To say this is a tough year for MBA tech recruiting is an understatement.
Not only are first year MBA students not getting interview invitations, many second years have got their return offers rescinded. Possibly worse, many MBA alumni who graduated last year have been laid off, less than 6 months into their jobs. I personally know people who were impacted by perhaps the worst wave of tech layoffs since the 2000’s. Brutal.
When you think about how the top schools were sending consistently ~30% of their graduates to tech, and extrapolate that 30% or the current students are scrambling to find any internship or full-time offer at all, you can sense the anxiety. This whole chaos does not spare any school – Anderson, Kellogg, Booth, etc. are all going through the same rough patch. If you haven’t heard about the situation at any certain school, assume the worst.
If you’re a current MBA candidate, and you planned your career directions around tech, I feel for you. I hope that inflation gets tamed so interest rates can start going back down soon. Realistically, I wouldn’t count on this. The Fed is trying to fix the mistake they made in the last few years creating the era of easy money. The easy money that fueled the extraordinary growth of the tech sector is getting drained so that the supply of money can eventually return to normal. Just as loose money supply took a while to manifest in hyperinflation, it’s going to take at least a year for inflation to be tamed. Until then, I’m not bullish on tech making a comeback. Even when big tech resumes hiring, the hiring frenzy that happened from 2021 to early 2022 is not going to return. Over-hiring, as it turns out, is bad for business.
So how can you navigate this challenging environment?
First of all, take a deep breath. You came to business school looking for a challenge, a chance to change yourself for the better. While this might not be the kind of challenge you expected, few things in life happen the way you want them to. When you come out ahead, you’ll be so much stronger and so much more prepared for whatever life throws at you.
Second, try, even if it is hard, to distance yourself from a job or a career path. In the grand scheme of things, that internship or that job that you’re not going to get doesn’t really matter. It does not define you. Even if you were so passionate about certain software products or companies, if these products or companies didn’t exist, you would’ve been excited about something else.
Third, take a hard look at your background. What advantages do you have in recruiting for a job in tech? Did you work in tech before? Were you a software engineer? Were you a PM before business school? If so, you may still have a decent shot at tech. Big tech is a lost cause, but there are many, many more other tech companies that are still hiring. They’re absorbing the talents that big tech released. The bad news is of course that these smaller companies don’t usually hire many MBAs, let alone as interns. You’ll need to be resourceful. Do you know anyone who works at these companies, or do you know anyone who knows someone who does? Talk to them. Are there companies in your general area? Give them a call. Send them a LinkedIn message. They may not just hire any MBA, but they may hire you if they like you.
If not though, you may want to re-evaluate your career decision. Sure if you really enjoy a hustle and get lucky, you can score a nice offer. But you’ll really need to stand out – you’re going up against those who have a tech background after all. But a more realistic option is to look elsewhere. Healthcare is still hiring. CPG is still hiring. Management consulting is still going strong. My industry, transportation and logistics, is always looking for good people.
If you’re reading my post, you likely overcame a lot of challenges to make it to business school. You’re tough. Don’t let a job market beat you. I know it won’t.
Richard Anderson 