The report proposes that employers tend to hire fewer
All finance hiring was initially expected to expand in 2012-2013, but dipped at the start of this year, according to the report. "The job market has soured with layoffs and hiring contractions because of increases in interest rates, declines in mortgage activity, growth in online banking, and new banking regulations," it says.
MBAs may already be taking note. A report by the Wall Street Journal earlier this month found that the percentage of business school grads going into finance slid 12% at Harvard and 13% at Stanford over the past two years. Meanwhile, a record number of the elite graduates headed to the tech sector.
And while MBAs are expected to be among the hardest hit the finance hiring pullback, the Michigan State report suggests the sector isn't particularly promising for anyone. The industry as a whole is expected to cut hiring by 40%, with prospects for bachelor's degree holders falling by up to 27%.