So I found a recent article on this topic on Yahoo! Finance, and thought that some of the points raised will be useful to you guys. I'll mention those with corresponding comments.
(For the full article, please click
here.)
Expect empty seats, but you'll still be competing with the whole world to get in.
Now, this article is addressed to Americans, and states that fewer Americans are going to grad school. International students take the place of domestic students, but there have been reports that even international student enrollment - especially in
MBA courses - is declining.
According to a
BusinessWeek article, this could be attributed to better local educational options (such as the universities in India), currency exchange rates, and visa issues, among others.
So, if you're interested in applying to the US, there seems to be a lot less competition these days.
Grades alone won't get you in.
Work experience matters. A lot.
Sure, you can graduate at the top of your class from the Ateneo and jump straight to grad school, but if you want to apply for jobs in corporate America, they'll be wondering what you can bring to the table. Also, you'll be overwhelmed with all the class discussions where everyone else is mentioning how this or that happened at their previous job. And what can you say to that?
If you've had any volunteer experience that could be construed as work experience of some sort, then better mention it in your application.
Our second-tier status may hamper your career -- and your pay.
I liked how the article put it:
"People considering graduate school who don’t want to attend or can’t get
into or afford a brand-name school should look for schools with notable
alumni in their industry, says Bardaro. Such alumni might bring cachet
to a school that isn’t necessarily Ivy League, says Bardaro. And if the
program has a strong track record of placing people in a certain
industry, that could also boost the student’s chances of finding a
well-paying job, she says."
It's the power of the (alumni) network.
That said, consider location. If you want a job in California after graduation, better look at schools in - or close to - California. Not saying that you can't get a job there if you go to Harvard or Darden, but the proximity just makes it easier come recruitment season.
It isn't our job to get you a job...
I think that's pretty clear enough.
Your coaches can give you as much advice as they think you need, but everything is still up to you. Don't blame your coach if you make the wrong decision with regards to the internship or full-time job you ended up with. Don't lay all the blame on career services if you couldn't find an internship or job. Hey, if you see red flags in the performance of your school's career office, then act accordingly. Be responsible for your decisions. Be responsible for your actions. (e.g. If landing a job in investment banking is that important to you, why didn't you choose a school that could help you do that?)
...And we fudge the stats on students who get jobs.
Ah, yes. This was pretty annoying to me too.
When you get into an MBA program, and it's peak recruiting season, you would see how many of your class would apply to just about any opening, as long as you get one. It's a symptom of despair and mounting panic.
So, yes, just keep in mind that when you look at stats - especially international student stats - those people might have just taken that internship or job because it was the best one available. For instance, I had a Chinese classmate who previously worked in GE Supply Chain, wanted to shift into Corporate Finance and had even taken CFA certification exams. He interned in Google. Google Supply Chain. Was that a bad decision? (Hello, it's
Google.) He still wants to shift into a finance position, so I'll let you know what happens.
That's a clear example on the value of work experience, by the way. If all else fails, that's all you have to fall back on.
UPDATE (July 1, 2014): So what happened to my classmate who interned in Google? Google kept him hanging
all throughout the year. They said he was in line for receiving an offer, and he never got a formal rejection notice from them. Yep, that sucks. He ended up interning for a VC firm after graduation, and accepting an offer for a supply-chain role with a manufacturing company. So... I guess he's still keeping the Finance dream alive?
Reference: 10 Things Grad Schools Won't Tell You. Marte, Jonnelle. Aug 19, 2013. http://finance.yahoo.com/news/10-things-grad-schools-won-113008623.html?page=1.
