“There was really no telling what was going to happen because we haven’t seen any crash like this in history, basically since the Depression.”

Al Cotrone, director of career development at the Business School, said the dire financial markets have some business students rethinking which field to pursue, but it hasn’t swayed most away from high-paying, high-power internships in financial epicenters.

“I think every student who’s interested in banking will take a real serious look at the career they want and the life they want and the risks they take with that choice,” he said. “But at the same time, I know that there’s always going to be an investment banking industry and so that’s a decision that students will have to make based on their own risk investment.”

With $12,500 the standard pay for an eight-to-ten-week internship at companies like Lehman, Merrill Lynch and Citigroup — often capped off with a post-graduation job offer — the competition for these positions can best be described as fierce.

Until yesterday, Lehman, the 158-year-old bank with a reputation as one of Wall Street’s small but elite power players, was one of the most sought-after employers among students, according to Business senior Neal Bhagat.

“I know when I was interviewing, everybody wanted to work for Lehman's,” he said. “They’re a very prestigious bank and so it was definitely one that was highest on everyone’s list.”

Bhagat spent the summer interning as a financial analyst for Citigroup, while some of his Business School counterparts opted for the now bankrupt Lehman located further down Wall Street.

“I know a few people who took Lehman offers over other banks because of its reputation,” he said. “Nobody saw this coming.”

According to Cotrone, Lehman’s demise was unexpected for both Ross students and for financial analysts closely following the stock market.

“Given that shareholders didn’t know about it until late, I’m pretty certain that students didn’t know either,” Cotrone said. “People interview for internships in January and February, so nine months ago, I don’t think that this was on anybody’s radar screen.”