Pragya Lohani, a senior at Southern Methodist University, says preparing for her job search is driving her nuts.
The economics and management science major describes the process of finding a job as a stressful, time consuming and painstaking experience. The added pressure of applying in a more competitive job market in a tough economy is also getting her down.
But Lohani is confident she has all the things she needs to find at least one entry-level job, despite the troubling economic situation.
“Definitely the economy is not good but it is not just in the U.S. It is all over the world. But soon in November with a new president, new policies will set in and things will change – hopefully for the better,” Lohani said.
This year’s job market looks bleak for college graduates. As a result of the downturn in the economy, the job market will provide fewer opportunities for those fresh out of college.
A recent survey conducted by the National Association of Colleges and Employers has projected new graduates will find fewer job openings this year, especially those who are targeting a career in finance. In the fall of 2007, employers expected college hiring to increase 16 percent for the class of 2008 graduates. However, in March of 2008, employers projected only an 8 percent increase and have projected further decreases for the future class of 2009.
With a slow gross domestic product growth, numerous investment bank bailouts, continued high unemployment, increasing gas prices and an overall decrease in confidence of consumers in the market, it is no wonder college grads are having a tough time finding a job.
Assistant Director Darin Ford of the Hegi Family Career Development Center has a more optimistic view for upcoming graduates.
“With the economic downturn, it’s a challenging market, but there are opportunities out there,” Ford said. “The better prepared the student is, the more opportunities that are open to them.”
SMU graduate student Christy Chermak also believed she needed to be more prepared, which is why she chose to go to graduate school first instead of finding a job. Had she gone straight into the workforce, Chermak is confident she would have found a job, but was uneasy about whether she would have been satisfied.
The environmental engineering student said she did not want to get stuck in a temporary job that merely served as an income source until a better opportunity came up.
“I chose to go to grad school first because I had a really good opportunity and hopefully once I graduate, I won’t get stuck in a ‘waiting’ job,” said Chermak, who graduated from SMU as an undergraduate in the spring of 2008.
Chermak eventually wants to become a sustainability manager for a non-profit organization working to improve the environment, but she knows other factors go into a successful job search.
“I think our generation feels like we can do anything if we try and work hard but that’s not 100 percent true. A lot of it is based on luck and experience,” she said.
Ford notes that within the banking and finance industry, it might be tougher for grads to find jobs, referring to the industry’s recent bailouts of companies such as Lehman Brothers, Fannie Mae and Freddie Mac.
He believes that one of the most important things a prospective job applicant can do is gain experience through jobs and internships while networking with the people within the applicant’s desired industry.
“It’s the networking that’s going to get you hired whether there is a good or bad economy,” Ford said.
Though some students may feel like they want to go to graduate school to delay their job search, Ford discourages this. He said that students should only apply to graduate school if they truly want to explore a topic they are passionate about.
Ford also notes that for the current generation of college graduates, regardless of the economy or the type of entry-level job they may find themselves in, they will most likely change their career down the road.
“My sense is that this generation will have one to three career changes within their first 30 years of their life,” Ford said.
As for Lohani, the job search is going positively. She has since been called back to the first round of three interviews for Deloitte, a financial consulting company.
Says Lohani: “after all this work, if I don’t find a job, that would be sad.”