You’ve heard the bad news. It’s difficult to miss it when newspapers and business websites across the world have been screaming about it for weeks.
One in 5 MBA grads from Harvard Business School did not get a job after graduation. The situation isn’t too different at the other elite schools.
There was a time when a student from an M7 or T10 school could be fairly confident of landing an offer from top MBA recruiters in a range of industries, with consulting, banking, technology picking up the biggest number of grads.
But economic cycles are a reality, with recession and boom phases alternating every few years. It happened during the 2000 dot com bust, the 2008 recession, the 2020 COVID shock. And after a few years of having a good run, business schools are yet again facing turbulent waters.
As a lowly MBA aspirant or student, there’s not much you can do to change the macro environment. But at a micro level, there are quite a few things you can keep in mind to improve your chances of getting a job in a recession.
Here are some tips to keep in mind when you’re searching for jobs. There are no secrets in there, just common sense ideas collated in one article. You can use for reference to ensure you haven’t missed out on any easy opportunities.
How to improve your chances of getting MBA jobs in a tough economy
Start planning before you start your MBA
After you’ve already started your MBA, you have no wiggle room to get out. But when you’re still in the planning or application stages, you can decide if you should keep your MBA plans on hold for the time-being and wait for the economy to improve or go ahead with the assumption that the economy would be much better by the time you graduate.
From the year of applying, for a 2-year MBA, it can be 3 years before you’ll start your next job. That’s because your classes will start one year after you apply, and you’ll spend 2 more years in the class before you graduate. That gives the economy more time to recover.
If you are a young applicant, you can also evaluate the possibility of waiting for a year or two, and letting the storm subside before you embark on your MBA sojourn.
– Top MBA programs in the world with the best placements in the worst economy
Re-validate your career goals
Job hunting is a long-drawn process – starting with knowing your career goals, researching the industry/roles, knowing the best time to apply, and then finally the actual recruitment/interview process. Do not wait till you’re ready to graduate.
Many MBA students do not realise how crucial the first one (clarity of career goal) is – many have simply gone through the motions mechanically at the time of writing MBA essays. They choose popular roles and industries, and create stories that sound good to admission officers. But those roles many not fit their profile or personality. No wonder that they struggle.
This is the reason why our MBA consultants spend so much time helping candidates choose the right career goals. In fact, we also get career counselling requests from MBA students who want to validate their career goals in a structured and comprehensive manner, to ensure they’re directing their job hunting energies optimally.
Once you are clear about the type of roles to target, you’ll be ready for the next tip.
Carry out industry and company research
Companies in several MBA feeder industries like consulting and banking have clear recruitment calendars for internships and post-MBA roles. Be aware of how the annual cycle works.
An internship is a great way to get an early foot in the door, and get yourself in front of the people that really matter – the managers, the HR, the team-members. You will get precious inputs about the work culture as well as what the company expects from new hires. Much of this knowledge isn’t available from secondary research.
In a good year, from the larger pool of interns, a substantial percentage gets full-time offers. The number may go down in tough years, but you would still have a better chance at that role compared to someone who skips the internship and applies for the job directly.
Connect with MBA alumni who are already working in your target roles and companies. They can offer leads for opportunities within their team that may not be openly advertised.
Don’t rule out the possibility of finding a good role in your old (pre-MBA) company. They already know you, and the wonderful work you’ve done there that got you the MBA admit. They may be open to considering a new role for you that aligns with your upgraded credentials and evolved career goals.
Explore opportunities in your home country
Other than a shortage of MBA jobs, there’s another reason why international students struggle with jobs – the additional hassle of applying for work permits (like the H1B visa in USA). When companies are in cost-cutting mode and laying off thousands, they may prefer hiring domestic students for the open roles.
If you find yourself in this situation, you could start searching for career options back home, where you’re not at the mercy of your employer to sponsor the work permit. Many of the companies that recruit on campus have a global presence.
In fact, many also have policies that allow good performers to work in different countries where there’s a need for your skills.
Consider launching your independent business
Why depend on others for a job, when you can create one for yourself? Among the top reasons why many don’t choose this route is the huge education loan they’ve taken to fund their education.
But entrepreneurship as a post-MBA career choice starts looking more practical if you’ve chosen to apply to schools where your odds of getting some form financial aid (scholarships) are high.
If you are yet to apply, you could push financial aid higher up in the filter list while selecting schools. The class profiles would give you a good idea of how you stack up to the average student attending those programs. The better you are compared to that ‘average’ profile, the higher are your odds of getting a significant scholarship, which in turn gives you the exciting option to fly solo when your classmates are trying to swim against the current.
Remember, when the headlines talk about the 20% of MBA students still looking for employment, it also means 80% were able to get jobs – when the economy is in pretty bad shape. That says quite a bit about how the industry looks at graduates from good business schools. It may take longer for you to find that dream role, but in difficult times the rewards are reserved for those who demonstrate resilience and perseverance.
If you need help planning for your MBA, or in choosing the right career goals, or putting in the strongest application, give us a holler: info@mbacrystalball.com
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Image credit: Katerina Kerdi (Unsplash)
