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One-Year MBa (World-Class Program. World-Class Opportunities. Unrivaled Value.)

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Usingmarket conditions at graduation as instruments for initial career choice, I show that taking a position onWall Street leads a person to bemuchmore likely to work onWall Street later in his or her career. I then estimate how shocks that lead people to either start their careers on Wall Street or elsewhere affect the discounted long-term financial value of their compensation. I estimate that a person who graduates in a bullmarket and goes to work in investment banking upon graduation earns an additional $1.5 million to $5 million relative to what that same person would have earned if he or she had graduated during a bear market and.