Mar

4

It’s Official, There Are No Jobs

Written by

College students have known for some time in the pit our of collective stomach that getting a job after graduation would be tough for the class of ’09. But today Time confirmed our fears with a comprehensive survey of hiring changes in many industries and, as the author puts it, it’s looking “grimmer than ever.”

 

According to the article, even grimmer than earlier this year; many companies surveyed reported a significant change in the number of hires now compared to October. But most just reported a plain, simple, and steep decline in the number of 2009 grads they would be hiring compared to last year.

Big surprise – the loss of 71% of the expected job openings in the finance is the highest of any industry. High losses were also found in “professional services,” including accounting and engineering. Shockingly, the government is hiring! And it’s pretty much the only employer with an increase in job openings from previous years.

Of course, schools are scrambling to find jobs for their graduates through alumni networking, widely seen as one of the only ways to beat the bear market. That’s two reasons to send your resume to Washington, kids. If you need a third, Time predicts that many seniors who don’t snag a job will end up working at Starbucks after graduation. People will always need caffeine.

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38 Comments

  1. CC '09  

    hahaha, i have a job

  2. Engineer  

    Engineers with less job openings is like saying progress is coming to a grinding halt.

  3. CC' 11  

    Thank God for grad school.

  4. CC'10

    bunch of juniors are still getting summer internships on wall st.

    • CC 10er too  

      bunch...
      more like a select elite few that I am happy to be a part of. 15,000$ this summer woohoo

      • Haha

        I doubt you are elite. Especially if you are working down there...

      • way to be a gigantic  

        cunt

      • CC '10

        Take advantage of the loss of Wall St. jobs and SAVE YOUR SOUL post-graduation.... Teach for America, Americorps, Peacecorps, etc. $15,000 won't get you far in hell. Neither will being a pompous asshole.

        • Or,  

          maybe I could work on Wall street. And make a shit ton of money, and use it to fund efforts to prevent the spread of Malaria in Africa, or provide Microfinance credit in India. But no.. I guess because I find the markets really fucking interesting, that means I am going to hell... while you use your TofA spot to land you a position to get you into Congress/ at a Law firm/writing - because we all know how honest the professions the loudest Wall-Street bashers really are. If you did your homework, you'd probably know that the bad loans most banks took out were made by less than 1% of the total # of people working in each respective bank. So get a towel and wipe the froth off your mouth. Do whatever you want to do after graduation and don't make assumptions about people's morality based on your own ignorance.

          • do whatever you want  

            but at the end of the day you have to live with yourself. There are certainly some corrupt politicians, lawyers, journalists, doctors, scientists, etc... but these professions contribute to the well-being of this country. I would hazard to guess that the only thing that investment banks do is try to make money.

          • please  

            It's sad that despite the economy being in the news this much, you have failed to understand the role of the Banking system and the importance of efficient credit markets to the health of the Country.

            I can sleep fine at night thank you. Most politicians just want power, and many lawyers want to sue doctors for half-assed malpractice claims, and journalists lie to sell papers. There are bad apples in every profession, and you should be mature enough not to typecast people and claim moral superiority over people you know jack shit about. Warren Buffett and George Soros has done more for the good of mankind that you could do in 10 lifetimes. Bear Stearns, like it or not, has done more philanthropic work than those "salt of the earth" rednecks who work in Auto-plants to produce a shitty product that pollutes the environment, requires government support to exist, and harms our trade relations with other countries. And I'm sure you have no problem with them unionizing and ultimately taking your tax-dollars. Do you think people work there for any other reason besides making money? Ultimately, most of this country wants to make money and acts in its own
            self-interest. That is the beauty/tragedy of America, depending on your perspective, but it's ignorant to typecast Wall Street as the sole protagonist in this game.

          • *have done  

            not has done

    • Yeah

      the reason that the internships are still in existence is basically b/c the banks know that they can pay a bunch of interns a lot less than a full time analyst while also avoiding paying for benefits. They are going to use interns to do the bitch work (i.e pitchbooks) and work their asses off and then send them on their way at the end of the summer. Internships in finance aren't going to be worth much at all for two reasons 1) They probably won't be hiring many interns at the bank where one does their internship or at other banks and 2) Not many non-finance jobs are going to be impressed with finance internship experience because all they have seen coming through their doors for the past several months are former analysts with a year or two of experience begging for jobs b/c they just got laid off. The job market in NYC is literally awash in ex-finance professionals with several years of real world experience on any newly minted CU grad who will be applying for the same jobs. Do the math. I graduated last May and I have yet to find a job and at nearly every banking interview I have been to there were several ex analysts with 2-3 years of experience willing to work an entry level position for entry level pay. Anyone, and I do mean anyone no matter your GPA, major, internship experience, etc., trying to get a job in finance will be encountering enormous odds not in their favor.

  5. EAL  

    Yeah grad school! w00t

  6. yay networking  

    Yes. Getting profs/alums to get you jobs is definitely the way to go right now. I did this. It worked :P

  7. The Sad Truth

    The economy hasn't totally bottomed out yet. Wait to see how many of those kids getting Wall Street internships actually get a job.

    Even grad schools are losing funding thanks to tanking endowment returns and less money for public schools. Rough times, but I think sometimes important to remember is that in times like these there is no shame in just about any kind of work...except Wall Street.

  8. DHI  

    You gots to be a doc, or an undertaker. People never gonna stop getting sick and dying.

  9. jobs

    hillary's state department is expanding...

  10. it seems  

    that there are fewer douchebags now that investment banking is gone. Well, fewer douchebags who are less blatant about their doucheness. And are poorer.

  11. yay for  

    engineering grad school. (here's hoping that the economy is very different by the time i graduate)

  12. SEAS '09

    grad school ftw. but i hope you youngins know that schools have been hit hard too and so admissions have gone down overall due to a lack of funding. berkeley still took like 16 people this year though so...yay?

  13. CC '10  

    Hurray for already having a job post-graduation.

  14. CC '10

    Yo douche, I can name off the top of my head 15 juniors with banking internships... nothing special. wall st's dead anyways

  15. Anonymous  

    He's likely referencing #17.

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