With the current state of the economy, finance majors in Binghamton University’s School of Management are having an increasingly difficult time finding jobs in their career path.
A slower economy has reduced activity in the financial sector, where firms gain their profit from acquisitions, mergers and public offerings. And with less activity occurring between firms and companies, the demand for finance majors has decreased, according to SOM Dean Upinder Dhillon.
While firms are still coming to the job fair this Thursday, their budgets for travel and recruiting purposes have been scaled back.
“A majority of the employers will stay two to three days this week, trying to fit in all their programming in one trip to reduce travel costs,” said Jillian Kroll, director of placement for SOM.
The Career Development Center is sponsoring a mock interview program using some of these employers tomorrow from 11 a.m. to 4 p.m. in Glenn G. Bartle Library North, room G307.
Other firms are extending their stay by scheduling office hours in SOM Academic Building A to speak with students individually.
Competition for internships has also increased recently, with more candidates vying for fewer openings. Kroll said people who lost their jobs at other firms are alongside students in the process of applying for internships.
“Internships are a way for those without work to find their way back into the game,” she said. “You have college sophomores and juniors competing with seasoned veterans for these opportunities, so the competition has become fierce.”
These days, firms are “wait-listing” or delaying their responses to internship applications as long as possible because they’re unsure about the economy’s future.
So as the financial sector struggles, finance majors are exploring other options. For instance, some are switching to accounting or opting for grad school to avoid the job market for a few years. Dhillon said he was skeptical of this strategy, however, noting that students should decide their next move based on a career they’d enjoy, and not just because they want a job today.
“Don’t sit in your room and look at all the bad news, because it’ll only make you depressed,” Dhillon said. “Come and talk to people about these topics, and prepare better for the competition.”
Despite the dwindling job options, SOM has seen an application increase this year. Compared to applications received for fall 2008, there is an 11 percent increase in students interested in finance and a 27 percent increase in accounting majors. There were a total of 2,108 applications from freshmen and transfer students in 2005. In 2006 and 2007, the applications increased to 2,297 and 2,877, respectively, for SOM.
Though BU’s tuition has increased, the University is still a bargain compared to private schools.
“Families are looking at tuition costs closer with the current state of the economy and realize that Binghamton is a greater value,” Dhillon said.
Even though there are fewer jobs available now, Dhillon remains optimistic for the future of the financial industry.
“The government realizes that the finance market is vital, and isn’t dispensable like other industries,” Dhillon said.
Dhillon said he believed certain industries, such as energy and health care, have been less impacted by the economic crisis, and that the size of the government is increasing.
“That’s where I would say the jobs are,” he said.