Job market tight, even with an MBA

MBA graduates aren’t used to sweating the job market. But with the global financial crisis worsening by the hour, business majors may be left wondering whether they should’ve studied art history or philosophy instead.

That’s how uncertain it has become for students completing a master’s in business administration, or other business-related degrees.

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Vino Wong/vwong@ajc.com

Georgia State’s Jason Aldrich (second from right) chats with students Krittika Khandelwal (left), Eric Hahn and William Broadway about the country’s financial situation.

STARTING PAY
Average starting salaries in the United States for employees with selected degrees:
• MBA: $61,353
• Master's degree in accounting: $50,124
• Master's degree in finance: $61,539
• Master's degree in management information systems: $64,000
Source: National Association of Colleges and Employers

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“I feel very fortunate to be in school at this time,” said Travis Steed, 24, of Atlanta. He’s pursuing a master’s in finance at Georgia State University and is already pondering an additional degree in hopes of waiting out the meltdown in financial markets.

“Eventually there will be jobs on Wall Street,” Steed said. “I heard someone on TV say that when the stock market is going bad, no one thinks it’ll ever get better. And when it’s going good, no one thinks it’ll ever get bad.”

But in this market, does anyone know anything?

Jason Aldrich, director of GSU’s Robinson College of Business Career Management Center, recalled predictions of a 10 percent to 20 percent decline in MBA hiring just a few months ago.

“I guarantee it’s higher than that right now,” he said. “There’s a lot of anxiety about the job market.”

Aldrich has urged students to revisit expectations.

“They need to look at the smaller and midsize companies,” he said. “They might have to look outside of Atlanta and New York City.”

William Broadway is trying to remain positive. He’ll graduate in May, hoping to land a position in equity research or portfolio management.

“Now I’m focusing on making myself more marketable,” said Broadway, 24, of Atlanta.

That’s the optimism talking, quickly supplanted by gallows humor.

“I’m just hoping Wall Street still exists,” he said.

Broadway will get a first-hand view in two weeks, when he and 17 other Georgia State business majors head to New York to meet with industry heavyweights. They planned on making job contacts, but at this point would settle for some answers.

“I’m curious to see what’s really going on behind the scenes,” said Broadway.

“When you hear figures like 6 trillion dollars, it’s impossible to comprehend the scale of what’s going on,” he said.

But he’s fascinated nonetheless. “We’re living through history,” said Broadway. “When this is over, there’s going to be a lot of room for growth, and hopefully I’ll be in a position to take advantage of that.”