Yesterday morning, Smart Cube, a firm which supplies the financial services industry with research and analytics, announced the results of a survey of recruiters in the financial field. Smart Cube asked recruiters in London and New York for their opinions on hiring trends and found that they were virtually unanimous in expecting compensation to drop by as much as 20%. These recruiters also reported that senior level candidates have scaled back their expectations.
It is clearly a “buyer’s” market right now for MBA talent. So, MBA students can expect that, for the foreseeable future, after 83,000 layoffs in financial services, the investment banks will be dictating employment terms.