As corporate cutbacks grow more common and the stock market remains weak, this year's college graduates face a difficult transition into the job market.
The ongoing economic recession has resulted in fewer positions and less lucrative salaries compared to recent years, leaving many Dartmouth seniors jobless and uncertain about their future plans.
"Many of the employers that have traditionally flocked to the Ivies, Duke, Stanford, et cetera have come on campus this past year with many fewer positions to fill and less of a willingness to take risks in filling those positions," Director of Career Services Skip Sturman said.
Certain industries that were hit particularly hard by the economic downturn, such as consulting businesses, made drastic cutbacks in the number of graduates they hired and the starting salaries offered to new employees.
According the National Association of Colleges and Employers' newsletter, consulting firms offered the 11th highest number of jobs to graduates this year, when last year the industry was responsible for the largest number of job offers. The average starting salary in the consulting business also dropped 10 percent.
The newsletter noted a downturn in the number of job offers from communications companies and computer design and systems programming firms, once popular employers. Once the fourth- and fifth-largest employers, these companies have dropped to 15th and 16th place, respectively.
The job shortage trend has held true for Dartmouth, Sturman said. He anticipates that this year will see far fewer job offers from on-campus recruiters.
While "201 employers came on campus or did a resume referral last year versus 187 this year ... the main difference is in the number of available positions," he said.
In order to cope with the poor job prospects, some of this year's graduates are making plans that don't include entering the corporate world.
"Many '02s are viewing the coming year as an opportunity to experiment and consider fields that they might not previously have considered," Sturman added. "Others are going directly to graduate school, taking an adventure year or setting their sights on smaller companies."
After going through the corporate recruitment process but not receiving a job offer, Jennifer Butcher '02 is considering teaching at a boarding school.
"A couple of companies called me and said they were only able to offer jobs to people with advanced degrees," Butcher said. "I also heard of companies canceling jobs. I wasn't really set on a corporate job, though."
Sturman emphasized that it is important for students to keep their options open and learn to network.
"Above all, students need to recognize that there are jobs out there in many different sectors, but they will have to work harder to find them than in recent years," Sturman said.
Career Services makes available workshops, online career links, off-campus interview options and counseling for students who would like to map out a career plan. Additionally, a "Backpacks to Briefcases" series will be offered to help students deal with the transition from college to career.
Not all career fields are being forced to cut back. According to NACE, the petroleum and coal industry has increased its number of hires this year and is now offering a starting salary 4.6 percent higher than last year's. Government, education and not-for-profit companies are also hiring more graduates this year, and banking and engineering firms have remained top employers.
Jamie Merriman '02 landed a position with Lehman Brothers.
"I thought that there were a lot of companies that pulled out this year or interviewed for fewer spots, but most people I know were happy with the jobs they got," Merriman said.
