The State of the Economy v. MBA Recruiting (parte the seconde)

So, here's what's going on:

• last week, I get a recruiting email from Citi. Over the course of the next few days, they withdraw ALL future funding for MIT students past 2009. This had two immediate effects:

1. I deleted that email.
   
2. The ability of future non-US MIT applicants to finance their higher education fell into jeopardy.
   

As a rule, these students are dependent on sources of private funding because of their lack of access to federal loans and grants. If foreign students are unable to secure financing, they are less likely to attend American business schools, which currently attract some of the most brilliant future business minds (not an oxymoron, thank you) in the world.

These students usually attempt to stay and work within the United States after graduation, to our benefit. A financial crisis that affects foreign students has a direct affect on the ability of this country's economy to function. And I think that we're in enough trouble already.

Watch this space to see if I am able to get any more information on how MIT can help foreign students.

• Everyone is taking a VERY close look at those offers. Banking, which used to be a direct and stable path to wealth, is being given special scrutiny. Why work your butt off and make your life a living h8ll if it means you'll be out of a job in a year, and unemployed for god-knows-how-long?

Rumors are flying about the consulting firms as well. In particular, one very prominent firm has reportedly told its NYC consultants to either leave or move to Dubai. I'd be happy to move to Dubai, but I know a lot of MBAs with marriages and children, and it would be tough for them to relocate, even to a place as happening as the Dubs. This may or may not be true, but when people are frightened, perception can be more important than reality.

Many students are angling for positions in Europe because of the perceived strength of the currency. Personally, I think this is a sound strategy (and I love Europe). I also like the American south. As the state with the most Fortune 500 companies in the nation and a healthy energy sector, Texas seems like a big winner, and a lot of people are aiming for Dallas or Altanta offices.

My take:
Places like Microsoft and Apple and a few CPG or food firms which are cash-rich should come out the big talent winners for at least the next 2 years, as we start to see the job equivalent of a "flight to quality."

Ultimately, it means that these companies are most likely to ensure continued success in the long-term because their management pipeline will be filled with the best and brightest. Banking is probably screwed for the next decade or so.

Week Four, in which I find new vocation as a translator

I am now in a work camp near Asti (home of Asti Spumante and many other wonderful wines).

Since this is, after all, Italy, the emphasis is on the "camp," and not so much the "work." For example, I have been assigned to do yardwork, but I was told not to do it today or yesterday, because it was raining.

Instead, my group slept in until noon, and then went on a guided tour of Asti, with lots of gelato. Then we went to our camp director's house and ate a four-course meal, with three flights of wine and tiramisù. It's tough living here, tough.

An interesting side-note about the camp...although the language of the camp was described as "basic english," no one who operates the camp speaks english, and two people showed up speaking neither english NOR italian.

Enter moi. I speak (now, really, I do) italian, I speak english, I speak some french and some spanish. From day one, I was conscripted as translator. Intitally, it was very hard switching between languages, but now I think I've gotten used to it, and now my italian has become exponentially better. For example, today I translated for a tour guide giving a lesson in medieval architecture, and then, over dinner, I had a conversation about photovoltaic cells. YAYYYYY

Anyway, the days have been longish and obviously, not very active, so it's given me a lot of time to get some perspective on the last 2 years of my life. In addition, I have met some really nice people. I am one of only two Americans, and there are two south koreans, a spanish guy, a mexican guy, a french guy, and a slovakian girl.

Even though it's only day three, it feels like much longer, and I really would recommend a work camp to anyone interested in exploring the culture of a particular country as well as anyone seeking to prepare for a transition in their life.

It's going to be strange going back to America and seeing all the other Americans. I'm looking forward to it, although I would hate to lose my italian now that I've come this far...