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Grads Shun Business For Bureaucracy

From a joyous Reuters:

[Reuters caption:] A demonstrator holds a sign during a rally outside Wall Street in New York in this April 4, 2009 file photo. Wall Street may be losing its luster for new U.S. college graduates who are increasingly looking to the government for jobs that enrich their social conscience, if not their wallet.

U.S. college grads shun Wall Street for Washington

Wed Jun 10, 2009

By Wendell Marsh

WASHINGTON (Reuters) – Wall Street may be losing its luster for new U.S. college graduates who are increasingly looking to the government for jobs that enrich their social conscience, if not their wallet.

In the boom years, New York’s financial center lured many of the brightest young stars with the promise of high salaries and bonuses. But the financial crisis has tainted the image of big banks, and with fewer financial jobs available, Uncle Sam may be reaping the benefit.

"Some grads might have seen two of their older siblings go through the dot-com crash and the emptiness of that, and now the Wall Street crash, just chasing after the big bucks," said John Challenger, chief executive of job placement company Challenger, Gray & Christmas…

A report from the National Association of Colleges and Employers projected a 21.6 percent decrease in new hires among college graduates. Almost every sector was hit, with banking taking the biggest blow, dropping 70.9 percent.

"Students don’t see the private sector as being as viable this year," said Edwin Koc, director of strategic and foundation research for the Pennsylvania-based NACE…

But Labor Department data shows employment in the Washington area has increased since early 2008, even as other regions have lost jobs.

"D.C. is the only place where we can point to that is actually adding jobs right now, and we also know that the government is hiring thousands of people to oversee both the (economic) stimulus package and all the associated projects," said Marisa Di Natale, Senior Economist for Moody’s Economy.com.

Challenger said the excitement surrounding the election of President Barack Obama, who enjoyed huge support on college campuses, was also attracting young graduates to government and government-service contractors.

Britini Wilcher is one of them. Wilcher, a recent graduate from Spelman College in Atlanta, spent two summers as an intern for Merrill Lynch, which was hard hit by the financial crisis and taken over by Bank of America Corp last year.

When it came time to look for full-time employment, Wilcher wanted to do something with a bigger social impact.

The California native will be working in Washington for a government consulting firm where she will specialize in economic development.

"It’s becoming trendy to take your community into your hands and give back, which is a good thing," Wilcher said. "People are empowered by the current political climate."

The shift in attitudes is also apparent in graduate school enrollment. At Morehouse College, more graduates are opting to study public policy, said Douglas Cooper, director of career services at the college’s division of business and economics.

That is a big change for Morehouse, which has a long history of sending its students on to Wall Street, thanks in part to a relationship solidified by former college president and current Bank of America Chairman Walter Massey.

"Clearly, students who have historically planned on making a beeline to Wall Street have rethought that or are rethinking that," Cooper said.

The share of Morehouse business students going into finance has decreased to 37.5 percent this year from 44 percent a year earlier, while the number of students going on to graduate school has almost doubled.

Most students who continue to graduate school this year are planning to go into government-related fields, Cooper said.

Some think the shift will have longer-term consequences in employment trends as the baby boomer generation approaches retirement, opening up career paths in government and service.

"You may see a whole generation of some of the very best students that decide to do public service rather than business," Challenger said.

Yes, that is exactly what the US needs – more government bureaucrats.

After all, the business of America is business government.

When it came time to look for full-time employment, Wilcher wanted to do something with a bigger social impact. The California native will be working in Washington for a government consulting firm where she will specialize in economic development.

“Economic development”?

Doesn’t that just mean getting everyone a job for life with the government?

But, come to think of it, why go into business when if you work for the government you can run General Motors at the age of 31?

This article was posted by Steve on Thursday, June 11th, 2009. Comments are currently closed.

7 Responses to “Grads Shun Business For Bureaucracy”

  1. Colonel1961 says:

    This is sickening. The ‘real world’ is dynamic, the world of government is bureaucratic, so why would anyone want to have their soul sucked out of them in the public sector? And I agree with SG, it’s rather sick when the best and brightest want to pass on the private sector – possibly thinking it’s a faster track (hmmm, wonder how?)…

  2. proreason says:

    “Students don’t see the private sector as being as viable this year,”

    Duh.

    Look at the wealth of members of Congress and every single criminal on Obamy’s staff.

    People look to their own self-interest. Pay no attention to the words.

    Commissars rule.

    But if I a student today trying to choose a career, I would study up on the French Revolution before I made my decision.

  3. Odie44 says:

    While obtaining my political science degree, my dean and advisor told me “Go into the state-agency business, like the NYS Thruway Authority. Pays like private, benefits like public – with almost no oversight, endless job security and unlimited financing.”

    Silly me chose a different course.

    MBA’s are realizing their piece of paper is nothing more than a piece of paper. And I say this married to an MBA grad who agrees with me.

    • David says:

      I agree, this piece makes it sound like new grads are being altruistic in their pursuit of cushy government jobs. In my field (engineering and research) the government side is much better funded than the private with usually much lower risk and accountability.

  4. Right of the People says:

    When you’ve been brainwashed for the last 16 – 17 years by a public education system run by the likes of Bill Ayers what do you expect them to choose? There is the right way which takes some intestinal fortitude in these trying times and then there in the socialist way which they have been programmed to revere, of course they will chose the easy, socially accepted way.

    Colonel,
    As far as having their souls sucked out, they’ve already lost them back in college.

    • proreason says:

      “brainwashed for the last 16 – 17 ”

      Longer than that.

      Why do you think Ayers became a radical? His daddy was one of the wealthiest men in Chicago. Little Billy had infinite optiions…..he could have become a scientist, an artist, an entrepreneur, a doctor, a lawyer, anything.

      But he CHOSE to become a murderer and to dedicate his life to inflicting a murderous philosoply on his country.

      He didn’t choose that path because daddy led him that way, or because the popular culture of the 50’s adulated communist radicalism….he chose that path because he was singled out and brainwashed by his predecessors…..just like he has done with The Moron.

    • Right of the People says:

      Pro,
      I misspoke, I meant to say “When you’ve been brainwashed for 16 – 17 years from grade 1 thought college”. My brain thought that but my fumbling fingers wrote the other.


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