M.B.A.s are less likely to go into investment banking, money management and venture capital if they graduate in a bear market, according to a study by Paul Oyer, an associate professor of economics at Stanford's Graduate School of Business. In 1985, two years before the 1987 stock market crash, 26% of Stanford M.B.A. graduates became investment bankers. But in 1989, two years after the crash, just 17% went into investment banking.

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