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一○年上海要開世博會了。
跟○八年北京要開奧運會一樣，臨時抱佛腳，近來密鑼緊鼓搞「文明教育」，還是老一套，教育上海人，坐公共汽車和地鐵，要排隊，站在自動扶梯上，要讓出一邊給人走。
電視新聞裏，播出了上海人在公共汽車站一擁而上拚命擠車的鏡頭，車上的乘客還沒下車，車下的人就潮水般擠了上去。這使我想起一個上海導遊跟外國旅行團作的介紹：「在上海坐公共汽車，一定要身體好，身體好的人才能回家。」
一個號稱文明了五千年的國家，在全國最大的兩個城市──北京和上海──的基礎「文明教育」，大張旗鼓，不過是教人坐車要排隊。是可笑？還是可悲？
連北京、上海的「文明程度」都這樣，其他中小城市，邊遠地區還怎麼辦？
排隊乘車不過是一個「與人方便，與己方便」的常識，不過是為了大家可以順順當當上車下車，如今也要提到「文明」的高度，煞有介事，「文明」在中國，是不是還存在，幾乎成疑。中國人還知不知道「文明」為何物，幾乎成疑。
堂堂大上海，口口聲聲要成為中國的國際金融中心，市民卻連乘公交車要排隊的道理還未明白，這是還沒進化，還是退化？
曾經有個上海朋友捎話給我，說香港有些上海人對我很有意見，怪我常常在專欄裏罵上海人。
但是，看看上海人到今天還不知道坐公共汽車要排隊，能不罵嗎？ 

美國鬼子很壞

美國財長蓋特納到中國訪問。中國買了那麼多美國債券，所以蓋特納這一次，是債仔見債主。
債仔見債主，態度要恭敬謙讓，言語要小心翼翼，所以從前叫得震天響的要人民幣升值之類言論，這一次是提也不敢提了。人窮志短，全世界都一樣，美國佬也不例外。
所以，這一次，蓋特納就像從美國到中國「滙報工作」一樣，來報告美國的經濟情況和對付金融海嘯的成效，目的自然是讓以溫總理為代表的「不放心派」放下心來。
這麼一來，中國人當然覺得很有面子了，世界輪流轉，如今連美國人都到中國來「滙報工作」了，天朝大國崛起，還有疑問嗎？中國人一高興，就慷慨，說不定，這一次又要給美國佬佔便宜了。
蓋特納說，他覺得現在中美經濟情況調轉了，所以中美兩國人民的理財方式，也可以調轉一下。以前美國人是少儲蓄多消費，現在應該反過來，多儲蓄少花錢。但在中國，中國人一直是多儲蓄少消費，現在也應該反過來，要少儲蓄，多消費。
這個在北京大學讀過兩個普通話課程的美國鬼子，很會利用中國人的虛榮心，把美國一鑊泡的理財概念灌輸給中國，讓中國人在飄飄然之際，不知不覺着了道兒，都變成了大花筒。
美國鬼子亡我之心不死，太壞了。但我們滿心得意志高氣揚的胡主席、溫總理有沒有看到這一點呢？真的令人很擔心。 

• （李純恩）

  
  

企業難民

股市狂升，一片好景，睇淡沽空或買入熊證者，無不輸到面青，令左丁山想起淡友天真許。股市咁暢旺，好多人話與實質經濟背馳，但全世界央行一齊大搞特搞量化寬鬆，印銀紙，減息至幾乎等於零，令全世界銀行水浸，於是大量熱錢湧入股市，炒個不亦樂乎。呢啲錢點解唔湧入實質經濟體系呢？原因可能係大家都對前景仍然缺乏信心，唔敢放膽投資，啲錢不如走去股市短炒一轉好過。
股市升，交投旺，無怪此日見到分析師在鏞記四樓開房吃午飯，正是莫待無花空折枝也，左丁山剛好赴約，坐在房外散座，亦戥佢哋高興。吃過午飯，走落大道中，碰到穿着成套整齊西裝嘅行銷Ａ，咦，佢平時在上海多過在香港嘅噃，做乜在中環出現。行銷Ａ即刻遞上新名片，一望，心中打突，佢幾時做咗「乾收銀」（ consultant），此乃 MD（踎墩）代名詞也。果然，行銷Ａ好坦白咁講：「經濟不景，跨國公司大裁員，大老闆宣佈退休，走咗先，總部派女強人接任，立即炒晒我哋幾個 senior，起用幾個佢嘅年輕人，為公司慳番好多皮費。你知啦，我哋五六個人，人人七位數字年薪㗎，公司仲唔乘機縮皮咩。我有好多位老友在其他不同大公司都遭遇同樣命運。現在我哋呢類人有一個新名詞，叫做 corporate refugee（企業難民）。難民就要等待企業收留，現在住響難民營，咪利用自己多年經驗與工作專長，做吓『乾收銀』先囉！」

