The bankruptcy of Lehman Brothers in 2008 and subsequent financial crisis changed the job scene for MBAs. But what did the changes look like at each school?

Bloomberg Businessweek collected employment data from MBA programs with long histories of sending graduates to the biggest Wall Street banks and consulting firms.

Combined, the University of Chicago's Booth School of Business (Booth Full-Time MBA Profile), the University of Pennsylvania's Wharton School (Wharton Full-Time MBA Profile), and Columbia Business School (Columbia Full-Time MBA Profile) sent a total of 176 MBAs to Lehman in 2005, 2006, and 2007. We wanted to know exactly which employers have since made up for those kinds of hiring losses.

At the University of Michigan's Ross School of Business (Ross Full-Time MBA Profile), for example, Amazon.com (AMZN) eclipsed Citigroup (C) as one of the program's top three employers. And at Duke's Fuqua School of Business (Fuqua Full-Time MBA Profile), Apple (AAPL) increased hiring more than threefold, while Citigroup hired 37 percent fewer grads.

Most business schools expect to report hiring figures for this spring's graduating class by fall, offering a glimpse at the job scene to come. For now, here is a pre- and post-crisis hiring snapshot.

Note: Data were submitted to Bloomberg Businessweek by the schools. Harvard and Stanford did not participate. Hiring numbers are for all MBA programs at each school, excluding executive MBA programs, except where noted. Approximations are used where exact figures are not available.
The bankruptcy of Lehman Brothers in 2008 and subsequent financial crisis changed the job scene for MBAs. But what did the changes look like at each school?

Bloomberg Businessweek collected employment data from MBA programs with long histories of sending graduates to the biggest Wall Street banks and consulting firms.

Combined, the University of Chicago's Booth School of Business (Booth Full-Time MBA Profile), the University of Pennsylvania's Wharton School (Wharton Full-Time MBA Profile), and Columbia Business School (Columbia Full-Time MBA Profile) sent a total of 176 MBAs to Lehman in 2005, 2006, and 2007. We wanted to know exactly which employers have since made up for those kinds of hiring losses.

At the University of Michigan's Ross School of Business (Ross Full-Time MBA Profile), for example, Amazon.com (AMZN) eclipsed Citigroup (C) as one of the program's top three employers. And at Duke's Fuqua School of Business (Fuqua Full-Time MBA Profile), Apple (AAPL) increased hiring more than threefold, while Citigroup hired 37 percent fewer grads.

Most business schools expect to report hiring figures for this spring's graduating class by fall, offering a glimpse at the job scene to come. For now, here is a pre- and post-crisis hiring snapshot.

Note: Data were submitted to Bloomberg Businessweek by the schools. Harvard and Stanford did not participate. Hiring numbers are for all MBA programs at each school, excluding executive MBA programs, except where noted. Approximations are used where exact figures are not available.

Top MBA Employers

Following the Crisis, a Shakeout in MBA Recruiting
Following the Crisis, a Shakeout in MBA Recruiting
The bankruptcy of Lehman Brothers in 2008 and subsequent financial crisis changed the job scene for MBAs. But what did the changes look like at each school?

Bloomberg Businessweek collected employment data from MBA programs with long histories of sending graduates to the biggest Wall Street banks and consulting firms.

Combined, the University of Chicago's Booth School of Business (Booth Full-Time MBA Profile), the University of Pennsylvania's Wharton School (Wharton Full-Time MBA Profile), and Columbia Business School (Columbia Full-Time MBA Profile) sent a total of 176 MBAs to Lehman in 2005, 2006, and 2007. We wanted to know exactly which employers have since made up for those kinds of hiring losses.

At the University of Michigan's Ross School of Business (Ross Full-Time MBA Profile), for example, Amazon.com (AMZN) eclipsed Citigroup (C) as one of the program's top three employers. And at Duke's Fuqua School of Business (Fuqua Full-Time MBA Profile), Apple (AAPL) increased hiring more than threefold, while Citigroup hired 37 percent fewer grads.

Most business schools expect to report hiring figures for this spring's graduating class by fall, offering a glimpse at the job scene to come. For now, here is a pre- and post-crisis hiring snapshot.

