NYU Professor Urges MBA Students to Think Beyond Consulting, Finance, and Tech

A recent WSJ op-ed by Suzy Welch, CNBC Contributor, Author, and Professor at NYU Stern provides career advice for MBAs: Although consulting, finance, and tech are the most commonly sought careers post-MBA, they are not the only routes to success. Welch advises MBAs to seek work, “at the intersection of their authentic values, their strongest skills and aptitudes, and the kind of work that interests and excites them intellectually and emotionally.” But, she points out, despite most students entering MBA programs feeling awash with career possibilities, most leave with jobs in just three industries. 

Finding purpose is an idea that she’s put a lot of thought into. After the loss of her husband, the legendary Jack Welch, she realized her need to find an “organizing principle” in her life. Welch then developed, pitched, and is now teaching a course at NYU Stern on the topic. Designed to guide MBAs on an introspective journey towards a fulfilling career path, the course is titled “Becoming You: Crafting the Authentic Career You Want and Need.” She describes it, according to Poets & Quants, as the class she wishes that she’d been able to take before graduating from Harvard Business School and entering into consulting. 

In her WSJ article, Welch identifies two key patterns emerging within MBA programs that are reducing opportunities for graduates. The first is internal: groupthink. She described this phenomenon In an interview with Poets & Quants. “You go to business school and you think about strategy and the digital economy, but what about thinking about what you want to do with your life? Most people go to business school to pivot into a new career... So you get there and you are looking around and the choices get narrower and narrower because of groupthink. You arrive big-eyed and you end up squinting. Investment banking and consulting are the two big funnels, or maybe tech,” she says. 

While she notes that some MBAs may also be seeking financial security and a way to repay loans, she purports that it runs deeper. That, for many, taking a job in one of the big three—consulting, finance, or tech—is fulfilling a “group instinct” and is good for “optics.” And as is so often the case with groupthink, MBA students who opt not to apply for these lucrative positions, or those who turn down such offers, can feel foolish or like risk-takers. But she warns that many who do follow that path as a means for safety and security often end up regretful. “A lot of very smart, very capable people, usually in their late 30s and early 40s, wake up miserable one day. Over my years as a journalist specializing in the workplace, I saw this phenomenon so often I came to dub it “The Velvet Coffin”—a state of cushy creature comfort encased in emotional or intellectual dissatisfaction” she writes.

Welch also observes a second pattern and it is external. Industry, she calls out, does a poor job showing up to recruit and sell itself among MBAs. Whereas, consulting, finance, and tech recruiters not only show up but have excelled in creating touchpoints and programming, and defining a consistent and compelling “narrative.” 

“I heard it repeatedly, because my students parroted it back to me: Even if you don’t stay long-term, with our credential on your résumé and professional development programs, we’ll set you up for your career! The big three are so persuasive and make it so convenient to get a job that it ends up feeling inevitable,” she writes. 

Welch concludes that MBA students, like never before, are seeking meaning and purpose from their careers and their lives. And she advises them to think carefully about their goals, listen, and dare to consider opportunities beyond the big three industries.

Report from Thomson Reuters Institute Finds Law Firm Leaders Most Concerned about Recruiting and Retaining Talent

According to a newly published Thomson Reuters Institute report, law firm leaders see talent as their biggest concern. The report summarized interview findings from several dozen global law firm leaders, and explored the most pressuring current issues, which also included the challenge of creating a compelling firm culture. 

Leaders expressed concern about the upward wage pressures resulting from the current competitive environment for firm associates. And almost all leaders—regardless of firm size— spoke of feeling financial pressure. Those who feel unable to keep up with the salary increases said that they are unsure of how to recruit and retain associates in this market. Leaders at some of the large firms mentioned that they have expanded their geographic recruiting base. While this has increased the talent pool for those large firms, it also means that smaller and mid-size firms who did not previously compete for talent with large firms, are now feeling the impact.

In addition to recruiting, leaders are thinking more meaningfully about ways to increase retention. They note that, given the recent reliance on remote work, culture-building efforts should be a priority within firms. This means addressing burnout and wellbeing concerns among employees, as well as finding ways to increase “cohesion and camaraderie” among teams that no longer work together physically on a daily basis. Leaders shared that many associates continue to request flexibility.

Leaders also noted an increasing emphasis on creating ESG (environmental, social, and governance) policies and initiatives, which they see as a part of defining firm culture. ESG, they report, impacts both talent recruitment and retention and client relations. With employees working remotely, it becomes more important to ensure that the firms’ values and priorities, and related ESG initiatives are in alignment, and are coming across consistently in both written and spoken communications. 

Finally, leaders said that they are worried about client management. With their many internal firm concerns related to talent, culture, and the changing ways of working—including technology—they fear that client relationships will not receive the time and attention they need.