The 2008 collapse of the Wall Street giants – AIG, Lehman Brothers, Goldman Sachs, Merrill Lynch, Bear Sterns, to name a few – coupled with the demise of Freddie Mac and Fannie Mae have done a number on the prospects of the financial MBA. Even just five years ago, landing a job in the investment banking sector of Wall Street was sometimes enough to guarantee you a low six-figure income straight out of college (not a mean feat in any economic climate), and a solid mid-six figure income out of business school. Fast forward to 2009, and it’s reality-check time: Wall Street and the finance industry are still reeling from a loss of over 200,000 jobs, over 60,000 of them in New York—and the jobs that are left certainly aren’t bringing in the huge bucks. Whereas the top b-schools used to send over 45% of their graduates on to join the private equity, hedge fund, i-banking, and consulting ranks, these numbers are quickly shrinking, and both newly-minted and prospective MBAs are being forced to find new and innovative ways to not only bring their knowledge to the companies that are hiring, but also make a living.

Even though the finance MBA is not dead, the jobs left standing in the aftermath of the financial collapse are no longer the ones Gordon Gekko would lose sleep over. The remaining large investment banks are still hiring—mostly positions in mergers and acquisitions, though (a popular field in an economy when bigger companies come to the rescue of smaller ones in danger of collapse). Regional banks and boutique firms are still strong: positions as portfolio managers, analysts, financial advisers, and—quite popular recently—credit risk management analysis are still available and popular. Smaller regional banks like BB&T and lenders like Buffalo, New York-based M&T are still looking for fresh talent. However, says Ed Fredericks, professor and career adviser at Pepperdine’s Graziadio School of Business and Management, “the jobs aren’t going to be as lucrative, exciting, or crazy as they were before.”

What does this mean for you, budding MBA? That the times, well, they are a-changin’.

The Situation

Graduating MBAs need to do two things: (1) Find a job that allows them to put their skills to good use, and (2) Find a job that allows them to pay their hefty b-school loans while still managing to eke out a modest living. While a $68,000 salary isn’t bad by any definition, a $68,000 salary in New York or California certainly has a much meager ring to it—and jobs in the finance industry paying that much are hard to come by nowadays, in any case. So, what to do? Here’s some buzzwords: change, branch out, get prior experience, look (and think) outside the box. In other words, put the skills business school taught you to work not just when you get hired, but to get hired. And knowing where to look doesn’t hurt, either. Take a look at some of these lesser-known fields for fresh MBAs:

Retail

Although retail salaries are generally much lower than what Wall Street can offer, the jobs are usually more hands-on, and rewarding. MBAs venturing into the retail field are finding that they jobs are swaddled in challenges, rewards, and opportunities, with uncharted growth potential. MBA jobs in the retail field allow a fresh graduate to become involved in a variety of support functions: finance, treasury, accounting, marketing, new media, even merchandising. It is a service industry that requires that MBA stretch as leaders and keep on learning on a daily basis—MBAs are forced to interact with a diverse workforce, deal with real problems on an everyday basis, and find ways to enhance customer and employee motivation while maintaining morale and boosting sales.

The pros: There is plenty of room to grow, and plenty of opportunities for those willing to find them and work at them. The jobs are varied, fast-paced, and can be intense, all penchants for the hot shot MBA. Hard work is rewarded. There is no single pigeon-hole where an MBA fits, and there are a myriad companies looking for savvy upper management: opportunities range from high-end shops like Neiman Marcus to middle-class staples like Wal-Mart and Sam’s Club. Projects and jobs are current, vital, and strategic.

The cons: Retail management is a tough environment. The workforce is diverse and requires many different approaches in order to manage and motivate, and working for an industry that is directly tied into the state of the economy can place many challenges in the path of the MBA manager. If hard work is rewarded, stodgy blinders are not—and those that wear them are eliminated quickly. The hours are not less than those Wall Street would have you work—and the pay is less.

A word of warning: retailers like to hire from within, so getting a job in upper management without having worked your way up the ranks might be hard; however, with more and more retailers recognizing the value of the MBA, holes in the in-house hiring process are slowly being opened, and more “outsiders” are finding a lucrative way in.