唉吔，同類事件，左丁山在九八年九九年都見過，估唔到十年後歷史重演，想起嗰年，有朋友四十幾歲，年薪過百萬，兒子剛好中學畢業，要到美國留學，誰知朋友被裁，一時之間唔知點算，最後惟有賣樓食住穀種過寒冬。呢十年來中產階級飽受折磨，益發令人覺得儲糧之重要，好景時要有啲憂患意識至得。與行銷Ａ拜拜後，心情不舒暢，返到公司，收到香港電影資料館寄來之《通訊》 48期，內有一篇〈空餘不了情：訪林黛故居〉，據知，林黛 1964年 10月 17日（ 30歲）自殺後，其故居衣物四十餘年來大部份原封不動，其子龍宗瀚於 2007年父親龍繩勳逝世後，主動接觸電影資料館，借出大量遺物，經資料館整理後，八月舉行公開展覽，欲知當年一代影后之香水、粉盒、胭脂、玉鐲等等眾多遺物是何樣子，不可錯過展覽會。 

海嘯的故事

美國通用汽車（ GM）申請破產保護令，重組營運模式，將 GM一分為二，新 GM接收有價值資產與品牌（ GMC， Cadillac， Buick， Chevrolet），舊 GM保留壞資產與無用品牌（美國銷量低之汽車）如 Pontiac， Saturn， Hummer， Saab。新 GM嘅股權分佈喺美國政府 60%、加拿大政府 12.5%、工會 17.5%、債券持有人 10%，原來嘅股東呢，對唔住，一啲都冇你哋份，九十美元買入一股者，留番做金融海嘯紀念品啦。
GM患重病，非自今日始，但金融海嘯就係呢間百年老店嘅催命符。何解有金融海嘯？老友 K自三藩市傳來電郵，一啲有心人有最新解釋：
柏林一間酒吧老闆 Heidi諗到一條妙計，增加賣酒收入。酒吧客戶多數係失業酒鬼，要飲酒，但孤寒， Heidi特別批准佢哋飲酒有拖冇欠，月尾埋單，於是消息傳開後，酒客湧至，生意大增，酒吧乘機加價，增加利潤； Heidi手頭上多咗好多應收未收賬款（ receivables）。賬面上，錢賺多咗好多，但現金流唔夠用噃，怎麼辦？酒吧條街有一間銀行，內有一位 RM（客戶經理），十分進取，聞風而至，搵 Heidi斟生意，教佢將啲應收賬款抵押畀銀行，借多啲錢嚟周轉。
銀行總部的衍生工具專家立即動腦筋，將啲酒吧賬款包裝成為 Drinkbonds， Alkbonds， Pukebonds……冇人識得這是甚麼 bonds，不明白其結構，但啲銀行配售專家就將呢類 bonds分銷全世界，政府買入，基金買入，大戶散戶齊齊買入。格林斯潘不是說過市場有 froth（啤酒泡）而無 bubble嗎？項懷誠來港不是說過沒有泡的啤酒不好飲嗎？

直至有一日，一位「四方木」──銀行風險管理經理突然間話：「我發覺有啲唔妥，啲啤酒債券炒得太癲嘞，可能大家都飲醉晒！」銀行好唔高興，叫佢唔好周街講，立即炒咗佢，然後暗中派人去 Heidi酒吧收數。 Heidi於是向酒鬼債仔追數，不追猶自可，一追就爆煲通天，冇人有錢還， Heidi唯有申請破產，跟住引發大規模賴債（ default），啲啤酒債券價格大跌特跌，銀行周轉不靈，要政府動用公帑打救，穩定局面。政府啲錢點嚟㗎，咪向唔飲酒啲納稅人加稅囉。這就是金融海嘯的故事。

