between $100,000-$125,000, 21% between $76,000-$99,000, and 22% between $50,000-$75,000.
- Seventy-five percent of the survey respondents were male, and 78% were between the ages of 26 and 34.
About Training The Street
Training The Street (TTS) is the world’s leading provider of instructor-led courses in financial modeling and corporate valuation training to Wall Street investment banks, business schools, and top colleges. With offices in the financial hubs across the U.S., as well as an office in London and India, TTS boasts a deep field of expert instructors and extensive practical experience. Currently, TTS is offering live training programs to interns, analysts and associates at more than 50 banks and corporate businesses, including Wall Street’s ten largest banks, as well the 20 highest ranked MBA programs in the nation.