At Indiana University's Kelley School of Business, students were wooed heavily by some investment banks that had never before visited the campus. But this year, the investment-banking units of several big financial companies, such as Credit Suisse First Boston, have curbed recruiting there. Also dwindling is the number of summer internships, which are key stepping stones to full-time positions after graduation. The decline has sparked a scramble among first-year M.B.A. candidates. Hewlett-Packard Co. withdrew from summer recruiting at the University of Pennsylvania's Wharton school in Philadelphia after filling its summer slots through earlier career fairs.
Some companies are outright withdrawing offers for internships and full-time jobs.
Chicago consultancy MarchFirst Inc. rescinded a handful of full-time job offers because of layoffs, a spokeswoman says. Another consultant firm, DiamondCluster International Inc. of Chicago, took back summer-internship offers from students at about six business schools who had not yet accepted. Students who hadn't responded had to be told the program was filled. Career-services directors say salaries for M.B.A.s are still edging upward, though companies may not be as generous with other perks, such as bonuses, stock options and tuition assistance. Those days are over.