Fallout from the recent collapse by some of the nation’s largest financial institutions will not only affect those working now, but could plague those looking for work in the future.

News of the plight of Merrill Lynch, Lehman Brothers, and AIG hit home for those in business school, who are preparing for careers in the financial sector.

Eleven-thousand jobs have been lost on Wall Street this year, and the latest events will only bring on more. Hiring is projected to be down 50% among financial institutions, and the job market will be very competitive to say the least.

With companies scaling back on labor, recruitment efforts have dropped off, as little growth is on the horizon.

So how are those exiting academia supposed to start on a career?

Answers for some may be obvious. It will take time, of course. Wall Street has to reorganize, and those in school must be patient looking for work. Some may not want to look on Wall Street, and opt for corporate finance, which is a safer option.

At this time, students should strategize and plan out their careers.

Meanwhile, schools are reporting increases in enrollment in MBA programs, which is a good idea, since it allows students to learn as much as they can and wait out the situation. That is, if they have the time.

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