From New Hampshire to the World

The Career Development Office at the Tuck School of Business has the hefty task of helping Dartmouth's 240 graduating MBAs get on the right job track each year. Assisted by about 50 full-time faculty, 96% of graduates looking for a job had an offer by the end of the summer. Similar trends are expected in 2006, says Richard McNulty, director of the CDO for the past three years.

Since taking the helm, McNulty has strived to hire strong people with relevant industry experience to focus on leadership development programs and raise awareness of Tuck with domestic and international employers. McNulty graduated from the University of Pennsylvania with dual degrees in economics and engineering. Throughout his career, which included several years in strategy consulting, he was also active in recruiting activities for top MBA programs. McNulty recently spoke with BusinessWeek Online project assistant Janie Ho. Here is an edited excerpt of their conversation:

How do starting salaries for this year's Tuck grads compare to recent years?
The class of 2005 saw average total compensation of almost $150,000, reflecting more than a 30% increase over the past two years. Across the board, companies are recruiting aggressively. This strong market demand will likely exert pressure to increase compensation.

What kinds of companies recruit at the Tuck School of Business?
More than 600 companies -- from Apple (AAPL ) to Deutsche Bank, (DB ) Starbucks (SBUX ) and Novartis (NVS ) -- have recruiting relationships with Tuck. About 50 consulting firms are looking to hire Tuckies this year. International U.S. bank offices in Asia are hiring Western educated MBAs to address Chinese markets. Ten percent of last year's graduating class joined private equity and hedge fund firms.

What trends do you see in the demand for MBAs this year?
We are seeing intense demand -- in the U.S. and abroad -- in strategy consulting, investment banking, private equity and real estate, consumer products and retail, asset management, technology, and private wealth management.

Where do students typically gain employment?
Tuck students find employment all around the world. About half of our graduates remain in the region. This translates to about 50% in the Northeast (for example, New York City, Boston, etc.). The rest is spread evenly throughout the West Coast, Midwest, Southeast, and major cities in Asia, Europe, and Latin America.

What specific advantages do Tuck graduates have in the global market?
A: Tuck students develop a global mindset through coursework on global economics, case studies, and international field studies. Programs such as the Field Study in International Business allow students to gain real-world experience in another country. Tuck has also launched regional initiatives in Europe, India, and Mexico within the past few months to expand its global network.

What is the greatest challenge in helping international students?
We have tools in place for helping them become more familiar with cultural norms related to interviewing, networking, negotiating, etc. In today's global market, international students are doing very well. For the past few years, there have been broader global employment opportunities, and average compensation for international students has been slightly higher than for U.S. students (see BW Online, 03/02/06, "Going Global for an MBA")(see BW Online, 3/2/06, "Going Global for an MBA").

Are there any trends such as outsourcing to other countries that may affect MBA recruitment?
We are seeing some of this. For example, in China and India, we've got firms that are looking for MBA expertise to complement the local resources they may have in house.

How do you specifically prepare your students for difficult case study interviews?
We have a series of workshops to teach the fundamentals of "cracking the case." The CDO works closely with the Tuck Consulting Club to offer a portfolio of services to prepare students for case interviews. The CDO also partners with the top consulting firms to present firm-specific interview programs.

How do you attract recruiters to campus?
Each year we ask students which new companies they want to see recruiting at Tuck. For companies where we do not have alumni, everyone pulls together to establish a relationship. The dean will visit the company, professors will invite executives to class, and student teams try to do a consulting project.

How do you prepare the students before they arrive at Tuck?
We work with students over the summer so that once they're here, they can focus on academics. Beyond self-assessment, we also help them develop a Tuck-style résumé before they arrive. Once they get here, we run a series of workshops before classes begin.

How do you prepare students who want a career change?
The vast majority of Tuck students are career changers. We help students market themselves by highlighting other accomplishments -- an independent study, a consulting project, volunteer work, writing a case study, leading a student club, or choosing an internship.

How do you help ensure that students will find internships or jobs?
Tuck requires that at least half of all on-campus interviews be open to the student bidding process. Other schools have closed schedules, which means only those students whose résumés are selected by the company may interview. Every student has access to Tuck's global network of committed alumni. Tuck alumni help students develop their career management strategies and refine their job search tactics.