Graduate Employment Search. Investment Banking. Gregg Schoenfeld Associate Director, Research Graduate Management Admission Council

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1 Graduate Employment Search Industry Analysis 2008: Investment Banking Gregg Schoenfeld Associate Director, Research Graduate Management Admission Council This document may be reproduced, in whole or in part, without modification and with all copyright and trademark attributions included.

2 Post-Graduation Industries Half of the graduates were interested in 11 industries from a list of 55 industries. Investment Banking/ M anagement, 8% M anagement Consulting, 5% Banking, 5% C onsulting Services, 5% All others, 50% Information Technology or Services, 5% 8% of graduates intend to be employed in the investment banking industry. Energy/Utilities, 3% Healthcare, 3% Accounting, 4% Consumer Goods, 5% M arketing Services, 4% Finance and Insurance, 4%

3 Investment Banking: Career Changing Status The vast majority of respondents entering the investment banking/ management industry were switching from other industries. Previously worked in industry 24% Plan to switch into industry 76%

4 Investment Banking: Prior Industry among Career Switchers About a third of the respondents switching into investment banking previously worked in other finance/accounting industries, and about a fifth worked in the technology or ykr products/services industries. Finance/Accounting 36% Technology Products/Services 17% 16% Consulting 10% Nonprofit/Government Manufacturing Energy/Utilities Healthcare 7% 6% 4% 3% 0% 10% 20% 30% 40%

5 Investment Banking: Anticipated Job Level The majority of respondents plan to enter the investment banking industry at a mid-level position after graduation. About third of the respondents who previously worked in the industry plan to hold a senior-level position after graduation. 75% 50% 62% 64% 25% 0% 12% 22% 31% 5% 2% 2% Entry level Mid-level Senior level Executive level Plan to switch into industry Previously worked in industry

6 Investment Banking: Job Search Status 73% searching for a job 14% staying with current employer. Received/ accepted offer 51% Waiting 1% starting own for offers business. 49% offer 12% not currently searching. Average # of Job Offers 2.4

7 Investment Banking: Company Selection Criteria When selecting a company in the investment banking industry, respondents considered room for growth, a fit with the company culture, and a positive organizational climate to be the most important criteria. Room for growth Fit with company culture Positive organizational climate Company image/reputation Company stability High ethical standards Location Employer values graduate business skills Emphasis on work-life balance Physical surroundings Emphasis on community/inclusion Opinions of others Not at all important Extremely important

8 Investment Banking: Preferred Organizational Culture The preferred culture includes a cooperative atmosphere, a clear and well-communicated vision, a focus on company success, and individual performance-based rewards. Centralized decision making Decentralized decision making Internal competition Cooperative atmosphere Well-defined career path Flexible career opportunities Formal atmosphere Informal atmosphere Clearly defined responsibilites Varied/fluid responsibilities Formalized procedures Loosely defined procedures Clear, wellcommunicated vision Flexible, adaptable corporate goals Focus on company success Focus on public good Individual performancebased reward Team-based reward

9 Investment Banking: Job Selection Criteria When selecting a job, respondents considered challenging and interesting work, advancement opportunities, an opportunity to learn new things, and opportunity for professional development to be the most important criteria. Challenging and/or interesting work Advancement opportunity Opportunity for professional development Opportunity to learn new things Competitive salary Achieving something that you personally value Ability to make an impact Benefit package Visibility with executive team Job autonomy Job security Flexible schedule Stock option or ownership program Opportunity to work or travel in a foreign country Not at all important Extremely important

10 Investment Banking: Expected Change in Salary Overall, respondents entering the investment banking industry expected a 64% increase in salary compared with their pre-degree earnings. 100% 75% 50% 57% 67% 64% 25% 0% Previously worked in industry Plan to switch into industry Overall