上海近況

前兩天寫了一篇駡上海人的雜文，隔天收到一位在上海工作的香港朋友電郵：「看到你的文章，想告訴你，上海這個『國際金融中心』已經一個多星期沒有外國報紙了，當然包括香港報紙。不論你是《明報》或《信報》，銀行訂的財經報紙一律扣查。打電話去問，就說內容不符合國情之類的黑講白講。」
朋友在一家港資銀行工作，銀行訂的財經報紙都看不到，可見形勢緊張。她說的那「一個多星期」，正好是「六．四」前後，敏感時期，上海做的工夫一定比其他城市足。
有一次跟楊瀾聊天，那時候她還在經營陽光衞視，總部設在上海，但把創作班子放在北京。
問她為什麼會作如此安排，她說因為上海表面上是個洋化開放的大都市，其實在政治上，比別的城市保守得多。一件事情，如果中央畫一個圈，北京人敢做到九成，但上海人只敢做到七成，還有三成，不用中央出聲，自己就廢了。
所以，創作的事情，不能在上海做，因為上海人膽小，怕惹麻煩。
那上海人可以做什麼呢？
楊瀾說，許多外國資料的翻譯工作，上海人就做得比北京人好。所以，那時她把電視台的翻譯工夫，都放在上海，讓上海人做。
今年是「六．四」二十周年，北京緊張得要命，上海自然就不用說了。新聞報紙固然都封鎖掉，財經報紙也不可走漏，誰知道寫財經的人裏面，有沒有搗蛋鬼？
這就叫「政治正確」，寧枉毋縱，少看一個星期境外報紙會死嗎？要是放鬆警惕，出了事，那才要死呢！ 

• （李純恩）

棄船王

「棄船王」盧永仁　撇 I.T袋$2,000萬

2009年06月04日

上週四，時裝連鎖店 I.T宣布全年業績，盈利大跌七成五，同時「送走」合約期滿的副主席兼董事總經理盧永仁，另覓賢能。盧永仁掌舵 I.T三年，任內力主殺入大陸市場兼大舉擴張，最終走錯方向，交出一張肥佬的成績表。
經常轉工的盧永仁，慣性在不同行業及公司坐一段短時間便「棄船」。三年前他轉型賣衫，曾誇口要令 I.T市值在五年內「翻兩番」，但他出師未捷身先死，至今 I.T市值較三年前大跌四成三，而盧永仁則穩袋超過二千萬元董事酬金，相信主席沈嘉偉後悔不已。

今年， I.T罕有地閉門向分析員及投資者進行業績簡報，拒記者於門外，與盧永仁的高調作風大相逕庭。最後一次主持會議的盧永仁，在交出一份慘淡業績後，宣布辭職，六月十二日生效。
盧永仁選擇以低調的方式告別 I.T，與三年前甫上場時的意氣風發，判若兩人。○六年，加入 I.T這經營時裝店的上市公司時，盧永仁忽然改頭換面，日本潮流教父上身，猿人
T恤、 Neighborhood繡花牛仔褲，配明星熱捧的 Visvim便服鞋，並拋出五年大計，要將 I.T當時十四億的市值「翻兩番」，至四十三億元。而 I.T主席沈嘉偉也十分闊綽，盧永仁第一年董事酬金超過六百萬，另外有一千萬股認股權，認購價一元半左右。

放大圖片

I.T在澳門威尼斯人內的商場連開七鋪。近年澳門旅遊業受中央政策打擊，商場人流疏落。（關永浩攝）

放大圖片

盧永仁入主 I.T三年成績表

飛起旭日闖大陸

I.T走 young-causal方向，本來現金流量充足，業務穩定，但盧永仁入主後， I.T被憧憬變成明日的思捷，盧為取悅基金經理，遂硬銷「大中華」概念，結果做了兩個錯誤決定。
○七年十月，乘股市狂潮， I.T豪擲二億六千多萬，向「牛仔褲大王」楊釗旗下旭日集團，買入仍處於虧損階段的內地合營公司 GSIT其餘五成權益，一名零售業同行說：「盧永仁未入主前， I.T同旭日集團搞 Joint Venture（合營），將 I.T代理嘅品牌帶入中國。旭日大部分生意都在內地，內地人脈關係及經驗豐富，應可助 I.T開拓業務，但前年尾 I.T竟以兩億多高價買起這間 JV，呢間公司未賺錢，兩億幾元係一個好高嘅 premium（溢價），但佢（盧永仁）攞番『主權』，都未見有大動作。」 I.T宣布獨自進軍內地市場，盧永仁更誇口或將內地業務分拆上市，消息曾帶領 I.T股價在○七年十月突破兩元水平，至○七年底，更挾上三元多的歷史高位。