Note: Data were submitted to Bloomberg Businessweek by the schools. Harvard and Stanford did not participate. Hiring numbers are for all MBA programs at each school, excluding executive MBA programs, except where noted. Approximations are used where exact figures are not available.
University of Chicago
University of Chicago
Booth School of Business

Bloomberg Businessweek Rank: 1

Full-Time MBA Enrollment: 1,177

Who hired the most graduates?

Classes of 2005-2007: McKinsey (100), Lehman Brothers (59), Citigroup (49), Deutsche Bank (47), Merrill Lynch (45), Boston Consulting Group (45)

Classes of 2008-2010: McKinsey (76), Bain (47), Boston Consulting Group (45), Credit Suisse (40), Barclays (38)

Notable decreases: Goldman Sachs hired at least 44 percent fewer graduates from the classes of 2008-10 than it did those from the classes of 2005-07.

Also noteworthy: Lehman filed for bankruptcy on Sept. 15, 2008. That same day, Booth published an employment report that said 23 of its class of 2008 graduates had accepted positions at the firm.

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Booth on Business Exchange

Booth Full-Time MBA Profile

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Note: Booth data represents only graduates from the full-time MBA program
University of Pennsylvania
University of Pennsylvania
Wharton School

Bloomberg Businessweek Rank: 3

Full-Time MBA Enrollment: 1,690

Who hired the most graduates?

Classes of 2005-2007: McKinsey (166), Boston Consulting Group (114), Bain (100), Goldman Sachs (99), Morgan Stanley (61)

Classes of 2008-2010: McKinsey (144), Boston Consulting Group (117), Bain (72), Goldman Sachs (51), Morgan Stanley (44)

Notable decreases: Aside from the above, Lehman Brothers had hired 47 graduates from the classes of 2005-07; Citigroup hired 25 percent fewer graduates (53 from 2005-07, 40 from 2008-10).

Also noteworthy: In the last decade IBM did not become a top hirer at Wharton until 2010, when it hired 13 MBAs, the same number as Goldman Sachs and more than Citigroup, Bank of America Merrill Lynch, Credit Suisse, and Deutsche Bank each hired.

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Wharton on Business Exchange

Wharton Full-Time MBA Profile

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 Northwestern University
Northwestern University
Kellogg School of Management

Bloomberg Businessweek Rank: 4

Full-Time MBA Enrollment: 1,126

Who hired the most graduates?

Classes of 2005-2007: McKinsey (165), Boston Consulting Group (90), Bain (65), Booz Allen Hamilton (46), Deloitte Consulting (36)

Classes of 2008-2010: McKinsey (115), Boston Consulting Group (104), Bain (67), Deloitte Consulting (55), Booz & Co. (37)

Notable decreases: Morgan Stanley hired 52 percent fewer grads.

Also noteworthy: Amazon boosted hiring, taking 17 grads from 2008-10, up from 12 in 2005-07.

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Kellogg on Business Exchange

Kellogg Full-Time MBA Profile

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Duke University
Duke University
Fuqua School of Business

Bloomberg Businessweek Rank: 6

Full-Time MBA Enrollment: 902

Who hired the most graduates?

Classes of 2005-2007: Johnson & Johnson (56), Bank of America (33), Citigroup (30), McKinsey (28), Deloitte Consulting (26)

Classes of 2008-2010: Deloitte Consulting (46), Johnson & Johnson (33), Bank of America (25), Citigroup (19), Boston Consulting Group (18)

Notable decreases: Kraft hired 39 percent fewer grads, taking 14 from 2008-10, down from 23 in 2005-07. Lehman had hired 24 grads in 2005-07.

Also noteworthy: Apple more than tripled its hiring, taking 17 grads from 2008-10, up from 5 in 2005-07.

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Fuqua on Business Exchange

Fuqua Full-Time MBA Profile

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University of Michigan
University of Michigan
Ross School of Business

Bloomberg Businessweek Rank: 7

Full-Time MBA Enrollment: 1,009

Who hired the most graduates?

Classes of 2005-2007: McKinsey (35), A.T. Kearney (35), Citigroup (32), Booz Allen Hamilton (30), Deloitte Consulting (29), Microsoft (28)


Classes of 2008-2010: McKinsey (41), Deloitte Consulting (39),Amazon (36) Accenture (26), Dell (23)

Notable decreases: Citigroup hired 31 percent fewer grads. A.T. Kearney hired 15 graduates from the classes of 2008 and 2009, but by 2010 was no longer listed as a top employer by Ross. Lehman had hired 26 grads from 2005-07.

