As recruiting season begins on business-school campuses, the collapse of major banks on Wall Street has many soon-to-graduate M.B.A.s rethinking their post-graduate paths. That's especially true for students who had set their sights on a career in investment banking.
A large percentage of business-school grads head to financial careers. At schools like New York University's Stern School of Business and University of Pennsylvania's Wharton School, nearly 50% of graduates head for finance careers, with a good number of them expecting to end up at large investment banks or financial-services firms. Now, students who may have otherwise settled for nothing less than big-name investment banks are seeking smaller, boutique and middle-market investment firms that may offer more job stability. And some students, unwilling to ride out the storm, are giving up or delaying their investment-banking dreams to pursue different careers entirely.