Graduate Careers and the Credit Crunch

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. So what kind of graduates do they really want? What are some ways for a graduate to stand out in today's poor job market? What can new arrivals hope to gain in the future?

Although bankers may be hesitant to agree, pundits note that there are not as many jobs available for graduates in the field of banking. Despite the pressure that some graduates are experiencing, and the fact that banks such as AIB have put a hold on recruiting efforts this year, positive signs can be seen. Even though Citi is a bank that has revealed large redundancies worldwide, the number of graduates hired for 2008 are in sync with the number for 2007. Morgan Stanley and Deutsche Bank are in full force with their graduate recruitment programs. Even UBS, who introduced 5,500 redundancies, plans to hold a recruitment season like last years.

Goldman Sachs is currently hiring more people for summer than they ever have before. This summer, over 400 interns will start their placements. It is projected that, beginning in the year 2009, approximately three-quarters of them will be offered permanent positions. Employment in commercial banking has a great outlook. In Barclays, they are looking for new recruit figures to grow by 48% in the globel retail, and the commercial department for the year. In 2009 they are expecting to see another increase.

Graduates can rest easy since banks seemed to have learned from past mistakes. 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.content.onlypunjab.com

Martha is a freelance journalist writing about Pareto Leeds

Please Rate this Article

5 out of 54 out of 53 out of 52 out of 51 out of 5 

Not yet Rated