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Graduate Careers and the Economic Downturn

It is an unwritten rule of job cutting that the most recently hired graduates should be the first ones to be let go when the financial sector is hurting. Some banks are steadfast in their efforts to hire new graduates while others, such as AIB, have eliminated programs of recruitment for the year. What kind of graduates do they seek out? What are some ways for a graduate to stand out in today's poor job market? What is the outlook for potential first timers?

Banks may have difficulty admitting it but, according to bank industry observers, there are fewer job openings available to graduates. Some positive things have started to come to light even with banks, such as AIB stopping thier recruiting. Still some graduates are feeling stressed. New graduate hires in 2008 are nearly identical to the previous year at Citi, a bank with large worldwide redundancie announcements. Deutsche Bank and Morgan Stanley are eagerly seeking out new graduates to hire. Even UBS, who introduced 5,500 redundancies, plans to hold a recruitment season like last years.

Goldman Sachs is in the middle of one of its largest summer recruitment initiatives. This summer, over 400 interns will start their placements. In 2009, we believe approximately 75% will be offered permanent employment. Employment in commercial banking has a great outlook. Retail and commercial recruitment figures for Barclays are expected to rise by 48% globally this year. In 2009 they are looking to see another increase.

Graduates can find reassurance in the fact that banks have learned from the mistakes of the past. Rather than hiring new graduates, many banks were forced to fill jobs from accountancy during the period from 2001-02, which was the last time the financial sector recruiting was as bad as the current decline of 40%. In order to ensure that graduate jobs are available for the appropriate candidates, this error must not occur in the future.

Article Source: http://www.purearticle.com

Martha is a freelance journalist writing about Pareto Consulting

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