好大喜功　過度擴張

盧永仁掌舵後， I.T的策略就是不斷擴張。在○六至○八年間， I.T多開了七十多間鋪，並將戰線伸延至澳門及上海，「佢哋年幾前喺威尼斯人酒店開鋪，一口氣租咗七間鋪面，估計每間租金平均都要三十萬了！仲因為裝修問題，搞咗一年都未開！要兩、三個月前先開到，中間可謂白俾租金。而且威尼斯人主要客路是內地人，對 I.T內品牌根本不太熟悉。如果佢分階段，先租兩、三個鋪面再睇反應拓展，會更加保險囉！」該名同行說。
好景不常，○八年股市泡沫爆煲， I.T股價應聲滑落。內地業務遲遲未能止血，且相關商譽減值沉重，港澳方面業務亦因擴充過急，引致負債高企，截至今年二月，總負債大升四成八。早於○八年中期業績， I.T已經「露底」，不但純利大跌六成六，租金及存貨增幅分別達六成三及四成二，下半年，未能扭轉劣勢的 I.T，全年盈利跌幅擴大至七成五，其中商譽減值便達五千九百萬元，盈利收窄至四千二百多萬元。盧永仁起身後， I.T立刻變陣，宣布今年不會在港開分店，並叫停上海十萬呎分店大計，而 I.T近月亦不時劈價清倉救亡。
現時，盧永仁仍持有百分之一點四的 I.T股份，都是透過行使認股權及在市場買入，成本一千八百九十多萬，現 I.T股價只有七毫子，該批股份市值約一千一百多萬，賬面蝕近七百多萬，不過，○四年已加入 I.T任非執董的盧永仁，五年來，收取的董事酬金及薪酬等，總計超過二千萬。

十年轉五份工

盧永仁挾着劍橋博士的亮麗銜頭，修讀基因工程，卻加入麥肯錫任管理顧問，展開「走馬燈」式的打工生涯。二十年轉了七份工，每次均轉工兼轉行，大耍變身術。
盧永仁在職最長的一份工是香港電訊（電盈前身），九五年出任互動多媒體服務董事總經理，動用十三億元發展號稱全球首創的 iTV（互動電視），香港電訊前後花費逾百億元，仍未令項目起死回生，而盧永仁早在 iTV面世不到半年，即九八年秋，加盟萬國寶通（現花旗銀行）任總裁。前電盈行政總裁張永霖更說過：「只怪當初太過信任盧」。
本週一記者致電張永霖，他說：「都事過境遷啦，我唔想評論啦！哈哈！我哋在香港電訊時與他共事過三、四年，其後我在聯通做獨立董事，佢（盧永仁）亦在呢間公司工作，但我哋工作無磨擦，私人就無接觸嘞。我真係唔想講了，哈哈！」

開展悠長假期

轉投花旗的盧永仁，曾揚言要在五年內超越恒生，成為本港第二大銀行，結果在一年後極速離職。九九年，科網熱潮，盧永仁自資三千萬，入股上市公司奇正科技，易名網基，變身科網股。年半後，泡沫爆破，盧永仁賣股離場，賬面勁蝕四千多萬。
做不成科網大亨的盧永仁，曾寄居公關公司，並身兼多間公司的獨立非執董，包括已爆煲的海域。至○二年中獲中國聯通招攬，出任執董兼副總裁。不過，如今即將離開 I.T的盧永仁，仍未有落腳之處，這個暑假自言會陪兒子，歐遊兼進修。

