As some members of the Class of 2001 prepare to enter the workforce, others are already feeling the pressures of the real world and the current economic downturn in the form of job offer retractions.
If this year's graduating class is similar to last year's, almost three-fourths of the seniors anticipate employment as their principle activity next fall, while most of the remainder are heading to graduate school or taking a year off.
At this time last year, 60 percent of those who said they planned on working had already accepted job offers.
With the recent failure of many technology-based firms and continued uncertainty in the stock market, however, the number of employed graduates come this year's Commencement may decrease.
Although a survey conducted by the National Association of Colleges and Employers reported that employers planned to hire 18.8 percent more students in the upcoming year than in the past year, almost half of the companies surveyed have lowered their hiring expectations since August. This means that companies are resorting to retracting job offers for some seniors.
Eben Hansel '01 recently found himself in such an unsettling position.
"Basically I received a job offer from Cambridge Strategic Management Consulting [CMSG] during Fall term, and was recently informed that, due to the state of the economy, the offer would be retracted," Hansel said. "I was a little disappointed to say the least."
CSMG has also pushed back this year's starting date from the summer to the fall, another way in which many firms have attempted to cut costs.
Hansel is not alone in his experience, however, as others -- especially in the field of technology -- have been put in a similar situation.
"Those who are in technology-related industries are affected the most," said Monica Wilson, Assistant Director of Career Service, noting that many of the layoffs are related to the recent crash of numerous start-up Internet businesses.
William Fischel, the chair of the economics department, said, "From what I've read, the markets are a little bit tighter."
Over all, however, Fischel did not see any reason for radical changes in the job market or a large downturn in the economy.
"These things are cyclical," he explained.
As of April, a survey done by David Marmaros '01 for his senior thesis in economics showed that 52.7 percent of the graduating class already had jobs lined up, a number Marmoros expects has risen in the months that have passed since the survey was conducted.
Marmaros' survey of 590 graduating seniors also reveals the wide variety of career fields chosen by Dartmouth graduates.
Next year graduates will be working in areas ranging from the performing arts to education to investment banking.
The most popular fields, according to Marmaros' research, will be finance and consulting -- each attracted 10 percent of the Class of 2001. Almost eight percent of the class plans to go into law. Over six percent will enter the field of education.
