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"The average annual salary for those jobs was $90,721, nearly twice the median income for all American households."
"Foreigners are attractive hires because companies have found ways to pay them less than American workers."
There is a difference between reading an article and understanding it. Many of you read and post quotes, but do not understand what it is you are posting.
The point is, these banks are being bailed out by American taxpayers. IMO they should hire, or promote from within, American workers.
"The average annual salary for those jobs was $90,721, nearly twice the median income for all American households."
"Foreigners are attractive hires because companies have found ways to pay them less than American workers."
There is a difference between reading an article and understanding it. Many of you read and post quotes, but do not understand what it is you are posting.
You are making a great point and they need to research what the average starting salary for MBA graduates is. How to Calculate MBA Salary?
A base annual salary of $92,300. was the expectation of graduates of MBA in 2006, according to the Graduate Management Admission Council (GMAC) in McLean, Virginia. According to the MBA salary calculator an additional $17,600. is the expected signing bonus that such a new employee receives.
Calculate your MBA
Salary & ROI in 3 steps
This calculator will calculate your return on the MBA investment.
Tuition Fees (24 month):
The reality, though, for those MBA’s in 2006 who accepted job offers with less than three years of work experience on their resume is an average base salary of $68,400 and a signing bonus of $10,740, according to GMAC.
Seems like the article was written by a disgruntled journalism major lucky to have a job and suffering from degree envy.
Banking is and will continue to become an international business. I would not be surprised that the industry is among the leaders in requests for visas, not because they are trying to take jobs away from Amercians, but because the people they have fairly chosen to put or bring into postions in this country need a visa to work here. Baseball might be a silly, but still useful, comparison. Nobody is unfairly denying a hard-working American the job as right-fielder in Anaheim. It is simply a fact that Vladimir Guerrero is a better right-fielder than any of them, and he happens to need a visa to work here.
It may also be worth considering that in exchange for their bailout checks, banks were not expected to stop being banks. The bailouts were an attempt to inject some liquidity into a banking system that had lost trillions of dollars worth of it. While continuing to pay seemingly exhorbitant bonuses and to purchase cushy corporate jets may quite reasonably be seen as being at least in bad form under the circumstances, it would still seem appropriate for banks to engage freely in more mundane business practices such as getting, training, and developing the staffs they need to run the complex business that they engage in.
On a related note, the stimulus package currently has several "Buy American" restrictions built into it which, while perhaps playing well enough to the home folks, are already causing us considerable difficulty in the international arena. We will need to be able to work easily and amicably with all of those other players within the G20 or so in trying to get the world back onto even economic footing, so we might well consider losing those restrictions on the basis of their being penny-wise and pound-foolish.
Last edited by saganista; 02-01-2009 at 08:15 AM..
The point is, these banks are being bailed out by American taxpayers. IMO they should hire, or promote from within, American workers.
Don't know about you but I want the best people managing my mutual funds. I don't give a darn about birth place as it is my money and my future. Competence. That is why Toyota is the number one car company in the world now having replaced GM. Competence and quality. If American students want the top jobs them let them study and get into the top schools and that will follow. If they want to party and give the advantage to others then they will also be surrendering the best jobs to others. American students in business schools have not in recent years had the same sense of ethics that foreign students have. Hmmmmmm I wonder if that has played out in the market and economy.
Teaching Business Ethics: A Critical Need
Earning an MBA today is an expensive endeavor. Add the costs of lost salary, housing, and living expenses to tuition and course materials, and the price of an MBA degree from a top-ranked school can reach $200,000 or more. These escalating costs have led many to question whether or not an MBA is worth the trouble.
Now this article is 13-14 years old so how did American students react to the competition from international students for those coveted MBA spots in the top schools? Broader Horizons In MBA Programs - International Herald Tribune
NEW YORK: No department in America's universities is changing more quickly than its famed graduate schools of business. They are adapting to globalization of commerce in the real world by seeking out teachers and, above all, students from other countries to internationalize their courses.
What global economy? So American business concerns need MBA employees who can speak a language other then English. Hmmmm students with Chinese backgrounds to deal with China? Hmmm how novel. Why not just require all Chinese investors to speak English in order to do business with us. Makes sense to you doesn't it? India? Make them speak English also. Never, never expect American students to speak anything other then English. YES WE CAN make the world adjust to us. YES WE CAN. Remember the commercial where the guy mispronounces the words and blows the deal.
I think I see the point! It IS a good idea to give jobs to the best educated no matter who it is....Americans don't deserve jobs because they're stupid and they should have their jobs taken away...what will hurt??...nothing.
Another good idea... with American health care so high and many not being able to afford it...American corporations should only hire healthy people from other countries where they may have better coverage!
Americans don't need jobs or health care when there's such a good supply of workers from other countries!
And I'm sick of doctors and health care workers who I can understand! I will learn all of the gazillion dialects of India, China, learn Russian, and several other languages so I can accomodate all the new and smarter doctors from other countries...it is my duty and responsibility to speak ALL their languages because I can't really CHOOSE which doctor I go to.
I think I see the point! It IS a good idea to give jobs to the best educated no matter who it is....Americans don't deserve jobs because they're stupid and they should have their jobs taken away...what will hurt??...nothing.
Another good idea... with American health care so high and many not being able to afford it...American corporations should only hire healthy people from other countries where they may have better coverage!
Americans don't need jobs or health care when there's such a good supply of workers from other countries!
And I'm sick of doctors and health care workers who I can understand! I will learn all of the gazillion dialects of India, China, learn Russian, and several other languages so I can accomodate all the new and smarter doctors from other countries...it is my duty and responsibility to speak ALL their languages because I can't really CHOOSE which doctor I go to.
Good ideas in this thread!!!!
Then tell American students to get off of their lazy butts and stop seeking easy majors and take on Organic Chemistry. Take a foreign language in middle school and stay with it through high school and into college. Take every math course you can and graduate from high school with at least Calculus one so you can get into a real undergraduate business program and take the math in college so you can get into a top MBA program. Oh yeah petition your local board of education to cut back on sports so they can offer a wider variety of foreign languages at earlier ages. Does your school system offer Chinese at all of their high schools? Oh yes what about the various languages spoken in India are they offered. Are all of the students in your district required to complete real Calculus prior to graduation? That is the gatekeeper for a quality undergrad business program and pre med. Yeah how many Biology teachers became education majors after they washed out of Organic Chemistry? What ever happened to the liberal mantra on globalization?
Want a doctor you can understand? Then find one or move to where they are other wise take what's available. Understand who is majoring in the more challenging short supply academic program these days.
Go to a graduate school graduation at one of the elite Universities and it will be very clear to you who is graduating and who is paying the price to do so.
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