盧永仁入主 I.T三年成績表

「轉工王」盧永仁，十年內換了五份工，上週四再次「失業」。剛公布業績的 I.T盈利大插水，身兼 I.T副主席兼董事總經理的盧永仁，即時起身離場。

物業價值

您的物業價值：

物業地址：	九龍牛池灣/彩虹曉暉花園第3 座16樓A室
估價*（港元）：	4,150,000
建築面積（平方呎）：	922
銷售面積（平方呎）：	712
樓齡（年）：	10
估價日期：	04 Jun 2009

您的物業價值：

物業地址：	九龍牛頭角安基苑B 座基信閣22樓2室
估價*（港元）：	2,300,000
建築面積（平方呎）：	680
銷售面積（平方呎）：	568
樓齡（年）：	27
估價日期：	04 Jun 2009

A CHANCE TO SAMPLE POTENTIAL CAREERS 2008-11-03

By Jacklyn Lim Sing

One of the benefits of a two-year MBA programme is the summer internship – a unique opportunity to test drive the career one may want to pursue post-MBA.

I was one of only a handful of students at MIT's Sloan School of Management to have two internships last summer – equity research summer associate with JPMorgan and summer associate with McKinsey in the corporate finance practice.

Summer internships are typically 10 weeks long and, while most companies prefer exclusivity, I was fortunate in that both accommodated my request for shorter internships – eight weeks with McKinsey and seven weeks with JPMorgan.

Without a doubt, Asia is my top location for pursuing my career. I feel more attuned to, and better understand, an Asian work environment. Working in another continent would mean rebuilding my personal and social network.

Moreover, after discussion with colleagues and professionals, I have realised that the nature of the work is different – North America and Europe have mature markets, whereas Asia's markets are emerging.This implies that there is higher value for the work done by equity research analysts because information is still limited or, at least, not so widely understood.

Consequently, for consulting, this means that the engagements are more in the form of “How do we expand the market?” or “Are there good acquisition targets?” rather than “How do we streamline current operations?”

Working at JPMorgan Equity Research, one of the things I had to get used to was waking up early in the morning. Each day began with a meeting at 7.25am, meaning I had to be up before 6am, with representatives dialling in from Japan and Australia – sales and trading and researchers, for example. There would be discussions about events over the weekend or overnight in the US market as well as investor sentiments or patterns in trading. Several analysts would present their stocks, their position and provide updates, which were usually challenged by traders.

The work of an equity research analyst is more “individualist”, covering a specific sector and several companies under the lead of a mentor. I was assigned to the telecoms sector and given projects ranging from testing the underlying assumptions of valuation models to analysing share price movements and tracking several metrics against share price performance under a manager with 17 years of experience in the sector.

I also attended my first investor presentation by a top Japanese telecoms company. It was interesting to hear about radical changes in strategy and the competitive environment in one of the most mature telecoms markets in the world. Towards the latter half of my internship, I worked under the shipping industry – a dynamic industry today, given the supercycle in trade, shipment and freight rates across the globe.

With my experiences at JP Morgan under my belt, I then went to McKinsey Corporate Finance.

Before officially starting, I attended several events for training and to learn more about the organisation – a two-day consulting readiness programme, a corporate finance practice day in Shanghai, a four-day summer associate conference in Cambodia and a two-day values day in Singapore.

Although based in Hong Kong with Mckinsey, I spent my eight-week internship on a project with an oil and gas company in Bangkok, Thailand. In contrast with equity research, consulting is team-based and involves steep learning curves as projects typically span 12 weeks. I was with a manager, senior associate and two other summer associates. The team dynamic was fun and upbeat.

Throughout the project, I had a broad exposure to the petroleum industry and access to senior-level executives. The project was interesting in that, with the oil price at record high levels at that time, the economics made exploring alternative new energy sources attractive. My task for the summer was to compile and evaluate corporate mergers and acquisition targets for the client as part of their growth strategy. In addition, I supported the project management office team in project planning and economic data analysis.

Overall, my summer was busy but well worth it. I learnt a lot and am in a better, more informed position to know what I want to pursue and where I want to be full-time.

The internship enhanced my MBA programme in that it allowed me to bring knowledge and skills learnt in class to challenges facing businesses today.

I am now back at my studies in my final year on the MIT Sloan MBA programme. MIT has provided me with credibility, management training and opportunities that would otherwise be beyond the reach of my network.

