There’s no need to cry for the former high flyers in finance, Fernandes notes. Finance majors “are well-schooled in business fundamentals,” so even with the demise of the Wall Street investment banks, they’ll be able to “rebrand themselves in close, proximate fields,” he explains.
Accounting is and will remain a hot ticket, particularly in the wake of the passage of the 2002 Sarbanes-Oxley accounting reform act, Milano says. And consulting will be a major field once the new regulations and new governance structures start to come on line.
Chestang, meanwhile, doubts that salaries will erode — newly minted MBAs without job experience should still expect to earn in the $90,000 range.
For the short term, however, the experts emphasize the importance of calm. “We’ve been here before” as an economy and as a nation, Milano says. “This is a temporary dislocation of the chairs.”
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