Top MBA Recruiters: Citigroup
Many MBAs seek employment from top financial services firms following graduation, and one firm close to the top of any “Dream Job” lists is Citigroup Inc. As reported in our “Best Companies to Intern For In Chicago”, Citigroup has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. According to Forbes, Citigroup employs around 231,000 individuals.
The company provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. According to Citi, the firm currently operates through two primary business segments: Citicorp, which represents core growth franchises, and Citi Holdings, which contains businesses and assets that are not necessarily core to the firm’s future.
A Little Bit of History
According to Citigroup, the City Bank of New York was chartered in 1812 when a group of merchants took the first steps toward setting up a new bank to help New York compete with rivals in Philadelphia, Boston and Baltimore. Citigroup in its current incarnation was formed from one of the world’s largest mergers when Citicorp and financial conglomerate Travelers Group merged in October 1998. As of recent, it is the third largest bank holding company in the US by asset value.
Despite suffering huge losses during the global financial crisis of 2008 and having to be rescued by a giant US federal stimulus package, as of June 2012—its 200th anniversary—Citigroup had stockpiled a hefty cash reserve. Just years after the crisis, the firm established $420 billion in surplus liquid cash and government securities.
On Citigroup’s 200th birthday, CEO Vikram Pandit offered a statement during Global Community Day—an annual event that serves as an opportunity for employees, alumni, family and friends around the world to gather to demonstrate a shared commitment to its communities.
“For two centuries, Citi colleagues have worked to enable economic progress and support our clients on their journey from ambition to achievement. There is no better way to celebrate our 200th anniversary than by honoring our history, embracing the future and working together to strengthen the communities where we live and work.”
Citigroup and MBAs
According to Bloomberg, Citigroup the biggest MBA employer in financial services, ahead of Bank of America, JPMorgan Chase, Goldman Sachs, Credit Suisse, Barclays (BARC:LN), Morgan Stanley and Deutsche Bank (DBK:GR).
Fortune also notes that Citigroup ranks as one of the 25 “Most Desirable MBA Employers”, with 4.75 percent of all MBA graduates wanting to work for the firm. The ranking states that Citigroup expects to hire about 235 new MBAs each year as associates and management associates, particularly favoring candidates “with a global mindset and strong analytical and communication skills.”
Bloomberg also listed some other business schools that Citigroup commonly hires from, including Cornell University’s Johnson School of Business (6.75 percent, 19 students), Olin School of Business (3.55 percent, 5 students), McDonough School of Business (2.38 percent, 6 students). Recruiters have also highlighted career opportunities in Korea and Japan at events with Northwestern’s Kellogg School, University of California-Berkeley’s Haas School and MIT’s Sloan School.
Getting a Foot in the Door
With major locations in New York, Los Angeles, San Francisco, Houston and Chicago, Citigroup ranks high on the list of MBA internships. According to TopMBA, Citigroup’s MBA interns participate in hands-on work alongside analysts and associates for 10 weeks.
“Citi’s programs give interns the opportunity to have a real impact while doing real work, and many of them return as full-time analysts and associates following graduation,” said Courtney Storz, Citigroup’s head of graduate recruitment and program management for North America.
The competitive internship program gives interns the chance to contribute as a member of the team to which you are assigned and have responsibilities similar to a first year professional. Citigroup utilizes the summer internship program as a primary source for hiring full-time employees.
Internships are available in investment banking, equities, fixed income currencies & commodities, global transaction services, technology and human resources. According to Citigroup, the firm offers a competitive salary for interns, similar to that of a full-time associate already hired in an entry-level position.
Are MBAs Good Writers?
It’s tough goings for a writer nowadays. In post-Recession America, students majoring in English, Creative Writing, and (sadly) Journalism degrees are less likely to find employment in their desired industries.
Part of it is job climate, part of it is just a matter of too many people getting degrees in subjects with weak job markets. Continue reading…
The Business of Giving Back: 5 Philanthropist MBAs
There has long been a tradition of philanthropy in the MBA community. Graduate degrees in business place a great deal of importance on ethics. As a result, alumni are often inspired to give back once they achieve success. The philanthropic efforts of some notable MBA graduates continue well into retirement. Here are several examples of philanthropist MBAs that stood out to us.
Bloomberg and GE Join Smeal Corporate Associates Program
The Penn State Smeal College of Business has announced the Bloomberg LP and General Electric Co. have joined the Penn State Smeal College of Business Corporate Associates Program. The two companies joined 26 others in the program, including the program’s corporate partner, Kohl’s Department Stores. The Smeal Corporate Associates Program provides companies with connections to Smeal’s top student body for recruiting purposes. Corporations can connect with students for a variety of recruiting options, including undergraduate internships and co-ops and MBA internships and full-time positions as well as full-time positions for Smeal alumni.
In addition to recruiting opportunities, Smeal also provides its Corporate Associates with support for solving business challenges with access to industry-specific research centers as well as its Student Consulting Programs. Penn State also offers a wide variety of Executive Education programs. Other companies that participate in the Smeal Corporate AssociatesProgram includes, Aldi, Altria, AT&T, Baker Tilly, CohnReznick, Crowe Horwath, Delta, Deloitte, Dick’s, EY, Ferguson, First National Bank, Grant Thornton, Ingersoll Rand, Johnson & Johnson, KPMG, Macy’s, McGladrey, PLS Logistics, PNC, PPG Industries, PricewaterhouseCoopers, Shell Oil, UPMC, Volvo and Williams.
Villanova Alumnus Invited to Bloomberg Hall of Fame for High BAT Score
Villanova School of Business alumnus, Michael Breault ’15, has been invited into the Bloomberg Institute Hall of Fame after earning the fourth highest score in the Americas region on the Bloomberg Aptitude Test (BAT). The Bloomberg Aptitude Test is a tool developed by Bloomberg that helps students and recent graduates to connect with financial employers worldwide. Those who complete the BAT can prove their strengths in areas ranging from finance to business and personal competencies.
After completing the test, students can enter scores in the BAT Talent Search. The BAT Talent Search is a tool used by employers to help them to identify the best candidates for entry-level business positions. Employers can then view the submitted student profiles anonymously and have the opportunity to contact the students who have testing profiles that are complementary to the employer’s available career opportunities.