In fact, companies come to campus because of the talent, experience and culture of MIT Sloan MBAs. Students gain access to an incredible alumni network, people who will provide advice, leads and resources whether it be in career or entrepreneurial ventures.

The programme offers no guarantee that students will know everything there is to know about business. Rather, the value is in equipping students with the right skills, mindset and character, coupled with the right opportunities and leads to empower them to be successful in any career they may wish to pursue.

Rejection

THERE ARE LESSONS TO LEARN FROM REJECTION

William McKenzie

Five applications and not one interview. This was the result of my attempt to land a summer internship at a top investment bank.

Yet my experiences are not unique. In the search for summer employment, the overwhelming majority of my classmates experienced more rejections over the course of a few weeks than they had in their entire lives.

This was not an indictment of our abilities. We are all intelligent, highly motivated and able to perform in most job environments. Instead, the rejections serve as an honest reflection of who we are and what our future career path should be. In retrospect, these candid assessments are one of the unforeseen by-products of a full-time, two-year MBA. Thanks to this period, we find ourselves better positioned to be in the career that is right for us.

The problem is, many of us get tempted into applying for jobs that are wrong for us.

The summer internship recruitment period is deceptive. On our return from the Christmas break, we were greeted by recruiters from some of the world's leading companies. Each gave a pitch as to why it is the best or soon to be the best in its field. We met the top managers, were given an assortment of paraphernalia and best of all, were fed.

We believed that these companies were on the London Business School campus just to hand us jobs. Chins were raised a little higher.

But this confidence quickly evaporated. As the applications were submitted and the interviews for rounds one, two and, in some cases, three were published, an understanding of this process began to sink in. Contrary to the impression created by these companies, we had no leverage. It was they, receiving applications from everyone at the top schools, who held the power.

Success does not come by luck but through specific actions on our parts. Such actions are critical, not just to finding a summer internship but to gaining fulfilling employment for the rest of our careers.

My lack of success with the investment banks was not a question of aptitude. Rather, it was in my making a common mistake – following the crowd. I had had no intention of working for a traditional investment banking or consulting firm. The energy sector had been my focus and for months I had been directing my efforts to work in that sector.

Before leaving for the winter break, though, I noticed the collective excitement enveloping the halls of LBS. Classmates huddled in discussion over their applications for Goldman Sachs, BCG, Merrill Lynch and the like. Everyone seemed excited about the incipient internship recruitment process and I was not. I looked round and thought I must be doing something wrong. So I decided to apply to these firms to see if they were where I truly should be.

In the process, I made another mistake – not demonstrating commitment. Most MBA students possess the qualifications to work at top firms. What differentiates one candidate from another is commitment. To remain competitive, companies recruiting from LBS need commitment from their employees. So they are looking not only for skills but also for passion and motivation. They are unable to identify these qualities from the candidate's attendance at an information session and subsequent submission of an application.

This commitment is demonstrated by talking to recruiters months before the company even arrives on campus. It is shown by building relationships in October, not networking in January. The successful few were not necessarily the brightest but those who, from day one, showed their commitment. By demonstrating it, they lengthened the odds of gaining the coveted interview.

Even then it became clear that securing the interview was just another step in the long road to employment.

Most companies have many rounds of interview, ranging from the cordial to the aggressive. Every imaginable question – from the company's history to the intimate details of the job, recent deals and trends in the market – are discussed at length. Doing well requires a level of preparation that comes not through cramming but by spending months analysing an industry, a company and a job function.

Afeeling of accomplishment comes with a job offer. You endured a thorough screening and made the cut. However, the process is not over. The goal is to find an enjoyable career after completing the MBA. So there is no point in taking a position if it is not the best way to achieve your end goal. In haste, some take the first opportunity that presents itself. This is hard to fault but it may not be in your best interests.

Once the larger companies have left campus, the medium-sized and small companies arrive. They may not be household names but these firms offer something more: responsibility and growth. Rather than being placed in a role where you will have little influence, you are given a position that allows you to have a lasting impact on a firm's bottom line.

Another strategy is to embark on one's own employment search. Many great companies never come to campus. Like the smaller firms that arrive far later in the recruitment process, they can sometimes offer so much more. In my opinion, my classmates who took this approach secured the most interesting summer job.

