As the world economy moves towards a recession, many MBA students are concerned about their job and career prospects with a potential downturn coming. While the long-term value of an MBA degree continues to be strong, there are short-term impacts such for students looking for internships and full-time offers. While some may think this is unprecedented (namely a global pandemic) MBA students have gone through recessions before.
James Obletz (CBS, ’09) entered Columbia Business School in 2007 with a desire to switch careers to investment banking, and round out the skills and experiences from a liberal arts degree. Entering an MBA program during the recession was a unique experience, which allowed for interesting class discussions about the impact on the markets and economy, but also made the recruiting process for internships and full-time offers after business school challenging and complex.
Despite this, Obletz knew that his desire to get an MBA was a long-term investment in his career, and even though the experience was unique, he was still able to move toward his long-term career goals. In 2008, Obletz was interviewed for a Reuters article about his experience searching for a job during the recession. While he currently serves as a President and Executive for a global hospitality company in Buffalo, New York, I had the chance to connect with him to learn more about his experience, as well as to ask him for what advice he has for current MBA students who are navigating business school right now.
MBASchooled: Why did you choose to attend business school? How did that evolve/stay the same as the recession hit?
My decision to join business school was very long-term focused. I knew I could benefit from this experience for the rest of my life. I was an economics and political science major in undergrad (Boston College) and thought educational training in finance and business would be a good long-term investment and afford me the right exposure to classmates, teammates, professors and industry experts. As the recession hit in 2008, the merits of my decision to pursue business school was strengthened for two reasons:
1) Being outside of the volatility of the workforce during this time
2) Realizing that while making the initial post MBA recruiting more challenging, the value of the MBA would be that much more beneficial over the long term as industry would look to higher caliber talent in the future to help resolve the issues created by the financial crisis.
MBASchooled: Could you share more about what it was like to be in business school during the recession? What was it like to attend school seeing the news each day?
During the 2008-2009 recession it afforded a remarkable opportunity to integrate the real-time economic happenings into the classroom. The curriculum of most classes was amended to include a discussion and focus on the economic conditions of the time. Looking back, this provided a good balance of theoretical and real-world learning.
MBASchooled: In what ways did the recession impact your MBA Experience?
The recession pushed me to be more focused and disciplined given the more challenging recruiting process. It also forced us to come together amongst our classmates as we relied on each other for insight, networking and guidance.
MBASchooled:What was the process like for landing your first full-time job after business school? What were some of the challenges that either you or your classmates faced when trying to find a full-time job?
This was a challenging time as many companies reduced their planned hiring or cancelled altogether. For me, I was able to secure a position in investment banking. This required an out of the box approach to networking, a lot of perseverance and flexibility.
MBASchooled:What was your experience like working in that job during the first few months/years post-recession?
We were all a little apprehensive given the economic conditions. We ended up working hard and working late and ensuring that we were giving the job a 100% effort knowing that the job market wasn’t quite stable.
MBASchooled: As you look back and reflect on your career journey post business school, what did you learn from the experience of graduating during a challenging economic time?
The biggest lesson for me was the need to be focused and determined yet flexible. You may not end up in your first choice company or role, and that’s OK. You should have confidence in the skills, and tools your MBA gave you. It all works out for the best.
MBASchooled: What advice do you have for graduating MBA students for searching for jobs, given the current economic state?
Networking becomes even more important, as is the ability to differentiate yourself. For every job or internship, you need to get to a deep level of understanding of the requirements, and very clearly articulate the value you bring to the role given those needs. You should look beyond the current economic conditions and focus on adding value for the long-term.