Healthcare

With all the rumblings surrounding healthcare in 2009, is it really any wonders that the industry is growing, even in a down economy? According to Eugene Schneller, professor at Arizona University’s W.P. Carey School of Business, “There is a whole new set of roles in health care for MBAs, especially those with some clinical understanding. And those who have some knowledge about the distinct features of the health care system, such as its financing and the unique roles that physicians play, are in an even better position to win the leadership positions in major health care organizations. The best hospital systems have engaged MBAs successfully already.”

According to the 2008 article The Emerging Markets for MBAs in Health Care put out by W.P. Carey, “[b]oth pharmaceutical firms and health care providers, including hospitals, are hiring an increasing number of MBAs, according to a white paper by MBA Focus, a Dublin, Ohio, consulting firm. Author Greg Ruf writes that “new firms are entering the MBA talent sweepstakes as they begin to recruit both new and experienced MBAs to their management.” The health care system is, ironically, benefiting from the decline of the financial sector; jobs are still being created and MBAs are being snapped up for upper-level management positions.

The pros: This is a relatively new addition to the MBA job prospects, and so the field is still wide open. Healthcare is just one of a handful of industries still expanding its workforce, and those entering now can really take advantage of the ‘infant’ stages of this growth. Salaries are considerable, starting in the high five-figures from managers and consultants, allowing for quick growth soon after graduation. You can easily step into management positions with solid companies like Pfizer, Johnson & Johnson, and Hospital Corporation of America (HCA).

The cons: You will need some clinical, scientific, or healthcare systems knowledge to stand out—great grades and recommendations are good, but industry knowledge is much better. If you’re interested in pursuing this field, then look into programs like those at Wharton and Kellogg, that offer courses like biomedical marketing, e-health business models, and health economics and finance. Also, don’t expect to stand on an ivory tower and demand that companies adapt to you; Dana Pulliam Gharda, senior manager of university relations for the biotech firm Life Technologies puts it best, “As we and other healthcare firms try to manage costs, we need a workforce that can change roles.” In other words: adapt or die.

Energy

Among the fields benefiting from the rollercoaster ride that oil prices have seen are the oil conglomerates and, as a not-so-surprising juxtaposition, green energy industries. Energy has morphed from an oft-forgotten fourth or fifth employment option into a solid career contender for graduating MBAs. Berkeley’s Hass School of Business Career Center has over 5% of 2008 graduates going for energy sector jobs, a number that is likely to grow now with the White House push towards the creation and management of clean, renewable energy sources, and UT-Austin’s McCombs School of Business has created the Center for Energy Finance Education and Research (CEFER), the only center of its kind.

The pros: Graduates from Texas and California b-schools will find themselves nicely poised to take advantage of these new openings within both renewable and non-renewable energy companies. Salaries are considerable, starting at the high five-figures for entry-level MBA positions. Energy MBAs will likely find themselves working with large, established companies like ExxonMobil, Chevron, ConocoPhillips, SunPower, and Southwest Windpower, and with these jobs will come the perks that come with working for large companies. Recruitment from the top b-schools continues for this sector, regardless of recent layoffs and the economic recession; the need to find an energy source apart from oil and natural gas is a constant driving force behind this industry’s growth.

The cons: Much like with  healthcare, newly-minted energy MBAs (and those hoping to become energy MBAs) need to have industry knowledge. Particularly with the energy industry, a knowledge of credit management, project finance, and government regulatory procedures is not just a plus, it’s a necessity—and candidates that can solidly exhibit these traits are likely to be snapped up quickly. Knowledge of engineering principles (essential in establishing credibility and rapport with those oil and energy engineers in the field) is also a huge boon. Those looking to enter the field without these tools in hand may find their path an uphill battle.

The Upshot

While a job on Wall Street is definitely not out of the question for those graduating with hard-earned MBAs, it’s no longer the golden ticket it once was. MBAs need to forge their own path, now more than ever, particularly when it comes to crafting and maintaining a lucrative career. The days of the simple i-banking/consulting career boon are long gone, and unlikely to return for many years. Branching out has become the name of the game. Taking a moment to consider all available options, and not just those traditionally followed, is what the smart MBA will do. Healthcare, energy, retail, even the non-profit sector—all those are fields opening up their doors to bright b-school graduates willing to start careers from the ground up. It’s no longer enough to just beat the GMAT; now you must beat the job market, too. A word to the wise, however: in order to take full advantage of this market metamorphosis, you need to start thinking about these options now. These new (and exciting) opportunities will most benefit those who think about them in advance, and prepare themselves for their prospective careers and job hunt.