In the years since the end of the Great Recession, the job market for MBA Grads has been impressive. Employment rates are above 95% and pay rates for grads has been promising.
However, since the start of the Covid 19 pandemic, we have seen this circumstance begin to decline. Some of the effects that Covid 19 has had on MBA grads are that companies are cutting down on their hiring, summer internships are being cancelled, some companies are even freezing hiring, and on a sadder note: companies are revoking internships and job offers that were already made to MBA students. Now that the strong progress of the MBA job market has ended, we are already seeing the effects of Covid 19 before the next recession becomes clear. According to John Byrne, “Among hiring updates for 116 major companies, many of them mainstream recruiters of MBAs, 40 already have reported some form of freeze, cancellation, or rescinding of internship or job offers” (Byrne, P.4). Companies from industries that are greatly affected by Covid are impacted. Some of these companies are Delta Airlines, JetBlue, Marriott, NBC Sports, Major League Baseball Team, Fandango, and StubHub. Just as the Great Recession heavily declined the job market for MBA Class of 2009, we can expect the same for MBA Class of 2020. What can students who have lost internship and job offers do now? The best step forward is to work in the field of your alumni network and prepare to settle there for now. During this season, students cannot be picky. They must be able to let go of that “ideal” job position and have the mindset of discipline.
Class of 2020: Do not fret. Some students from the Great Recession of ’09 were still able to find jobs within 3 months of graduation. Be resilient and patient during this season. There is light at the end of the tunnel.
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*(Please note that while these are information gathered on current news; this is reinforced by our opinion and may not be construed as a form of advice)*