Financial services has traditionally vied with management consultancy as the career of choice for MBAs. One third of those completing the course at LBS have typically gone into consulting, one third into financial services and one third into industry.
Last year these sectors also had to vie with dot-coms, making talent relatively scarce.
This year the situation appears very different. Dot-coms are out of the picture and consultancies are pruning their recruitment needs. 'Some of the big consultancies have substantially reduced the number of offers that have been made as a result of summer internships,' says Chris Bristow of the LBS careers service.
Management consultants are likely to have been hit particularly hard by the end of the technology boom and by lower IT expenditure.