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Students' career hopes in disarray as crisis batters bank industry
NY Daily News ^ | 09/20/08 | MELISSA GRACE

Posted on 09/23/2008 7:27:53 AM PDT by TigerLikesRooster

Students' career hopes in disarray as crisis batters bank industry

BY MELISSA GRACE

DAILY NEWS STAFF WRITER

Saturday, September 20th 2008, 1:50 PM Dolores Adams, a finance major at Baruch College, is one of many business students nervous about career options in the midst of the crisis on Wall Street. Mendez for News

Dolores Adams, a finance major at Baruch College, is one of many business students nervous about career options in the midst of the crisis on Wall Street.

The meltdown on Wall Street has some nervous business students across the city rewriting their résumés.

"You think, 'What is happening? What kind of job will I be able to get?'" said Baruch College finance major Dolores Adams, 21.

"It's a big shock to the system," said Don Baxter, the student body president of Columbia University's MBA program. "We [have] students with offers from Lehman [Brothers]. For them it's up in the air."

Career counselors on college campuses and job experts are telling students to do their homework before accepting any Wall Street job.

(Excerpt) Read more at nydailynews.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: career; financialcrisis; mba
Instead of becoming another hot shot financial pro, they now have to settle for just another worker bee at run-of-the-mill companies, which is lucky to have 3~4% profit per year.

If they still want excitement and adventure, they can work as bookies or accountants for mob. I am sure pay would be good. As for the risk, in this time of hardship, that is something they have to swallow for a fat paycheck.

1 posted on 09/23/2008 7:27:54 AM PDT by TigerLikesRooster
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To: TigerLikesRooster; Uncle Ike; RSmithOpt; jiggyboy; 2banana; Travis McGee; OwenKellogg; 31R1O; ...

Ping!


2 posted on 09/23/2008 7:28:26 AM PDT by TigerLikesRooster (kim jong-il, chia head, ppogri, In Grim Reaper we trust)
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To: TigerLikesRooster
Should I feel bad that some Columbia blue blood's will find it tough to pay for their country club memberships?

If you will now excuse me, I have to go cling to my guns and my religion. I'll be in the basement if you need me.

3 posted on 09/23/2008 7:31:48 AM PDT by The Iceman Cometh (McCain is looking better every passing day.)
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To: TigerLikesRooster
No offense, but how many students at Baruch College really had the option of working at Wall Street firms anyway?

Those who did have a shot at Wall Street could probably only get back-office jobs anyway, which really don't pay much more than non-Wall Street business jobs.

4 posted on 09/23/2008 7:36:48 AM PDT by Arguendo
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To: TigerLikesRooster

Well its off to the local community college to learn a trade...well that’s what you have told other diplaced workers.


5 posted on 09/23/2008 7:39:14 AM PDT by mr_hammer (Checking the breeze and barking at things that go bump in the night.)
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To: TigerLikesRooster

Boo Hoo, these smart students made the decision to enroll in business, instead of medicine or other productive fields because it looked like the big bucks were made on Wall Street and in investment banks. Now that the wind has changed they cry. Welcome to reality.

I am crying as my mortgage is paid, my 401k is down and I am a taxpayer and will have to pay more taxes in this pork laden bail out bill.


6 posted on 09/23/2008 7:40:12 AM PDT by RicocheT
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To: The Iceman Cometh
If you think it's fine that you feel that way, I assume you also think it's fine if we don't give a s--- when 100,000 working-class stiffs in Ohio or Wisconsin get laid off and their jobs shipped to China.

Or do you think we should have a little empathy across class lines?

7 posted on 09/23/2008 7:42:51 AM PDT by Arguendo
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To: TigerLikesRooster

This is an adjustment that’s been needed for a while. Time for these young people to switch to productive careers.


8 posted on 09/23/2008 7:43:09 AM PDT by BigBobber
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To: TigerLikesRooster
We [have] students with offers from Lehman [Brothers].

Ouch. That's gotta hurt.

If they still want excitement and adventure, they can work as bookies or accountants for mob.

Finance major...just work as an accountant or start your own business or both, until this stuff blows over.

I'm glad that I'm a Computer Science major. My target job market (Northern Virginia) is still white hot.

9 posted on 09/23/2008 7:44:28 AM PDT by rabscuttle385 (No, no se puede, Juan! No to bailouts, no to amnesty, no to carbon credits, no to Big Government!)
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To: TigerLikesRooster

“”We [have] students with offers from Lehman [Brothers]. For them it’s up in the air.” “

I don’t think the air is where the offers are.

More like in the toilet.


10 posted on 09/23/2008 7:44:32 AM PDT by dman4384
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To: TigerLikesRooster
Three words: United States Navy. Best decision I ever made.

(p.s. I have an MBA, summa)


11 posted on 09/23/2008 7:44:36 AM PDT by pabianice
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To: TigerLikesRooster

Am I the only one who is sick and tired of these “students” whining? We’re supposed to pay for their educations where. We’re supposed to pay for their medical care, we’re supposed to assure them great jobs and admire them as the elites of the country and we’re supposed to defer to their greater understanding of history (which they DIDN’T learn). Yes, I am very tired of it!


