Posted by: jillw in:
Four months ago, Amy Quick, a student in the MBA program at George Fox University, had a dream job in the business travel division of American Express.
When credit markets soured last fall, however, she joined thousands of Oregonians in search of work. And she quickly realized the hard truth: An MBA is no longer a ticket to Easy Street.
“The MBA market is becoming oversaturated very quickly,” Quick said. “MBAs are losing their jobs every day. It’s not going to necessarily win a position anymore. ”
A November survey by the Graduate Management Admission Council points to a tightening market for new MBA grads. Seventeen percent of the companies responding to the survey said they did not hire any MBAs from the class of 2008. As for the class of 2009, 30 percent of the firms in the survey said they either will not, or probably will not, hire this year’s graduates. Bob Ludwig, a spokesman for the council, said the job market has worsened since GMAC conducted the survey.
Meanwhile, pay for the class of 2009 is expected to be flat compared to last year, after years of trending upward, the survey found.
“This is the most difficult search environment I’ve ever been associated with,” said Robert W. Ridel, an instructor in the MBA program at the Oregon campus of the University of Phoenix.
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