Also noteworthy: From 2008-10, Cisco debuted as a top MBA employer, taking 19 grads during that period.

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Ross on Business Exchange

Ross Full-Time MBA Profile

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University of California, Berkeley
University of California, Berkeley
Haas School of Business

Bloomberg Businessweek Rank: 8

Full-Time MBA Enrollment: 498

Who hired the most graduates?

Classes of 2005-2007: McKinsey (24), Yahoo (21), Google (19), Deloitte (17), Boston Consulting Group (9)

Classes of 2008-2010: Deloitte (24), Amazon (19), McKinsey (22), Yahoo (14), Boston Consulting Group (13)

Note: The size of the Haas program makes it difficult to extract meaningful changes in hiring patterns.

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Haas on Business Exchange

Haas Full-Time MBA Profile

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Note: Hiring data for Boston Consulting Group (2005-07) and McKinsey (2008-10) are approximations.
Columbia University
Columbia University
Columbia Business School

Bloomberg Businessweek Rank: 9

Full-Time MBA Enrollment: 1,278

Who hired the most graduates?

Classes of 2005-2007: McKinsey (104), Citigroup (74), Lehman Brothers (70), Goldman Sachs (69), Booz Allen Hamilton (60)

Classes of 2008-2010: McKinsey (140), Boston Consulting Group (60), J.P. Morgan (45), Booz & Co. (44), Credit Suisse (43)

Notable decreases: Citigroup hired 38 grads in 2008-10, a decrease of 49 percent from 2005-07. Goldman hired 28 percent fewer grads (50 hires in 2008-10).

Also noteworthy: American Express boosted its hiring to 32 MBAs in 2008-10, up from 27 in 2005-07.

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Columbia on Business Exchange

Columbia Full-Time MBA Profile

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Massachusetts Institute of Technology
Massachusetts Institute of Technology
Sloan School of Management

Bloomberg Businessweek Rank: 10

Full-Time MBA Enrollment: 800

Who hired the most graduates?

Classes of 2005-2007: McKinsey (72), Bain (41), Boston Consulting Group (37), Lehman (22), Booz Allen Hamilton (21)


Classes of 2008-2010: McKinsey (65), Bain (33), Boston Consulting Group (29), Microsoft (21), Amazon (18), Goldman Sachs (18)

Notable decreases: After hiring seven grads in 2007, Citigroup was not a top employer in 2008, 2009, or 2010.

Also noteworthy: Apple emerged as Sloan's sixth top MBA employer from 2008-10, hiring 15 grads.

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Sloan on Business Exchange

Sloan Full-Time MBA Profile

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University of Virginia
University of Virginia
Darden School of Business

Bloomberg Businessweek Rank: 11

Full-Time MBA Enrollment: 646

Who hired the most graduates?

Classes of 2005-2007: J.P. Morgan (25), Bank of America (22), Danaher (20), McKinsey (20), IBM (15), Lehman (15), Boston Consulting Group (14)


Classes of 2008-2010: IBM (26), Bain (24), Bank of America (20), Danaher (19), Deloitte (19), J.P. Morgan (19), Microsoft (14)

Note: The size of the Darden program makes it difficult to extract meaningful changes in hiring patterns.

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Darden on Business Exchange

Darden Full-Time MBA Profile

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Southern Methodist University
Southern Methodist University
Cox School of Business

Bloomberg Businessweek Rank: 12

Full-Time MBA Enrollment: 282

Who hired the most graduates?

Classes of 2005-2007: Frito-Lay (11), American Airlines (9), FTI Consulting (6), TXU (4)

Classes of 2008-2010: American Airlines (5), Wells Fargo (4), AT&T (4), Frito-Lay (4), Goldman Sachs (3)

Note: The size of the Cox program makes it difficult to extract meaningful changes in hiring patterns.

Also noteworthy: Goldman Sachs says it has made fewer MBA hires in its New York offices in recent years and has increased hiring at its regional private wealth management offices. Goldman runs a private wealth management operation in Houston, and has a policy to interview candidates from all local business schools.

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Cox on Business Exchange

Cox Full-Time MBA Profile

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Note: Cox data represents only graduates from the full-time MBA program