H1-B issue - BofA withdraws job offers from MBA students

In my last post I had talked about the possibility that MBA students could face problems because of the restrictions imposed on companies receiving TARP funds. Well, the problems have begun. BofA becomes the first company to withdraw job offers from MBA students because of these restrictions.

Is this a stand-alone incidence or just the tip of the iceberg? I hope it is an isolated instance otherwise it will have a huge negative impact on USA's reputation as an attractor of world's brightest minds for higher studies!

Problems for prospective H1-B workers in US

In my previous post, I had touched upon the new clause in US Stimulus Bill to prevent companies from hiring foreign nationals on H1-B visas.

I found some more details about the same:
Companies currently seeking Troubled Asset Relief Program (TARP) funds


Specifications on how companies receiving TARP funds will impact H1B hiring

I think this is an issue which MBA applicants should consider before applying to US schools.

Getting UK Tier 1 visa to get tougher from April

Came across this article yesterday. This comes only a week after the clause in US Stimulus Bill to prevent companies receiving bail-out funds from hiring foreign workers on H1-B visas.

One's opinion about this story will depend on which side of the fence one is on - you'll applaud if you are a US/UK resident who is worried about his job and you'll despise it if you are looking to enter US/UK on H1B/Tier 1 visa.

With no clear signs of improvement in the world economy and looming fears of more bank failures, I believe that such protectionist measures will only increase. Makes me wonder if this is a reversal of globalization??

Career Prospects at HEC

Over the past year, I have received several queries about the career prospects at HEC. I have mostly responded to those queries over emails and now I think it will be better to dedicate a post to this important topic.

I would start with the way recruitment works here.
At HEC, recruitment is always an ongoing process and the school does not have a specific recruitment season. Throughout the year, companies visit HEC, meet students and deliver presentations. During presentations, they advertise the positions they are recruiting for and then invite students to apply. Applications are made mostly through website/email and consist of CV and cover letter. The applications are screened and then shortlisted candidates are invited for interviews. Thus, there is no recruitment season where companies would come to campus to shortlist people and interview them.

Let's talk about Career Change now. Most of the people I know mentioned Career Change as one of the key reasons behind MBA. Career change usually involves changing one of the following variables:
1. Function (e.g. Marketing, Finance, HR)
2. Industry/Sector
3. Geography

In my experience, changing Sector or Geography is relatively easier than changing Function. Also, the task becomes much difficult if your desired career move involves more than one variable. It is extremely difficult to change all three variables at the same time.

Role of Language:- This, according to me, is one of the most important yet underrated factors while choosing a European b-school. Business in continental Europe is still conducted mostly in local language(s) and one must speak the local language (fluently) to work in client-facing positions (e.g. Consulting, Sales).

Coming to the theme of this post - Career prospects at HEC, I would say it is very subjective; depends on a lot of variables. HEC is probably the best known b-school within France and has a pretty good reputation in western Europe. So if you are looking to work in this region, HEC is a good choice provided you take into account the above mentioned points about Language and Career Change. If you are looking to work outside western Europe, then HEC might not be a good choice unless you are confident that you can achieve your post-MBA career goals without seeking school's help.

If I were to summarize my post, I would say that at HEC, you are in charge of your career. The career services will help you in updating your CV and getting in touch with companies; you will have to then network with recruiters and get yourself an interview call. Despite its enviable reputation, HEC MBA tag will not, by default, guarantee a great post-MBA career unless you are practical and put in the required efforts.

You could also read this related post about MBA from Europe

Consulting at HEC

This week, we started classes again after MBAT. One of the key events this week was our trip to BCG. BCG had organized an informational tour for HEC students at their office. With this event, they began the recruiting exercise for full time positions from HEC. We now have to submit our applications online by May 26 and the first round of interviews will be held on Jun 24.

As in other b-schools, consulting is one of the most sought after career here. It is generating more interest from people this year because of the slowdown in financial sector. For students interested in Strategy Consulting, we have a special elective - Strategy Consulting - tools and frameworks to prepare students for consulting interviews. This elective is conducted by a HEC alumni who has worked in BCG. The number of seats in this elective are very less (16 only); workload is high as every one is expected to solve a lot of cases as part of the course.

Apart from this, the consulting club at HEC is become pretty active and conducts regular sessions to provide insights about consulting industry and help students prepare for consulting interviews.

Last week, I restarted my case-cracking preparations after a break of 2 months. After doing a couple of cases I realized that I still need a lot of practice to structure my thoughts. Hopefully, things will fall in place with more practice.

Cover letters

In the last week or so, all I have done is to write cover letters and I am not finished yet. Writing cover letters is such a pain - you want to express so many things but in very few lines. I wrote draft version couple of weeks ago and must have edited it 6-7 times till now.... Must finalize it now and start applying...

This weekend is perhaps the most boring I have had since I arrived in Paris over 2 months ago. Cold weather coupled with the crippling transport strike has forced me to stay inside. I have UK visa appointment tomorrow and might have to take a cab if the strike continues.

Things in school are still hectic. We have 3 submissions lined up for the coming week and another 3-4 the next week. After that, we will have our final exams starting Dec first week..

Time to get back to work...

MBA from Europe - Some imp points

I recently had a conversation with a friend who joined HEC this Jan. He presented a very grim scene of the job prospects in Europe post MBA. According to him (and many others whom I have spoken with), it is not easy to find job in Europe post MBA (if one is not from INSEAD/LBS). The school can help you only to an extent as most of the recruitment in Europe is through networking. Thus, it becomes a problem for Indian students who, having seen(or heard/read)about the placements from b-schools in India think that the scene would be similar there. It is not the case. Getting an admit from a good b-school in Europe will not guarantee a good job post MBA.
Based on the discussions I have had with many people, these are my tips for people who are considering MBA from Europe:
1. Learn the language of the land – If you are not going to UK, it becomes an absolute necessity to know the local language. It increases your employability manifold. Even if you are going to UK, learning another language (preferably French) will help.
2. Figure out what you want to do post MBA – This is an exercise you are supposed to complete before you apply to a b-school. Well, many people do it just for the sake of getting in a school. They actually are not sure what they want post MBA. If you are one of this kind, then sort this out before joining the school. Most of the European MBA programs are 12-16 months which means you don’t get sufficient time to do this during MBA.
3. Once you have figured out what you want to do, start learning about the industry and its main players. E.g. if you want to be an Investment Banker, then learn about the industry and the main IB firms in Europe. Start visiting their websites and reading about the deals they make. Read their mission and vision statements. It will help you when you get interviewed -one of the main traits companies look for during recruitment is the interest of an individual. If you are able to demonstrate your interest in the company, then the job will be much easier.
4. Start networking – This is another must do for Europe in particular and MBA in general. Once you have figured out the career you want to pursue and researched on the main players in the sector, it is time to find contacts in those companies. Start interacting with people and ask them about the job profiles their companies offer. You can also seek advice about tips to boost your CV.