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Piyush Singhvi, 27, was born in India, grew up in the Middle East, and, before Wharton, worked at the Dubai-based private equity firm Abraaj Capital, the largest non-state-owned firm in the region. When Singhvi enrolled in Wharton in 2008 he was certain, he says, that he would stay in the U.S. after graduation like most of his peers. But then came the financial crisis. "It was amazing to see how many people came in with the idea that they would stay in the West, and how that's drastically changed to just the opposite," he says. "There are a lot more opportunities in the East."

On Facebook, Twitter, and Skype, MBAs swap stories about the adrenaline rush of working in an emerging market and the joys of geographic arbitrage. After graduating from Duke University's Fuqua School of Business, Quan Trinh, 27, who grew up in Virginia, took a job with Johnson & Johnson (JNJ) in Shanghai. There she partakes of an upper-crust-Manhattan-type lifestyle—food delivered to her door every night, a maid who picks up after her, a balcony apartment in a compound with a pool—at Albany (N.Y.) prices. Add to the mix that she travels around Asia with top J&J execs, working in the strategic planning division for the company's diabetes business, and, she says, "sometimes I have to pinch myself."

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Asian companies used to rarely, if ever, come to American B-school campuses for recruiting season. Now at Wharton, Chinese firms like heavyweight investment bank China Investment Corp. and IT firm Tencent are showing up, says Wharton global careers director Sam Jones. This year, CICC played to standing-room-only crowds. At Kellogg, India-based Infosys (INFY) and Tata Group are now on hand for recruiting. The University of Chicago's Booth School is seeing so much interest from Chinese companies that it recently opened a career services office in Hong Kong.