Specialists were definitely penalized by the market. Not only were they less likely to receive multiple offers, but they were offered smaller signing bonuses. In some cases the specialists earned up to $48,000 less than their generalist peers. First, in labor markets with strong institutional screening mechanisms, specialization won’t be as valuable. In the absence of other information, it’s an important indicator of skill, but graduation from a top MBA program is a strong signal to the market that someone is qualified. In that scenario demonstrating consistency is no longer advantageous. Second, employers may discount experiences that incrementally extend previous efforts.