European B-Schools Thrive in Down Times

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The financial services industry has slashed thousands of jobs over the last 18 months, while consultancies, another leading recruiter of MBAs, are similarly tight in handing out offers. "Right now it's a tough market for MBA students to find jobs," says Stefan Szymanksi, associate dean of MBA programs at City University's Cass Business School in London.

Many may turn instead to less glamorous sectors. Industrial companies—particularly from areas such as chemicals and pharmaceuticals—are on the hunt for MBA talent. So is the public sector, especially as regulatory agencies bulk up for more supervision of business. Cathy Butler, director of the MBA careers service at University of Cambridge's Judge School of Business, says the recession means graduates are more willing to look at companies that previously wouldn't have crossed their radar. "MBAs aren't thinking about finance," she says. "There's a shift towards industrial sectors."

Unconventional Routes

Officers at European business schools also counsel students with skills in certain industries to consider returning there, instead of switching to a completely new career. And even if MBA graduates are intent on changing track, they should be willing to take nonconventional routes to their dream jobs Rotterdam Dean Yip says many finance jobs, for instance, are still out there, but just not with traditional investment banks. Instead, industrial companies are hiring grads with finance experience to manage their credit risk and other banking-related businesses. "You can pursue a certain function, but within a different sector," Yip says.

Like their counterparts in the U.S., the short-term job outlook for MBA students at European business schools isn't rosy, but many remain optimistic. Indeed, the last 18 months have underscored how interrelated and globalized companies and economies have become. Europe's B-schoolers hope that tailoring their MBAs to this long-term will stand them in good stead when the world economy finally starts to recover.

For an introduction to Europe's top 15 B-schools, check out our slide show.

We've also got another slide show highlighting 15 additional top-ranked programs.

Scott is a correspondent in BusinessWeek's London bureau.