12 posted on 09/23/2008 7:46:28 AM PDT by pepperdog (The world has gone crazy.)
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To: RicocheT

People in Computer Science had their turn at the beginning of the decade, now it’s Finance people’s turn.

The bottom line is, don’t pick your career based on where you think the money will be, pick something that you want to do, work at being the best it, and regardless of which career you chose, you will have success, but there probably will be bumps on the road.


13 posted on 09/23/2008 7:46:40 AM PDT by dfwgator
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To: pabianice

Before or after you got your MBA? I’ve heard four years as an officer post-college is the best way to get into Harvard Business School (and presumably other top schools) short of a job with Goldman or McKinsey or the like.


14 posted on 09/23/2008 7:47:43 AM PDT by Arguendo
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To: TigerLikesRooster

Am I the only one who is sick and tired of these “students” whining? We’re supposed to pay for their educations, we’re supposed to pay for their medical care, we’re supposed to assure them great jobs and admire them as the elites of the country and we’re supposed to defer to their greater intellect. Yes, I am very tired of it!


15 posted on 09/23/2008 7:48:59 AM PDT by pepperdog (The world has gone crazy.)
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To: pepperdog

Yikes, what happened?


16 posted on 09/23/2008 7:49:55 AM PDT by pepperdog (The world has gone crazy.)
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To: BigBobber
Might be surprising to some, but not everybody who works at the big Wall Street firms is actually a hotshot commodities broker or hedge fund manager with a house in the Hamptons and another in Aspen. There is simply an indescribably amount of necessary paper-pushing and computer-pounding, most of it requiring a deep and broad knowledge of finance, accounting, real estate, law, etc., in the offices of various financial firms across the US. These are productive jobs, the kind that can support a family. Some people work hard and put in long hours at doing the ordinary work of these firms; they aren't glamorous fat-cats who are exploiting the proletariat.

There is nothing wrong with working with a computer and paper instead of with one's hands. Class resentments are unjust whether they are looking up the social scale or down it.

17 posted on 09/23/2008 7:50:29 AM PDT by ottbmare
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To: Arguendo
I assume you also think it's fine if we don't give a s--- when 100,000 working-class stiffs in Ohio or Wisconsin get laid off and their jobs shipped to China.

Well, having worked in the defense industry in the 90's and having watched dozens to hundreds of people getting laid off as Clinton cut spending, I think I can address your statement.

Since there are no guarantees in life, I guess I don't have empathy regarding those affected in this story.

I am currently going through a career change having been idled by the real estate crisis.

Do I ask for empathy, do I care what others think? No.

To the working world, I am simply an asset to be used and discarded as needed. It is my responsibility to make sure that I have value in the job space. Yes, it's a cruel world but that is the way it is.

18 posted on 09/23/2008 7:53:44 AM PDT by The Iceman Cometh (McCain is looking better every passing day.)
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To: TigerLikesRooster

well their messiah osamaobama and his wife RuPaul say that it’s bad to go to work for private industry anyway-that you should just go to work as well, community organizers.


19 posted on 09/23/2008 7:57:44 AM PDT by mrmargaritaville
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To: The Iceman Cometh
It is my responsibility to make sure that I have value in the job space.

I fully agree. Nonetheless, I am still sorry to see Lehman and Bear Stearns fail, just as I am sorry to see the domestic auto industry collapse. Does this mean I support government bailouts or protectionist measures? No, it's up to them to take care of themselves, but I'm not happy when things don't work out.

BTW, the blue bloods will be fine--their families still have enough money and connections that they'll never be standing in the unemployment line. But lots of hard-working middle-class kids who made it to Wharton on scholarship and went to investment banks which seemed to promise more money than they'd ever seen in their lives won't be so lucky.

20 posted on 09/23/2008 8:05:13 AM PDT by Arguendo
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To: TigerLikesRooster

Are we supposed to feel sorry for these people, many of whom are looking for a quick and easy buck? Not a chance.

The US of A needs to get back to actually making things. Until this happens in a big way, I fear for the country’s future.


21 posted on 09/23/2008 8:06:46 AM PDT by Red in Blue PA ("I will stand with the Muslims should the political winds shift in an ugly direction" Obama, from Au)
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To: Arguendo
am still sorry to see Lehman and Bear Stearns fail, just as I am sorry to see the domestic auto industry collapse

True, in the end, the worker bee's get hurt while the execs bail out with multi-million dollar packages.

As I mentioned before, I got caught up in the real estate fall out as a Realtor but that is part of the game.

What surprised me the most, was the number of times the banks holding these marginal mortgages would simply let the property go to foreclosure rather than work out a deal with the homeowners. I literally saw banks lose large sums of money when they could have kept the homeowner in the home and GET ALL THEIR MONEY.

It blew me away that banks would eat tens of thousands and hundreds of thousands of dollars because working out a deal was 'against their policy'.

Much of the fall out over these bad loans lays right at the feet of the lenders. Bizarre.

