MBA Career Trends: A Conversation with David Capaldi from Cornell Johnson
In this detailed interview, David Capaldi, Director of the Career Management Center at Cornell Johnson, shares his perspective on the current job market for MBA graduates. From shifts in tech recruitment to the challenges of landing consulting and venture capital roles, Capaldi provides practical advice for MBA candidates on how to navigate an evolving career landscape.
MBA Pathfinders: You’ve been at Johnson for a while. Are you seeing any new trends in the types of careers MBA students are pursuing?
David Capaldi: Yes, absolutely. Over the past decade, there’s been an increasing interest in technology. That trend took a bit of a hit over the past two years with hiring freezes and cutbacks, particularly in big tech. However, I believe that this will start to turn around—if not this year, then by next year.
That said, Johnson students tend to pursue relatively traditional MBA careers. A lot of students come here with the intention of going into investment banking, consulting, or leadership development programs. There’s always a lot of talk about entrepreneurship, but few students pursue it immediately. I think many would like to eventually, but realize they need more experience or financial stability before they take that leap.
MBA Pathfinders: How have changes in hiring trends, especially in consulting and tech, affected students at Johnson? What advice are you giving them?
David Capaldi: We’ve seen many students pivoting to "Plan B" options, such as corporate finance, marketing, or general management. Additionally, we’ve also seen increased interest in investment banking over the past two years. Students who may have initially considered consulting are now exploring banking instead.
In terms of tech, if someone really wants to be in the industry, we advise them to broaden their search. While companies may be hiring fewer product managers, there are other roles available. Flexibility is key — students need to broaden their sights within firms or explore opportunities beyond the big tech companies, such as tech roles in non-tech firms.
MBA Pathfinders: It seems like many MBA candidates aim for product management roles, even if their backgrounds don’t necessarily align. How do you help students navigate that challenge?
David Capaldi: That’s a common issue. A lot of students come in saying they want to be product managers, but they don’t always have the right experience. The skills required for product management are very specific and can’t be developed overnight.
We often suggest students interested in tech consider roles that are more aligned to their existing skills. For instance, we had one student who wanted to be a product manager but wasn’t really qualified. We guided them towards a marketing role within a tech company, which was a better fit. It’s important for students to recognize their strengths and pursue roles that make sense for their background.
MBA Pathfinders: Looking ahead, do you think consulting and product management will be viable options for the candidates applying this year – those who will graduate in 2027?
David Capaldi: I think consulting will remain a viable option. We’re starting to come out of the COVID hiring bubble. Firms over-hired in 2021 and 2022. We’re now seeing those firms return to normal hiring levels. So, yes, consulting will be an option, but we likely won’t see a return to the post-COVID hiring boom.
In tech, I think there’s going to be a resurgence, especially with opportunities in AI. But again, it’s important to be qualified. Firms are looking for MBAs who can bridge the gap between technology and business. You don’t need to be an engineer, but you do need to understand the technology enough to work effectively with tech teams while contributing business insights.
MBA Pathfinders: That sounds like the role of a product manager — connecting the technical and business sides of a company. Do you think candidates without a technical background can succeed in those roles?
David Capaldi: It’s possible, but it’s tough. Product management requires a certain level of technical understanding, and without that, it can be challenging to succeed. We often see students who view product management as general management, but it requires overseeing engineers, which necessitates a certain level of technical fluency.
That’s why I encourage students to be realistic about what they can achieve in a short period. If you don’t have a technical background, you might need to explore roles that allow you to develop that expertise over time- such as product marketing or program management - rather than jumping straight into product management.
MBA Pathfinders: You mentioned McKinsey, Bain, and BCG (MBB). Are fewer students landing jobs at these top consulting firms? Should candidates be looking at other firms instead?
David Capaldi: MBB is still an option for some students, but the numbers aren’t as high as they once were. Candidates need to broaden their search and consider other large firms as well as boutique consultancies. It’s just not realistic that 50% of consulting candidates will land at McKinsey, Bain, or BCG.
MBA Pathfinders: It’s interesting that candidates still fixate on MBB when there are so many other opportunities out there. What other mistakes do you see candidates making in their job search?
David Capaldi: One of the biggest mistakes I see is students following the crowd and pursuing roles that don’t really interest them. Consulting and banking are particularly prone to this, because they have the most structured recruiting processes. Students see a room full of their peers preparing for consulting or banking interviews and think “Maybe I should try that too.”
Another common mistake is underestimating the importance of networking and soft skills. Too many candidates focus solely on technical skills, such as case interviews for consulting or technical assessments for banking. But at the end of the day, people hire those they like and want to work with. Networking and building relationships are just as important as technical preparation.
MBA Pathfinders: Have you seen candidates set unrealistic career goals, particularly when it comes to competitive industries like venture capital?
David Capaldi: Yes, absolutely. One of the toughest goals is venture capital. Over the past few years, we’ve had more students interested in VC who don’t have the right background for it. There’s often a disconnect between students’ experience and the professional background VC firms seek. The more of these qualifications you have, the better your chances. Without them, breaking into VC is extremely tough.
If you hope to break into VC, there are four key things that can help in my opinion:
Experience in investment banking, private equity, or a consulting firm like McKinsey, Bain, or BCG.
Starting or working at a business where you’ve written a business plan or raised money.
Strong entrepreneurial experience, helping a business progress or grow.
A deep understanding of the investment landscape.
This is also where the difference between venture capital and private equity comes into play. These fields are very distinct. Working at a firm like Blackstone or Apollo in private equity is very different from working in Silicon Valley in venture capital. They’re two different worlds. In VC, you’re often looking at smaller investments, more about startups and early-stage companies, whereas PE focuses on more established businesses, sometimes involving restructuring or large-scale acquisitions.
MBA Pathfinders: What’s unique about the career advising office at Johnson, and how do you help students navigate these challenges?
David Capaldi: We have a team of six career advisors, and most of us have direct industry experience in the fields we advise on which is a big advantage. We’ve found that having advisors with specific industry backgrounds is helpful for our students.
Additionally, we hire second-year students as career-work group leaders. These students help prepare first-years for recruiting. Additionally, there are four professional clubs—finance, consulting, tech, and corporate —in which second-year students take an active role providing career advice and running educational sessions.
MBA Pathfinders: What advice would you give MBA candidates who are preparing to apply now?
David Capaldi: The most important thing is to start early. Use this time before the program to figure out what you really want to do and fill in any gaps in your skills. For instance, if you want to go into banking but don’t have a finance background, take an accounting class. If you’re aiming for tech but don’t have technical experience, consider learning SQL or another relevant skill before you arrive.
There are also pre-MBA recruiting opportunities, like Forte for women or events focused on certain populations
MBA Pathfinders: This was really helpful. Thank you so much for your time today!
David Capaldi: Feel free to reach out with any follow-up questions.