The Wall Street Journal has a great article about the job market for the MBA Class of 2021. As the article, linked above, explains, many traditional employers such as PriceWaterhouseCoopers and McKinsey are much more cautious about hiring this year. PWC has already stated that it is only making offers to its summer interns and other traditional employers who hire large quantities of MBAs each year indicated they were taking similar ‘wait and see’ approaches.
A bright lining is that tech employers are still hiring. The WSJ article explains that Amazon and Microsoft actually started their recruiting process earlier than usual. (This stands in steep contrast to traditional recruiters who have pushed back start dates to those summer interns who had already received job offers.)
Our advice to the Class of 2021 is to look carefully at opportunities in tech. Even if you don’t believe it’s in your long-term plans, it could be a short-term solution. Furthermore, many of the skills acquired in a tech company will be transferable to a more traditional employer once the pandemic passes.
Our advice for the Class of 2022 is to hedge slightly towards tech if you remain interested in a traditional employer. At a minimum, think about what skills you have that are transferable to tech and what you could gain in a short-term tech role that would be transferable back to tech. If we begin to emerge from this pandemic within the next year, you could be poised for great recruiting opportunities as traditional employers like PWC begin hiring to make up for the ‘lost year’ when very few MBAs were hired.
Our advice for those contemplating applying for the Class of 2023 is to weigh the chances that the pandemic has passed and traditional employers are hiring to make up for the lower recruiting numbers during the pandemic. Furthermore, we believe the chances could still be good tech companies will be hiring in droves!