Graduating Seniors to Find Difficult Job Market

By JD Lindberg

Easton, Mass- Graduating from college has always been an exciting and nervous time in the lives of young men and women. The transition from school to the workforce has always been difficult, but perhaps no class has ever looked to their commencement with more trepidation than the class of 2009.

According to the Bureau of Labor Statistics, the national unemployment rate has risen to 5.8% in 2008. In the financial sector alone unemployment has risen almost a full percentage point from 3.0 percent in 2007 to 3.9 percent in 2008.

With many economists predicting recovery coming no earlier than 2010, 2009 figures are expected to be even worse.

“This is going to be a bad year for graduates, you don’t need a Ph.D. to know that,” said Robert Rosenthal, Chairman of Stonehill’s economics department. “Companies that usually recruit pretty aggressively will have to cut back this year.”


“The party line that I’ve been giving to everyone who comes through my office is you have to network,” said Christina Burney, senior advisor at Stonehill’s Office of Career Services. “Networking is often what takes your resume and puts it on top of the pile. This is especially important for graduating seniors this year because they not only have to compete with eachother, but also graduates from the class of 2008 and others who are out of work.”

Danny Kerl, a senior history major, wants to pursue a career in the financial sector. Kerl has interned with Goldman Sachs for the past three summers and despite the bad economy is still hoping that his experience there will translate into a job offer.

“I’ve spoken with a number of interns from the summer and we have all received the same information regarding full time positions,” Kerl said. “I have not talked to anyone who feels overly confident about finding a position in the finance industry. It appears everyone is at least trying to come up with a plan B.”

For some students that ‘plan B’ is graduate school. By enrolling in graduate school, students can get a masters or professional degree while waiting out prolonged economic troubles. “Graduate school application rates generally go up when the economy goes down.” Ron Leone, Communications Department Chairman said.

Not everyone in the business department at Stonehill is necessarily suffering from the market slowdown however. Companies are still recruiting in numbers similar to last year.

“Accounting is one of the only areas where companies have actually increased hiring this year,” said senior Jenny Rhode, an accounting major. “I know of three finance majors who have already asked their advisors to switch their majors to accounting... The more trouble there is with companies, the more they need accountants to sort out the problems.”

In spite of the uncertainty in the market, Kerl says that he is trying to remain positive. “I feel that almost everyone who has a job on Wall Street right now is a bit on edge about the current market conditions,” said Kerl. “I am well aware the competition for jobs is incredibly tough this year, but I am still confident that I will find a job after graduation this May.”