As a nationwide economic recession continues, cutbacks and cancellations are affecting summer internship programs as well as permanent employment opportunities.
Dartmouth students have expressed some concern over whether the faltering economy will impact their internship options, Director of Career Services Skip Sturman said. The recession's impact has left certain fields unharmed while greatly encumbering others.
Sturman noted increased interest in overseas, not-for-profit and government opportunities as there are fewer available jobs in finance, consulting and technology firms.
To help ease anxious dreams of a jobless June, students are applying to more positions this summer than in past years. "I plan on applying to more jobs to cover my bases," Michal Jalowski '05 said.
Sturman recommended in-depth research on potential opportunities. "Students may have to take full advantage of a wide array of resources and networks," he said. "Dartmouth is blessed with an abundance of resources to find unpaid internships."
"I made sure I got a job before everyone else had taken them," Clinton Hedges '05 said. "I got a promotions position at Central Market and HEB Foods through my mom's connections."
Private job offers have not replaced the formal application process for all companies, however. College recruitment among high-paying investment banking corporations remains common, Sturman said, "but those employers may come with fewer jobs to offer."
Such businesses are also placing greater emphasis on related academic coursework and previous internship experiences.
Banking firm Goldman Sachs has not compromised its summer internship programs amid the economic downturn.
While hiring "all depends on each division and their needs," spokesperson Gia Marone said, "nothing has changed as far as summer interns. We expect to meet the needs of each department."
Summer interns work in Goldman Sachs' offices throughout the United States, including in the highly competitive investment banking and equities divisions.
The number of students accepted "depends on each division's needs," Marone added.
Other industries face more severe consequences.
According to The San Francisco Chronicle website, the newspaper has suspended its summer and two-year internship programs. The programs' candidates were not informed of the cancellations until after they had completed the application process.
The Baltimore Sun has significantly reduced its summer internship opportunities for undergraduates.
"Last summer, we had nine interns whom we paid. We had them for 10 weeks," he added. "This year, we had originally planned to have eight. Now, that's marked down to two for eight weeks."
As in past years, 400 to 500 students applied to this summer's program. Like many other companies, The Sun hires college students as "academic interns" for unpaid positions under the stipulation that academic credit is received.
Waldman cited the inhospitable economic climate as the reason for the severe cutbacks, which were made in November of last year.
Like most other companies that have The Sun and The Chronicle pledged to revisit their hiring policies in the future.
