Winter Semester is in full swing, classes, recruiting, and other activities dominating our time. It feels like it’s been snowing since Halloween. We are very grateful for the moisture, but I think we all are looking forward to springtime! With that, let’s jump in to recruiting results for January.
We’ll start with all the MBAs who placed since our last report – those who have landed in December and January – CONGRATS!
Here is overall MBA placement through January:
Full Time: Definitely challenged here. Probably have some reporting issues. Economic headwinds are definitely taking a toll on full time hiring as we have seen and heard many companies are taking a “wait and see” approach to their full time hiring needs. Still Seeking MBAs here will need to re-double their efforts to offset the economic headwinds issue.
Internships: A definite bright spot, we are trending ahead of last year and the 3 year average. Companies seem to be willing to invest more readily in summer internships with the hope that the economy will turn around by summer of 2024.
Next, by-track placement detail:
Full Time: Entrepreneurship doing a great job, and challenges within the other tracks. We’ll get there.
Internships: Great result at the track level. All tracks equal to, or ahead of last year except finance, and finance is within 5% points.
Job Offers through January for FULL TIME:
Offer flow rate is down for FT vs. prior 2 years. One bright spot is offer density – those with an offer are tending to have more offers than prior years. However, through January only 54% of Seeking MBAs had at least one job offer.
International Placement:
Similar to overall, International FT placement is challenging, and Internships are tracking to benchmarks.
Internship Conversion to FT offers for Class of 2023:
Historically, internship conversion has been ~40%. Last year we achieved 36%. This year we will end up around 30%. This is another data point suggesting how difficult the economy is and how companies were/are uncertain on extending offers last summer.
INTERNSHIP OFFER Flow Rate:
This is a great result for 1st years. We are exceeding last year in all major offer categories. A “Tale of Two Cities” is evolving when comparing job offers for FT and Internships. Companies appear more hesitant to extend FT offers vs. the internships, probably the firms are betting that by 2024 the economy will be in a better shape.
TAKEAWAYS:
The Full Time market is challenging. However, if still-seeking 2nd years will keep moving their feet, keep working hard, networking, applying and practicing their interview skills this will work out. Internship market appears solid, tracking to benchmarks. International placement is trending similar to overall MBA placement.
I leave you all with a thought from the Savior and a quote from Dale Carnegie:
“Therefore take no thought (or worry) saying, What shall we eat? or, “What shall we drink? or, Wherewithal shall we be clothed? For your heavenly Father knoweth that ye have need of all these things. But seek ye first the kingdom of God and his righteousness, and all these things shall be added unto you. (italics added). Take therefore no thought for the morrow, for the morrow shall take thought for the things of itself. Sufficient is the day unto the evil thereof.” (3rd Nephi 6:31-34, Matt 6: 31-34)
Dale Carnegie – as he was pondering this scripture above: “By all means take thought for the tomorrow, yes, careful thought and planning and preparation. But have no anxiety.”
Good luck to all, and please come pay Perry, Shawna, and myself a visit.
Rick