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The economy is booming! How are the Wisconsin MBAs doing?

We hear it on the news, we read it in the paper. If the economy really is booming, then how are we doing? Blair Sanford, Director of MBA Career Services, spoke to Carol Aspinwall, former Associate Director of Erdman Center for Operations and Technology Management.

What are some of the hiring trends you are seeing for MBA graduates?

At UW-Madison School of Business, an increased number of MBAs participated in summer internships, which has resulted in a higher number of full-time offers. In addition to offers from internships, the fall semester saw a busy on-campus recruiting schedule dominated by large companies seeking MBAs for finance, marketing, operations, and general management positions. In Fall 2005, 90 companies posted jobs or visited campus and our MBAs participated in more than 400 interviews. UW-Madison offers averaged $84,000, and 90% of the new hires received signing bonuses. This can be compared with the average salary in the 2004/2005 season which was around $74,000. National survey data from GMAC mirrors trends that we are seeing at UW-Madison

How do you incorporate your efforts in the MBA office with those of each center?

MBA Career Services provides a foundation of career development support in key areas like resumes, creating a networking message, building a network, interviewing, negotiating, and eRecruiting software training. The centers build on those areas by using board members or alumni to provide additional training and feedback through mock interviews and mentoring. Faculty and staff directors of each specialization area take the lead on job development and placement for their specialization. MBA Career Services handles the logistics for most of the company visits and additionally works to cross-sell those companies with other potential specializations of interest. Additionally, since I started one year ago, MBA Career Services started a Corporate Rating Database, which is our business development database. We have worked with center directors and students to develop a list of companies that we would like to visit Wisconsin in the future. We are actively marketing the program in order to expand the base of companies available for our students.

What advice do you give students to help them find a job that is the right fit for them?

Interest and passion for a particular area should be the foundation for one's career. Students sometimes make poor choices by only focusing on what they are good at doing, but one's interests can give them a competitive advantage. If you show a passion for an opportunity, along with solid academic preparation, employers will typically respond more positively. In addition, a student should consider their pre-MBA transferable skills and interests, their MBA specialization, as well as their internship experience while creating a job search strategy.

What is the Career Services team's strategy and what are its goals?

Our mission is two-fold: 1) We strive to enhance the marketability of Wisconsin MBAs by providing resources along with access to individualized career advising. 2) We work to develop lasting relationships with employers, assist with recruiting services, provide customized strategies, and enable efficient access to Wisconsin MBA talent. Our goals for 2005-6 include: increasing the number of students placed by graduation, increasing salary offers for 2006 graduates, increasing employer satisfaction, and working more closely with specializations to build and enhance employer relationships.

What Challenges does the Wisconsin MBA program face regarding job seeking?

The MBA job market is still very competitive and Wisconsin MBAs are going head to head with MBAs from top programs. The relatively small size of our overall program and of some specializations make it challenging to attract some employers and retain them.

In your experience, how has the task of placing MBA graduates evolved over time? Has it become easier or more difficult?

I began working with MBA students in 1998. Early in my career, students had the competitive advantage. Then came the dot-com bust, September 11, and the recession. The pendulum swung the other way and employers were in control. Offers were revoked, sign on bonuses disappeared and salary offers were flat. Students didn't think about negotiating offers-they were glad to get one. Now, I would say that we are in the middle. The supply of MBAs is solid and the demand for MBAs is good and growing. Students have been terrific to work with throughout my eight years in the MBA career area. It is a challenging and enjoyable area in which to work.

Are there any particular successes of the Career Services office or the Wisconsin MBA program that you would like to highlight?

I have enjoyed building relationships that are beneficial for our program and getting to know the many people on campus that support the program and the effort to accomplish what Dean Knetter has set out as the vision for the School of Business. Over the past year, we have strived to accomplish many things including the implementation of the eRecruiting and MBA CareerNet information systems and building the Corporate Ratings Database for our employer development purposes. Going forward, we aim to improve some of our processes, build more and better employer relationships and revamp the MBA Career Services web site to better serve employers. I've got a great team and we are confident in achieving our goals.