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Could the Weak Job Market Be Good For New Grads?

The class of 2009 is well in to its first semester of senior year, and the future could be even more up in the air for this group than it has been for previous graduates. The job market won't exactly be welcoming the class of '09 with opening arms and evidence of that can be seen in the reduction of corporate recruiters on college campuses. A survey by the National Association of Colleges and Employers projects the weakest outlook in hiring for new graduates in six years, while just two months ago the group projected a 6 percent increase in hiring.

The job market is changing rapidly and the decline in hiring projections can be attributed to a number of factors, like a weaker financial sector and tighter budgets all around. The Wall Street Journal spoke with one senior finance major at NYU who planned on making his career on Wall Street, and is now exploring other options like Teach for America. He says the economic downturn makes young job seekers "feel freer to pursue your real passions."

Do you think the weak job market will allow new graduates to choose paths truer to themselves?


Join The Conversation
ilanac13 ilanac13 8 years
to be honest - NO - i don't think that they will necessarily be able to follow what they want. think about it - soo many students go into school in the hopes of getting a finance degree and what's the liklihood that they'll be able to get a job in that field right now? so many people wanted to work for the larger banking firms since that's where the money was for a while, so they've had to revamp what they were thinking about and that can't be easy. i wish them all luck!
Spectra Spectra 8 years
More like, new grads will be more hard-pressed to choose majors that are highly employable (like engineering) versus say, philosophy or something.
UrbanBohemian UrbanBohemian 8 years
I can see the wisdom in what the NYU student says at the end of the article. While I finished my Master's 2 years ago and am still looking for that golden full-time job, I have been steadily gainig more experience in my field. Even though these kids will be fresh out of school and facing difficult prospects, they have more freedom in pursuing other callings, something I wish I could have had more of. But I have a feeling that my big job is around the corner, so I shouldn't be too wistful.
ifernicole ifernicole 8 years
MeggyPoodles, I agree! I'm graduating in December with my BA as well and I am nervous. I've only had a few phone interviews and they are for jobs that I am not that interested in but I am too afraid of not finding anything. I'm a communications major and missed out on a lot of internships this past summer because the majority of them went to '08 grads who could not find jobs. I'm hoping I won't have to do the same thing but I'm finding that the jobs available are either offering a ridiculously low salary or require you to have a ton of experience, which I don't.
simplyfab87 simplyfab87 8 years
I'm a Class of '09 grad and its definitely a hard market. But I'm a chemical engineer major and its one of the sectors thats been hit the least by the recent economic turmoil. The oil companies, who hire a good chunk of ChemE's, have actually been hiring like crazy. But you do see less companies coming to campus less often. Hopefully I'll get a job, I've only had first round interviews so far.
cubadog cubadog 8 years
I think it will be tough but it is tough for everyone right now. Company's are being very selective so if you do not have the experience they are looking for you will be passed over. I also feel it is very important to work while you are in school it gives you a leg up on your competition!
skigurl skigurl 8 years
in a way. if i knew for a fact i wouldn't be employed upon graduation, i would have travelled. but instead, i sat around home for a year working at a fun but mediocre job, hoping to get my dream job (i have it now!)
stargazer25 stargazer25 8 years
This makes for more of a reason to be diversified while in school. Do internships, clubs, volunteer work, study abroad, and/or a campus job. Make the resume diverse and make lots of contacts. Surely then won't have trouble finding a job. I think the problem maybe finding a job that pays what you want.
bluebellknoll bluebellknoll 8 years
It sounds very optimistic but unfortunately not so realistic.
HeidiMD HeidiMD 8 years
I cannot IMAGINE trying to find any job, much less a career- or degree-centered one, in this economy. I have so much sympathy for people who have basically just gotten screwed over. It seems like you just can't when, regardless of whether or not you've been working for twenty years or just graduated.
thelorax thelorax 8 years
I don't know about that, because interning is one of the best ways to "test drive" a job in the field you want to work in, and companies that are strapped for cash can't hire extra temporary help right now. You'd almost have to be willing to work for free.
melizzle melizzle 8 years
2009 graduates will have it pretty rough. But have faith- the boomer generation will retire (though perhaps not in such grand numbers due to tightening financial belts) and positions will open up.
MeggyPoodles MeggyPoodles 8 years
I graduate in December with my B.A and I am terrified that I am going to be broke and unemployed forever. UGH. It is jump-starting my interest in grad school though, so I guess it's (kinda/sorta) a good thing . . ? Maybe I'm just throwing myself a pity party, I feel like this is the worst time to be my age (early twenties). How am I supposed to start my own life and career when people who are older, wiser, and more experienced can't even maintain their own due to a floudering economy?
psychobabble psychobabble 8 years
Yep, the job market is rough, even for fields where there's a shortage. I'm a new nurse and having a rough time finding a job.
sorrowja sorrowja 8 years
I don't really think so because I'm helping my hubby find a new job in NYC and it is sooooooooooooooo hard. OMG the things that these people are asking for it's like you will be doing the job of 10 people all together. But all the best to those new grads.
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