Graduates from first-tier MBA programs, drawn to the better-paying, flashier ranks of investment banking a few years ago, now are looking to institutional money management as they vie for a limited number of openings.
TCW Group, Los Angeles, Calif., received the same number of applications from spring graduates it usually gets, but far more of the applicants are in the top 25% of their graduating class than was the case three or four years ago, said Jack Eisen, director of human resources.
The firm only extended three offers to newly minted MBAs this year, however, compared with six to eight several years ago. TCW is also taking more of a "back yard" approach to recruiting, focusing on students who attend schools such as the University of Southern California, the University of California-Los Angeles and the University of Chicago, which are closer to big TCW offices, Mr. Eisen said.
Franklin Mayers, head of associate recruiting for J.P. Morgan Fleming Asset Management and J.P. Morgan Private Banking, New York, said J.P. Morgan received about 200 resumes from 2003 spring graduates, up from 75 to 100 resumes in past years. The greatest change Mr. Mayers has seen in his firm's practice of hiring recent MBA graduates is the increase in well-prepared, qualified applicants, he said.
Ted Aronson, managing partner at Aronson + Johnson + Ortiz LP, Philadelphia, Pa., said the number of resumes his firm received this year tripled from three years ago. In the last year Mr. Aronson said he has received "resumes that I would invent a job to hire."