College graduates’ plans shrinking with economy

Christian science monitor

For Alesandra LaPointe, who has prepared for life after college by doing two internships and frequenting the career center as though it were Starbucks, it is the best of times. She has a job lined up.

For Chris Moberg, who started his job search in earnest only three months ago, it is the worst of times. He doesn’t have a single job interview scheduled.

After years of plenty, the job market is shrinking. Hiring of new college graduates is expected to drop 22 percent this spring, according to one survey. The most prepared graduates are finding jobs, but others are rethinking plans dreamed up during the good times — considering bunking with Mom and Dad or an internship instead of a job.

“There are opportunities out there, but they’re going to go to the young people who are focused, … [who] know what they bring to the table … and use their connections wisely,” says Philip Gardner, director of Michigan State University’s Collegiate Employment Research Institute.

Small companies that had expected to keep growing are having trouble getting credit, he says. Companies that had planned on a wave of baby boomer retirements are seeing those employees stick around much longer.

Even large companies that are typically on the lookout for new grads are pulling back this year. At the University of Wisconsin, Platteville, a number of students who thought they had their jobs all lined up found out shortly before their December graduation that companies such as Caterpillar were rescinding offers. Because some large companies make offers a semester or more in advance, “the way the economy took a turn, unfortunately, it caught them off guard,” said Diana Trendt, interim director of UW’s career center. Some of the graduates have since found other jobs, she said.

Students elsewhere are also considering new options. A career fair for nonprofit and public-service companies hosted by Wellesley College near Boston attracted 420 students — about 100 more than last year.

“Maybe students feel more of a sense of permission to pursue [these sorts of jobs] now than when there were lots and lots of highly paid finance jobs that were pretty tempting,” says Joanne Murray, director of Wellesley’s Center for Work & Service. She also sees more soon-to-be graduates eyeing opportunities to spend time abroad, working or volunteering.

Career centers are also expecting more alumni to come back for job-search help. “They came of age … with a different set of expectations, and they’ve been caught short,” Murray said.

Adam Brierley earned a bachelor’s degree in sociology in December from the University of Massachusetts in Lowell, and he came to the nonprofit fair in search of a job or even an unpaid internship. “It’s very hard without much work experience,” he said, noting that while he was working to pay for college he didn’t have time for internships. Now he’s living with his parents and says he’ll just “roll with the punches.”

Students nationwide are being urged to ratchet down expectations. The average starting salary for someone with a bachelor’s degree is expected to be $49,353 this year, up just $53 from last year, according to a recent survey by the National Association of Colleges and Employers. Traditional entry-level jobs are few.