Salomon: 2010 Set to Be Worst Year for MBA Hiring

The Takeaway: Last week BusinessWeek ran an article saying that, though applications for MBA programs are up, the prospects for recent grads looking for a job in finance or consulting are "wretched." The piece goes on to quote a survey by the MBA Career Services Council:
About 70% of the 77 schools surveyed said they saw a downturn in full-time recruiting opportunities in financial services in October. Meanwhile, about half of the schools said overall full-time job postings and on-campus recruiting this fall was either flat or down 5% during the same period, with some indicating it has fallen as much as 10%.
Robert Salomon uses his blog today to opine that both the survey and his earlier post on the MBA hiring crisis are guilty of looking at the situation through rose colored glasses. His previous prediction: "The students who will really, truly feel this recession are the graduates of 2009." What's his revised view?

In light of the fact that "this economic recession is far deeper and more broad-based than that of 2001-2002," Salomon concludes that, while '09 will still be an extremely difficult year for MBA grads, "it is starting to look like it will be worse for the class of 2010."

The Question: Current MBA students weigh in: how bad is the hiring crisis and how are you dealing with it?

(Image of proud MBA grad with diploma by itdan, CC 2.0)