22 posted on 09/23/2008 8:14:48 AM PDT by The Iceman Cometh (McCain is looking better every passing day.)
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To: TigerLikesRooster

they need to send all of these big-time bankers back to school - the old school of banking that worked the way banking is supposed to be. These new ones need to learn to pay their dues in lower jobs and learning the work from the inside and up, before getting the corner office. Everyone is in such a hurry!


23 posted on 09/23/2008 8:23:30 AM PDT by elpadre (nation)
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To: Arguendo

“Or do you think we should have a little empathy across class lines?”

I think what your seeing is not a lack of empathy but a sense of retribution. The WS crowd has helped send a lot of jobs offshore in the name of the bottom line. WS could care less if the jobs sent offshore are important to National Security or anything else. WS only worries about the next quarter and the next bonus. The were only helping to improve companies and get rid of the weak players and improving shareholder value argument is pure BS, they care about their bottom line. Did Lehman Brothers care about their own shareholders? Remember most of the jobs lost in this country have been lost in flyover country by the people who will have to pay for this mess. Most of WS and DC could give a rats ass about anyone but themselves. Think...why did we pay so much for a dead bond trader after 911 when we pay a soldiers family a pittance. WS doesn’t protect my freedom. The top WS guru’s frequently vote for the Dumbocrats and it’s not out of conviction. The more I study this crisis the more I look at WS as the mob, their Consigliere’s buy off politicians and make it look on the up and up and were just the dumb smucks that drive the trucks for them to hijack.


24 posted on 09/23/2008 8:42:24 AM PDT by A Strict Constructionist (I think faster than I type, lousy proofreader, deal with it.)
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To: TigerLikesRooster
Instead of becoming another hot shot financial pro, they now have to settle for just another worker bee at run-of-the-mill companies, which is lucky to have 3~4% profit per year.

A few months back James Cramer said he would warn his children and any young person to stay away from Wall St. That the party is over. Undoubtedly Cramer tells his kids to become lawyers. Rape the Republic that way

25 posted on 09/23/2008 9:23:21 AM PDT by dennisw (Never bet on Islam! ::::: Never bet on a false prophet!)
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To: pabianice

Go Navy! And thank you from the bottom of my heart for your service.


26 posted on 09/23/2008 9:50:20 AM PDT by janereinheimer ((I can do all things through Him who strengthens me.))
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To: A Strict Constructionist

Quite so. Most of the American public has been led to believe that they have some claim on the money in their pockets when in reality it’s just on loan until Wall St. needs it.
And now Wall St. needs it.


27 posted on 09/23/2008 9:55:36 AM PDT by count-your-change (You don't have be brilliant, not being stupid is enough.)
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To: TigerLikesRooster

Now if we could just get the same thing to happen to law students.


28 posted on 09/23/2008 10:20:51 AM PDT by Wolfie
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To: TigerLikesRooster

Well, the world will always need plumbers.

After all, that is what many have said to those in flyover country. And it is right. Swallow your pride, and reboot.


29 posted on 09/23/2008 10:40:23 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: Arguendo
Or do you think we should have a little empathy across class lines?

I agree- these kids are hard-working, bright members of our society who made all of the right decisions in their life.

I feel no satisfaction in seeing them potentially lose their jobs.

30 posted on 09/23/2008 10:45:50 AM PDT by Citizen Blade (What would Ronald Reagan do?)
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To: Red in Blue PA
Are we supposed to feel sorry for these people, many of whom are looking for a quick and easy buck? Not a chance.

I take it you've never actually seen the hours that investment bankers, especially junior ones, work at top finance shops. There's nothing quick and easy about the way they make their salaries- these kids earn it through endless hours, crushing stress and a Darwinian up-or-out promotion regime. It's a liberal talking point that the "rich" don't work hard- conservatives should know better.

The US of A needs to get back to actually making things. Until this happens in a big way, I fear for the country’s future.

Our industrial output is the highest it has ever been. It's just that there are a lot less jobs because automation and robotics have made industry much more efficient.

31 posted on 09/23/2008 10:52:37 AM PDT by Citizen Blade (What would Ronald Reagan do?)
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To: Citizen Blade

Our industrial output is the highest it has ever been. It’s just that there are a lot less jobs because automation and robotics have made industry much more efficient.
____________________

How come I only see Chinese stuff in Walmart and Home Depot?


32 posted on 09/23/2008 1:34:30 PM PDT by dennisw (Never bet on Islam! ::::: Never bet on a false prophet!)
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To: dennisw
How come I only see Chinese stuff in Walmart and Home Depot?

Because our economy tends to build high-tech items, such as jetliners, vehicles, advanced weapons systems, wind turbines etc.

33 posted on 09/23/2008 2:11:01 PM PDT by Citizen Blade (What would Ronald Reagan do?)
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To: Citizen Blade
Because our economy tends to build high-tech items, such as jetliners, vehicles, advanced weapons systems, wind turbines etc.

Because we run a monstrous trade deficit. Germany and Japan make hi tech items yet don't run trade a deficit. Plus import a lot more of their oil/energy than we do

34 posted on 09/23/2008 3:34:04 PM PDT by dennisw (Never bet on Islam! ::::: Never bet on a false prophet!)
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