Is the chilly banking climate set to put a freeze on banks’ MBA hiring? Not according to recruiters.

“We haven't reduced the number of MBA students we hire in Asia, in fact if anything there has been an increase in this region,” says Sally Whitman, regional head of graduate resourcing (Asia Pac) at Deutsche Bank.

The rationale for continued hiring seems to be that MBAs are seen as a long-term investment, becoming productive after a four to five-year period – by which time conditions may well have improved.

"Companies will continue to seek top talent for their pipeline,” confirms Wilfried Kofmehl, chief executive Singapore and head of South East Asia, Bank Julius Baer. “However, they will be more picky and MBA aspirants must raise the bar themselves."

Recruiters say the best placed students will be those from ‘branded’ schools (the likes of Harvard, Wharton, Yale, etc), who will always be in high demand.

Despite the credit crunch, an MBA recruiter at one US bank says a first-year associate working in investment banking in Asia can expect an annual package of US$300k.

Figures from London Business School suggest MBAs in Asia earn less than those in Europe. Last year, the average LBS MBA graduate based in Asia earned US$145k, compared to US$195 in the UK.