Sifting through the latest recruiting trends from Michigan State University’s Collegiate Employment Research Institute, we find a mixed bag of...
-Overall, the college labor market is expanding at 2 percent over last year, the fourth year in a row there has been an expansion.
-The market for graduates with Bachelor’s degrees continues to improve.
-Good news for manufacturing, where hiring is up 23 percent, nonprofits (+11 percent), education (+9 percent) and retail (+2 percent).
-The financial service industry will see an estimated 40 percent decline in hiring across all degree programs. This sector led the recovery the last two years. If not for this anticipated drop, the overall numbers for hiring would look much stronger.
-Hiring for new MBAs will shrink an estimated 25 percent over last year, mostly due to the sttep drops in the financial services (-58 percent) and government (-86 percent) sectors.
-At the undergraduate level, hirings in financial services will fall by 27 percent.
-Only 22% of hiring managers entered into the recruiting season with plans to hire.
While the following could certainly be considered "bad," we're nonetheless going with "murky." As the Wall Street Journal reported, "even those employers that do plan to actively recruit students this year aren’t yet setting firm hiring targets. Just one quarter of employers who hired last year have definite targets for this year—well below the 50% who had defined goals back in the 2011-2012 academic year."
MSU’s report – now in its 43rd year – is the largest survey of employers in the United States for the college labor market.
"The best jobs will go to the graduates who know where they want to go, know how to get there and have a network of professional relationships they can tap for assistance with their job search," said Phil Gardner, an economist and director of MSU’s Collegiate Employment Research Institute.
So what if you find yourself in the unenviable position of being an MBA looking for a job in finance? What some graduates are choosing to do is look elsewhere - such as the tech industry. But this is easier said than done. After all, as Phil Gardner says, knowing where you want to go, how to get there and having the relationships to make it happen is the key.
However, as Matt Miller, Senior Fellow at the Center For American Progress told Big Think, graduates need to get comfortable with changing careers, noting that a graduate might change jobs a dozen times or more over the course of their career. Better get used to it now, and learn how to be adaptable, Miller says, as this is not "your father or grandfather's career."
Others suggest that the only real job security is to create your own personal brand and start your own venture.
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