Business Grads Looking Beyond Wall Street

“For the past decade, a job at an investment bank has been coveted. Now the implosion of Wall Street has not only shaken a generation’s ambitions, it has also unleashed them.”

See  Steven Greenhouse’s  New York Times article below for additional detail  and to find out where today’s Business School Grads are looking for jobs.

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Business Grads Looking Beyond Wall Street

 

Daniel Miller, Nanxi Ling, center, and Jessica Levy are graduating from Wharton this spring. Many in the class of '09 are discouraged about job prospects.

Steven Greenhouse, The New York Times

 

PHILADELPHIA — Riana Paige, an undergraduate senior at the Wharton School of Business, had a high-paying internship at JPMorgan Chase last summer and was disappointed when she did not receive an offer for a full-time job after graduation. Now she is pursuing a job teaching in Dubai, or working for a wine importer.

Click to see New York Times (Video): Life After Wharton

Daniel Miller, a Wharton senior who interned last summer at a boutique private equity firm in Manhattan, became so discouraged by his search for jobs in finance that he began thinking about becoming a rabbi.

Jessica Levy, also a senior at Wharton, the nation’s most prestigious undergraduate business program, was stunned when her supervisor at UBS told her that although she had done a terrific job as an intern, the bank could not offer her a job after graduation. Her dreams of investment banking quashed, she recently took the Foreign Service exam and is vying for a job at the State Department.

“A lot of my peers, we’re exploring things that we used to not even think of as an option,” Ms. Levy said. “A finance major who was minoring in music was suddenly looking into opening a jazz club. All of a sudden, I saw that a lot of Wharton people were interesting.”

For the last decade, a job at Goldman Sachs, Morgan Stanley or another investment bank has been considered the most coveted prize for many of the nation’s best and brightest college students. But the implosion of Wall Street — the vaporization of Bear Stearns and Lehman Brothers, the general humbling of investment banks — has not only shaken a generation’s ambitions, but also unleashed them.  More . . .

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Picture Credit: Laura Pedrick for The New York Times

“10,000 Women”: Educating Female Entrepreneurs in Developing Nations

Goldman Sachs has a new initiative called 10,000 Women . This initiative aims to provide business and management education to 10,000 women primarily in developing and emerging nations.

In this article, Dina Habib Powell of Goldman Sachs points out that there are encouraging signs that the world is ready to invest in women and discusses the why’s behind the development of 10,000 Women.

By Dina Habib Powell
Special to CNN

Editor’s note: Dina Habib Powell, global head of corporate engagement at Goldman Sachs, served as U.S. assistant secretary of state for educational and cultural affairs from 2005 to 2007.

NEW YORK (CNN) — As we mark International Women’s Month in March, it is encouraging to see that the movement to recognize the vital role that women play in families, nations and economies has been building for more than a decade and that developments in the past few years have shown that real progress has begun to take hold.

On the heels of International Women’s Day, President Obama said Monday, “we will not sow the seeds for a brighter future or reap the benefits of the change we need without the full and active participation of women around the world.”

He also recently announced the creation of a new position, ambassador-at-large for global women’s Issues, at the State Department.

To fill this critical role, the president nominated Melanne Verveer, a widely respected women’s advocate and former top aide to then first lady Hillary Clinton.

Verveer was a founder of Vital Voices Global Partnership, an organization committed to empowering women and recently co-chaired by Secretary Clinton and Sen. Kay Bailey Hutchison, R-Texas.

There has also been very recent progress on Capitol Hill. Last month, the U.S. Senate created a Foreign Relations subcommittee that will focus on the global status of women, led by Sen. Barbara Boxer, D-California. More . . .

 Click here to read “Women Entrepreneurs Get Global Helping Hand” (The Wall Street Journal )

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Picture Credit: Goldman Sachs

Terminated: Why the Women of Wall Street Are Disappearing

This is the Cover Story on this week’s Forbes magazine.

After the scandals of the 1990s, didn’t investment banks put sexist employment practices behind them? Evidently not.

“Nadine Mentor, 29, had just landed in New York – and found out, she says, that she’d bagged one of the biggest gets of her career at Citigroup:  a role for the bank leading a bond offering, valued at as much as $400 million, for the U.S. Virgin Islands.  The deal was worth potentially more than $500,000 in fees. A day later, on Nov. 21 2008, as she headed to a business meeting, she got an anxious call from her boss. Sensing something was up, Mentor said, “Just tell me, just tell me.”  Her boss gave her the bad news.  Mentor who had been lured to Citi from UBS in 2005, was included in a round of downsizing.

When her boss was laid off last summer, Amy Bartloletti, 38, says she was asked to run a Citi group that securitizes home loans through state authorities. But one of her peers in New York complained, she says, and the bank wound up making him a cohead of the group, asking both to take the Series 53 licensing test, required of mangers in the municipal securities business. Bartoletti took the exam and passed in October. On Nov. 21 she was axed, told later by the bank that she was too expensive. Bartoletti contends that she and her male counterpart made the same base salary, $175,000 and that she is more qualified than he. As of late February her cohead, who now runs the group, still doesn’t have his Series 53 certification. “It’s the old boys’ network,” says Bartoletti. “It’ s very hard to imagine that that what is happening in this day and age.”

Mentor and Bartoletti are among five former managers and rising young stars who were cast out that day. They say that in all, 24 professionals in the public finance department lost their jobs , in roughly equal numbers of men and women.  Yet the women claim they were victimized by more than economic necessity.” More . . .

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