Bear Stearns rescinds MBA job offers

Yes, this is tough news. I remember what it was to be an MBA student looking for a job. While I never had an offer rescinded, I have to say that as tough as it is for the students (as well as the many others involved), Bear Stearns and JPMChase are showing some class here. For example, first year MBAs who would have interned at Bear will receive their standard 10 weeks salary if they go to work for a non-profit this summer. Graduating students now out of a job will keep their signing bonuses.

Those impacted may think that this is far from fair. After all, they competed for, won and were hired for a particular position – a position that is now no longer needed. But in an “employment at will” culture, making these small concessions is not bad.

For the students who are now stuck applying to jobs all over again: don’t worry, you’ll find something. I only recommend that you be more creative in your search and look beyond standard MBA jobs. And maybe when you look back at this years later, you’ll be glad at what you’ve achieved. I wish you the best of luck.