2024-01-29 04:05:10
Jenna Starr taped a blue sticky note to the side of her computer screen a few months after graduating with a master’s degree from Yale last May. “Get yourself the job you want,” she wrote. Only last week, when she received an offer she had been waiting for, she decided she could finally remove the note.
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For months, Starr was one of many business graduates whose job searches collided with a general hiring slowdown. Her search for a job in the field began even before she graduated. She has since applied to more than 100 jobs, “I know there are people in the same situation as me,” said Starr, 30.
A degree in business administration can cost more than $200,000 at a top university, but is often worthwhile as a springboard to a new and more lucrative career or as a fast track to a managerial position. This young bull entered the job market just when the three fields that employ people with the same education as them – consulting, technology and finance – were hit and began to slow down in the whole employment issue. Some of the graduates who did obtain jobs were notified that the start date of their employment was postponed until the rest of the year. This is while the number of vacancies in software development, marketing, banking and other professional fields has decreased compared to last year.
The percentage of employed people dropped
In some of the leading business administration schools, the number of graduates who graduated in 2023 and did not find a job has almost doubled compared to two years ago. At Harvard, 20% of job seekers who graduated with a business administration degree were unable to find a job three months after graduation, up 8% from 2021. At Stanford Business School, 18% were unable to find employment three months after graduation, up 9% Compared to 2021. The data are also similar at MIT: 13% of graduates did not find a job within three months, compared to 5% in 2021.
The campus secretaries claim that the number of unemployed graduates is not that different from what it was in the years before the corona epidemic, a period when the employment market was also relatively strong. According to them, they provide career guidance and other types of support to graduates who have not yet found a job.
Students who chose to study business in order to make a career change, encounter a difficult search. Employers are hiring new hires more selectively than they have been in recent years, often choosing candidates with relevant experience over fresh graduates.
One Harvard Business Administration graduate living in Boston described couchsurfing in New York to network for jobs there in person. Another graduate, from the McCombs School of Business Administration at the University of Texas, said she receives help paying the rent from her parents while working in a hotel restaurant. To finance expenses and pay bills, she sells her clothes and jewelry online.
Balance trend from the corona
Abigail Keys, director of the career center at Yale University’s School of Business, said companies are often willing to take a chance on hiring fresh graduates because of their adaptability, even if they have little professional experience. This year, businesses are much more conservative in their hiring patterns, Keys said.
“The choices made by employers were based more on reputation and experience than was often the case for hiring graduates,” she said. Administrators at other schools say they are also noticing more cautious hiring patterns.
Senior officials at Stanford and other universities say that the number of business administration students in 2023 who did not find a job after graduation corresponds to the level of employment in the field. According to them, this is a balancing trend after the increase in employment in 2021 and 2022, the days of recovery after the corona epidemic that led to the rapid and wide placement of degree graduates. Also, some universities claim that the graduates who did not find a job in the months immediately after graduating, have since found a position. Also, a spokesperson for the Harvard Business School claimed that some of the unemployed students have received offers, but are still waiting for the right position for them.
At the MIT School of Business Administration, they don’t wait and recently formed an alumni group, which meets to share job postings. “Those who are more flexible about location, role or industry have been able to find jobs,” said Susan Brennan, assistant dean for career development at MIT.
Brittany Tieri, career coordinator at the University of Texas, said that 2023 graduates are entering jobs in a wider variety of industries than usual. Consumer goods, retail and manufacturing companies are employing more graduates compared to previous years, while the pace of hiring at technology companies has slowed.
Enrique Melendez, enrolled in a business administration program at the University of Texas, graduated in May, when the high-tech industry cut thousands of jobs, and is looking for a position in product management strategy. “Very quickly, the starting landscape became very gloomy,” he says and describes how he burdened himself with loans to finance his studies. Today he survives on his few savings.
Around graduation, he expanded his search to relatively small companies, as well as companies in the fields of online commerce, retail, and manufacturing. After some interviews he was sure he got the job, but the offers did not come.
In the long term, Melendez hopes he will be more successful thanks to the title, “In the short term,” he said, “it will be hard to get through it.”
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