I knew an MBA from a top school would help me become eligible for a special class of job. But I've realised that having the MBA is not enough to attain the job. Motivation and preparation will get me the position that is right for me. This matters – not only for a summer internship but also for finding an enjoyable career for years to come.

Interns opt for new markets

By Della Bradshaw

This summer, Katherine FitzGerald will leave Barcelona - where she is half-way through her two-year MBA programme - and head to South Africa to work in entrepreneurial venture capital firm Trivest. When she joined Iese Business School in 2008 after working on projects in Africa, she knew she wanted to continue her focus on emerging markets but thought her future lay in consulting. Once in Spain, she changed her mind.

"I came here [Iese] to get new ideas," she says. "As the year went on, the finance side of things became much more interesting." As part of her internship, she hopes to demonstrate that responsible businesses can also make money.

Ms FitzGerald is one of three Iese students Trivest is recruiting this summer and they are typical of this year's interns. Governmental, not-for-profit and entrepreneurial companies are proving attractive as the number of internship positions in management consultancy and investment banking dries up.

At Columbia Business School , in the heart of New York and with close links to Wall Street, the top eight recruiters are still in the banking and financial services sector. But numbers have dropped dramatically, says Gina Resnick, managing director of Columbia's career management centre. In the good years some banks would recruit up to 50 interns; this year, 10 is more the norm.

It is a similar story in Europe. Rosie Innes, associate director of MBA career services at Iese, says internship offers are later than in previous years. And while recruitment for the class of 2009 is down by 6 per cent on last year, the number of internships on offer for the class of 2010 is down by between 20 and 25 per cent.

For those that are determined to work in finance or consultancy, some internships are available. Just as entrepreneurial investment firms such as Trivest are now able to recruit interns, so are smaller consultancies.

In London, Don Leslie, director of the management consultancy team at BLT, the employment agency for professional service firms, has tried to persuade smaller consultancies that this is a golden opportunity to try out an MBA from London Business School. Mr Leslie hoped to persuade more than a dozen to recruit one of the 55 or 60 MBAs at LBS that have shown an interest in the project, but only two have so far confirmed.

"I'm a bit disappointed we haven't been able to meet expectations," says Mr Leslie. "They [MBAs] are just an unknown quantity for the small consultancies."

One consultancy that has taken up the scheme is First Partner. It is merging with two other companies, in the UK and Norway and it is for this that the company has decided to turn to LBS. "We're looking for someone who puts in a bit of spark," says Tim Ellis, a partner at the technology, marketing and strategy consultancy.

The big question is whether these internships will lead to full-time employment: in the good times, at least 60 per cent of interns would receive a full-time job offer after graduation. While both First Partner and Trivest in South Africa believe that the internship role could lead to full-time employment next year, some students may have to commit to internships that are just a summer job.

The Environmental Defense Fund in Washington, for example, is proving popular with students from the top US schools but Rachel Beckhardt, project manager for corporate partnerships, says there is no job at the end of it with EDF.

EDF piloted the internship scheme last year with students working in seven companies. This year, interns will work with between 20 and 25 companies and the plan is to scale up the scheme and have 200 interns within five years.

Salary is also an issue. While Trivest is not paying the sort of salaries top MBA interns could command in previous years, André Sturmert, operations director, believes his firm offers an attractive proposition. "Salary is an influence . . . [but] we think this a great time to be here [in South Africa]."

Ms FitzGerald agrees and selected the position out of three she was offered, all in emerging markets. "I never wanted to be an investment banker," she says.

GMAT

I took GMAT today. The score was 730. It sucks but it's good enough for the application i guess. Now it all depends on the essays and recommendations.

Tutoring: 30 May 09

Tutored wing c until 3am. It's not necessary. But I need her to remember the toil and she will not let the time pass again in the future ( I hope). I couldnt help cussing, thinking she was stupid or slow. I know I was wrong and I regretted what I did everytime. Obviously patience is not my strength. 

26 May 08

Finally submitted Insead Application. I have beem working on it for 1 month and revised for countless times. Now feel relaxed. But I have to start my job-search now. What should I do now? Financial planner? Property agents? Do I have the soft skills and thick skin that call for? I dont know. Maybe join some softskills training course?