HOBOKEN, N.J. — This summer the MBA interns are coming, and thetiming couldn't be better.
“With the economy and the Goldman Sachs-MerrillLynch-typical-MBA-shuffle straight to Wall Street not being thesame cash-strewn path it used to be, there is now uncertainty amongthese students about their career paths,” said Filene ResearchInstitute CU Tomorrow Driver Ben Rogers. “And this is the perfecttime for credit unions to make their play for these talentedstudents and let them know they can make a difference.”
To help credit unions tap into this talented pool of futureleaders, Filene has partnered with Net Impact, a network of globalleaders dedicated to changing the world through business. NetImpact members are committed to sustainable business, which Rogerssaid makes them a great match for credit unions. With Net Impactchapters at top MBA programs around the country, Rogers said theirmembers represent the cream of the crop in terms of business talentand leadership.
“We've got more than 10,000 members from around the world who areMBA students committed to using their knowledge and experience forgood in their communities and people's lives. With the challengesthe credit union industry as a whole is facing attracting youngtalent and given the value credit unions have in their communities,the partnership seemed to be a natural fit,” said Net ImpactCorporate/Donor Relations Senior Manager Sarah Coleman.
Rogers said participating in the MBA Fellowship program is easy.Credit unions simply have to identify a management-levelproject-that might otherwise be reserved for a consultant-and beprepared to pay market wage for a 10-week internship. Filene andNet Impact will take care of all of the vetting and send creditunions a list of qualified candidates to interview.
“They may not be getting Wall Street compensation, but what creditunions can offer these MBA students is a seat at the table withsenior management making decisions,” said Rogers. “They might notbe bounding up the compensation ladder as quickly as their fellowalums, but they can be rungs ahead on the strategy and managementladders.”
It turns out that the new crop of MBA graduates may be interestedin more than just cashing in. According to Coleman, an informalsurvey last year of its member MBA population revealed thatrespondents are willing to accept a 20% cut in compensation to havea position that better reflects their values.
“We recognize that our membership is not representative of thetotal MBA community, but the response was still surprising,” saidColeman. “And as more people consider the entire spectrum ofcompensation, the idea of being socially responsible and havingopportunities to give back to the community may gain more tractionthan just financial rewards.”
Rogers adds that now is not just a good time for credit unions toattract members but also these leaders who are looking to make areal difference in an organization and their communities.
“Credit unions are thinking hard about succession planning acrossthe ranks and where the next generation of credit unions will comefrom,” said Rogers. “We can offer these MBA graduates somethingthat is diametrically opposed to what they are seeing in theheadlines-financial institutions that are cooperatively owned withno outside shareholder pressure-with just the mission of doing whatis in the members' best interest. And credit unions have access tohigh-level thinkers who can serve as a consultant and bring freshideas and new perspective to specific projects.”
Rogers said the hope is that when they graduate, these futureleaders interested in working at socially responsible organizationswill consider a career path that leads them back to the creditunion industry. The program is in its second year and so far fourcredit unions and CUNA Mutual Group have opted toparticipate.
According to CUNA Mutual Strategic Staff Manager Jaime A. Benton,the allure of getting young potential leaders into credit unionswhile learning more about the recruiting process and internshipscame at the right time. Building on its successful undergraduateinternship program, CUNA Mutual has recently started the frameworkfor recruiting MBA and graduate students.
“The undergraduate internship experience has been so wonderful andover half the interns have been offered an opportunity to come backfull time,” said Benton. “We're looking forward to recruiting twoMBA interns and this has been such a positive experience. Beingable to use and leverage Net Impact's connection with students andFilene providing the contacts, we didn't have to do any directmarketing and that has been a huge timesaver. We're also gettinggreat ideas on ways we might be able to network and show howamazing credit unions are to these potential leaders.”
Also excited about showing off the credit union difference to theirthree MBA interns is Xceed Financial Senor Vice President ofMarketing and Human Resources Kathryn Davis.
“It is a great opportunity that fits in with who we are and what weare trying to do here. The two biggest things that piqued ourinterest is that I love that we'll be getting fresh ideas and afresh set of eyes on different projects and giving these talentedpeople an opportunity to open the hood and look at what creditunions are about and that they can have a viable career in theindustry,” said Davis.
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