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Will Wall Street Shenanigans Rewrite Hiring Policies?

Graduation
Graduation

In November last year, when MBA candidates at three business schools across the country decided to initiate oaths of ethical conduct for all graduating students, this is what I wrote:

"Now the same schools are calling for a responsible approach, one that inculcates CSR principles in its teachings and graduates entrepreneurs who want to work for the greater good and not institutional bonuses. How far this will go and whether this is a recessionary self-serving (and therefore, short lived) trend, of course, remains to be seen."

While the oaths were student-sponsored, these almost-socialistic self-administrations rang hollow amidst a recession. As I wrote at the time on my blog, In Good Company, it spoke of an identity crisis for business schools, which were beginning to look inwards at their curriculum for reasons behind the failed leadership on Wall Street.

At an event organized by the Better Business Bureau last week, Ernst & Young's CEO Jim Turley discussed a similar identity crisis in the finance industry. Calling 2010 the "most game changing time yet for corporate responsibility" he stressed that "our professions are based on trust and there is a serious lack of that in the marketplace today."

So when the students at the Telfer School of Management (University of Ottawa), Harvard Business School and the Richard Ivey School of Business (University of Western Ontario) decided to administer the aforementioned oaths last year, they weren't far off from preemptively addressing today's growing debate.

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The big question, then, for companies and their senior management is this: How will this gradual shift in priorities for the next generation of leaders affect their recruitment models?

Perhaps, more importantly, the question should be whether they are prepared to change as change comes due.

Most company executives I have discussed this with emphasize that it’s a passing trend, and while corporate responsibility classes look good on the resume, they don’t see them becoming an emphatic part of their requirements for defining high talent.

A couple of days ago I discussed how graduates are beginning to actively demand their prospective employers to discuss their corporate responsibility, pushing it to the forefront of their job search. These entrepreneurs might not have the economy or the hiring managers on their side yet, but they certainly have a gradually building momentum toward much-needed change in the marketplace and its leadership.

They're adapting to the changing economy, are you keeping up?

More Executive Strategies on CNBC.com:

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Aman Singh is an Editor with Vault and works with Fortune 500 companies on reporting their diversity recruitment strategies and initiatives. Weigh in by leaving a comment, emailing In Good Company or connecting with me on Twitter @VaultCSR.