Students seeking employment in the coming year might not face as dire prospects as they feared. Although many companies remain cautious about the economy's recovery, a little initiative does a great deal to ease the often arduous process of finding a job.
The unemployment rate is one of the best indicators of economic wellbeing. Obviously, downturns in the economy are accompanied by an increase in unemployment rates. Last year's downturn showed about a 20 percent decline in employer activity.
However, upturns are not always similarly accompanied -- at least, not instantaneously. It takes time for the firm to recover full employment. "There's a rippling effect
-- about a six to 18 month lag, depending on the industry," said Jim McBride, director of University Career Services, about the unemployment rate.
The present uncertain state of the U.S. economy is reflected in current unemployment rates of 5.9 percent, which remain on par with last year's levels.
According to a study conducted by Manpower, the nation's largest staffing agency, job seekers are going to be challenged this year, given that many companies remain cautious about hiring.
"At this point, most companies are somewhat conservative about hiring prospects, but it looks a lot like last year's" outlook, said Tom Fitch, University assistant dean of commerce career services.
In addition, certain industries are feeling the effects of the economic downturn more than others.
For example, accounting firms, whose success depends on employment provided by other companies, are decreasing employment. This year, Ernst & Young significantly decreased the number of internships offered.
"Any service-oriented business will feel the effects," Fitch said.
A popular option for students planning to work in the financial sector -- investment banking -- is also suffering.
"Investment banking is having the worst year in 25 years," McBride said.
However, there are many fields that are showing increases in hiring.
"Nursing, teaching and government jobs are all looking good -- U.Va is helped here by its proximity to D.C.," McBride said. "One-half of federal employees are eligible for retirement in the next five years."
Pharmaceuticals, defense and security are other fields that currently are experiencing improved hiring, as well as insurance and real estate.
Rather than switching career fields, however, a more viable option for most students seeking employment is to merely broaden their outlook. While institutions such as the on-Grounds career and internship fairs still are going strong, there are many ideal opportunities for those with a grain of initiative.
"There's a shift from traditional careers," McBride said. "There are good legitimate jobs found on off-Grounds searches. Students need to start rethinking strategies -- when there's not a lot of hiring, it's a good idea to get experience in another sector and then move in when the economy is better."
"Students need to recognize that the off-Grounds search can yield great job opportunities beyond what they would see on Grounds," Fitch said.
According to McBride, several schools, including the University, have experienced about a 25 percent decrease in the number of employers that come to on-Grounds job fairs, which is an indicator of the economic downturns.
"There are not as many manufacturing and consulting firms," McBride said.
But while companies may be cutting back on the number of employees they hire, they are trying to hold on to internship programs. The internship is an ideal opportunity for selective employers to evaluate the habits and abilities of future employees before hiring.
"The opportunity to observe someone for three months is a valuable thing," McBride said. "If the person does a good job, many students start out their fourth year with a job offer."
Of the students seeking employment this year, Commerce and Darden students might reasonably be expected to have a difficult time finding jobs, given that the finance sector is having more than its fair share of economic troubles. However, fourth-year Commerce student Christine Ravago said she advised starting the search early. For example, Ravago started off her fourth year with a job offer from the Big Five accounting firm Ernst & Young.
After a picnic with recruiters from the Big five accounting firms in the fall of her third year, Ravago scheduled an interview with Ernst & Young in late October for an internship in the summer. The firm then offered her a job with the company after graduation.
"Being in the Comm School helped," Ravago said. "But all that you need to do is get your name out earlier. There are events in the fall that many don't hear about."
In addition, Ravago advised determination.
"In my internship class, there were about 25 percent [of students] who were last minute decisions. It's never too late -- just keep actively pursuing it," she said.
Ravago also suggested pursuing alternative routes of employment.
"Look at smaller firms, too, and local firms in the area. It's good experience for one or two years and the first few years after college are just stepping-stones, anyway," she said.
Although the step from the classroom into the workplace is never an easy one to take, many students will find that it's less difficult than they feared.
"We're fortunate to have a great institution with highly ranked academic programs," McBride said. "There's a nice diversity here ... firms can fill more employment needs than they could at colleges with more concentration."
McBride said that students should retain perspective in the job search.
"In 20 years, I've been through two [economic downturns] before," he said. "They say that the economy will never bounce back, but that's been said before and it came back -- and was even better."
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