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. 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 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. 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. In 2009, we believe approximately 75% will be offered permanent employment. The employment scene is really starting to look up, as far as the commercial banking field is concerned. 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. Several banks were forced to fill jobs from accountancy instead of hiring new graduates in 2001-2002 when financial sector recruiting was last so bad. This will not happen again, so graduate jobs will be open to the qualified people.

By: Martha Franklin

Article Source: http://www.directorys.uniquearticles.info

Martha is a freelance journalist writing about Pareto Consulting

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