Recession Grads' Survival Tips

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But Daniele Ghiotti, a 2001 grad from Northwestern University's Kellogg Graduate School of Management, points out that not making a career 180 right out of B-school doesn't mean a career switch can't happen when the economy perks up. "A vast majority of graduates change their jobs within five or so years," says Ghiotti. "It's not the end of the world."

Small-Company Advantages

Another approach that helps land a position during a downturn is to go for a lesser-known company to acquire the desired skills. "Don't be picky about the brand name," says Ann Futch, a 2001 grad from Duke University's Fuqua School of Business, who had a career in investment banking during a downturn. Recent grads will "get a free pass with the caveat that they need to be doing something to keep their skill set moving."

Others, like Ed Catto, who graduated from UNC-Chapel Hill's Kenan-Flagler School of Business in 1990 and now works in advertising, says working at a smaller company has other advantages, too. For example, recent grads are allowed to take on more responsibility and may avoid the mass layoffs that take place at larger firms. "Smaller companies are more nimble…and more hungry to make a go of it—they are able to zig and zag quicker," says Catto. "In the old days you needed big companies to get some stripes on your sleeve. Now people are more open-minded."

Blazing Your Own Path, On the Cheap

Still it's important to realize not all recession woes come to an end after one MBA class graduates. In the case of the 2001 recession, many 2002 grads say they've been impacted as well and tell current first-year MBAs they should be prepared. Besides not getting the signing bonuses or other usual perks like moving expenses, Doyle, a 2002 grad, says getting relevant internship experience during B-school was a challenge. "We didn't expect to get an offer," remembers Doyle about his 2001 internship summer. Companies "were able to cherry-pick from the grads of '01 and '02 as to who they wanted."

Ultimately, what most 2001 grads had in common was their ability to find an individual path and stay confident in their abilities, Sarita Finnie, a grad from University of Virginia's Darden Graduate School of Business Administration, says about her class. Finnie landed in brand management after her management consulting gig fell through, "In a shaky economy, things are going to happen. You may feel confident about your job security, but things may change."

Still, Columbia's FitzGerald reminds grads that, starting out—even in a downturn—has one advantage when it comes to getting hired. "The good news about a fairly junior person is that you're cheap."

Dizik is a reporter for BusinessWeek.com.