The credit crunch is already reshaping lives and forcing people to plan new careers.

In both the US and the UK, the two big countries most affected by the financial-market turmoil, more and more people are signing up to do a master's in business administration.

The days when arts graduates made good money doing public relations for hedge funds are over. There won't be so many jobs for lightly qualified bankers or private-equity executives as there have been in the past five years.