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Archive for the ‘College Grad’ Category

A recent post from Businessweek‘s daily “Getting In” blog asked, “MBA Applications: Is the Party Over?” Based on the Graduate Management Admissions Council‘s GMAT registration numbers from first four months of 2009, the volume of B-school applications may be leveling off after an all-time high in 2007-08.

Reporter Ann Vander Mey points out the precedent for a boom, then bust in B-school applications during recessions: “During the 2001 dot-com bust, there was a spike in applications as people fled the job market. The spike was followed by falling GMAT test volume for the next three years.” Mey makes a persuasive argument for a similar pattern occuring today: “The financial industry, once B-schools grads’ bread and butter, is in crisis ; many news outlets, including this one, have published articles about MBAs graduating without jobs; and the MBA brand itself has taken a beating.”

Leveling out of MBA applications may be a paradoxical bright spot in the dismal 2009 economy. This past cycle was “not a pretty picture” for many applicants! My clientele fared well, but geographic flexibility was essential: a willingness to consider elite graduate business programs beyond the Northeast Corridor.

According to US News & World Report‘s 2009 rankings of the top 15 B-schools, acceptance rates for Northeast Corridor MBA programs were: HBS 11.5%, MIT Sloan 15.0%, Yale 14.4%, Columbia 15.1%, NYU Stern 13.6% (11th rank but ground zero for financial services!) and Wharton 16.3%. With the exception of Stanford and Berkeley, top schools outside the Corridor had higher acceptance rates: Third-ranked Northwestern Kellogg 19.4%, U.of Chicago 21.9%, Dartmouth Tuck 16.0%, U.of Michigan 20.1%, UCLA 19.5%, UVA Darden 24.6%, Carnegie-Mellon 28.3%, and Duke Fuqua 30.4%.

Recommended reading: The Best Business Schools’ Admissions Secrets: A Former Harvard Business School Admissions Board Member Reveals the Insider Keys to Getting In by Chioma Isiadinso. Related posts: Does Your College GPA Matter? Take the GMAT While You’re Still Smart, Getting a Job with a Lackluster GPA.

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College is fun. You’re surrounded by smart, dynamic young adults. Constantly stimulated by intellectually engaging courses. Enriched by a convenient array of extra-curricular activities and entertainment venues. What’s not to love? The only thing not to love is that college ends. You have to enter the “real” world. OMG!

How will you be prepared for that? Not just career choice, job search, the entry level job. But the whole enchilada: renting an apartment, furnishing your living space, buying insurance, leasing a car, investing, filing tax returns, finding doctors, figuring out a commute, creating an urban social life…the list goes on.

If this post suffers from link overload, it’s because there’s so much help out there! Every young adult is a unique individual, whose life will unfold mysteriously, serpendipitously, sometimes quixotically. But once in a while, a book, website, or personal story can offer a clue.

SELF-DISCOVERY: Books: What Color Is Your Parachute for Teens: Discovering Yourself, Defining Your Future by Richard N. Bolles, You Majored in What? Mapping Your Path from Chaos to Career by Katharine Brooks, and Now What? The Young Person’s Guide to Finding the Perfect Career by Nicholas Lore.

CAREER EXPLORATION. Books: The Career Chronicles: An Insider’s Guide to What Careers Are Really Like–The Good, the Bad & the Ugly from Over 750 Professionals by Michael Gregory, and How’d You Score That Gig?: A Guide to the Coolest Jobs and How To Get Them by Alexandra Leavit.  Websites: Careers-in-Business.com, CareerTV , and WetFeet.com/Careers/Industries.

PERSONAL BRANDING & POSITIONING. Students often cringe at “personal branding” lingo because it sounds like  “packaging” or “selling out.” But it is really about knowing your authentic self, putting your best foot forward, and being true. Books: Man aging Brand You: 7 Steps to Creating Your Most Successful Self by Jerry Wilson & Ira Blumenthal. Websites: Dan Schwabel’s Personal Branding Blog.

JOB SEARCH & FIRST JOB: Books: Getting from College to Career : 90 Things to Do Before You Join the Real World by Lindsey Pollak, Smart Moves for Liberal Arts Grads: Finding a Path to Your Perfect Career by Sheila J. Curran, They Don’t Teach Corporate in College: A Twenty-Something’s Guide to the Business World by Alexandra Leavit, and  From College to Career: Entry-Level Resumes for Any Major from Accounting to Zoology by Donald Asher.

Websites: CollegeGrad.com, WetFeet.com, ResumeBear.com, QuintessentialCareers.com, SimplyHired.com, Indeed.com, Monster.com(College), and  CollegeBuilder(CBCampus).com.

GETTING AN “AFTER COLLEGE” LIFE: Books: How to Survive the Real World: Life After College Graduation: Advice from 774 Graduates Who Did by HOH Books, The Quarterlifer’s Companion: How to Get On the Right Career Path, Control Your Finances, and Find the Support Network You Need To Thrive by Abby Wilner, Ramen Noodles, Rent & Resumes: An After-College Guide to Life by Kirsten Fischer. Websites: Gradspot.com and LifeAfterCollegeForum.com.

Related posts: Liberal Arts and the Real World, Your College’s Career Center, So You Didn’t Get That Summer Internship… What To Do?, What I Did on My Summer Vacation, Er-Internship, Take the GMAT While You’re Still Smart,Why Should a College Student Be on LinkedIn?Best Wesbites for Careers in Finance.

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The Daily Beast’s contributor Zac Bissonette recently posted, “Is This The Worst Year to Graduate College Ever?” Whether summer internship or entry level position, it’s a jungle out there. Life has become tougher for the Entitlement Generation, and disappointing for their parents, who wanted them to have everything.

When my 20 year old son was growing up, he listened eagerly to his grandfather’s dinner tales of ancestor immigrant hardships, the Great Depression and WWII. When my son was five, Poppop described having nothing to eat but oatmeal. My son (who carries on the oatmeal-loving gene) exclaimed, “You’re so lucky! Wish I could eat oatmeal all the time.”

At 15, my son expressed almost an envy that his generation was not given the opportunity to face adversity like his grandfather. With wisdom beyond his years, he recognized the role of hardship in eliciting courage and character, as it did for Tom Brokaw’s Greatest Generation. Looks like they’re going to get their chance.

I don’t mean to trivialize the stress, anxiety, frustration, humiliation and discouragement that a fruitless job search, subpar entry level position, or arbitrary layoff brings. As a parent and career coach, I wince at the thought of young people I care about enduring painful experiences. My posts and  website offer resources for finding a job as quickly as possible in this economy. But this post is about perspective.

Richard Carlson, author of Don’t Sweat the Small Stuff, told a story about a wise man who was consulted by a villager about a series of dramatic events. When the villager asked, “Isn’t this the worst thing that could happen?” the wise man replied, “Maybe, maybe not.” When he asked, “Isn’t this the best thing that could happen?” the wise man replied, “Maybe, maybe not.”

Check Thoughts.com for a quick racap of this insightful story. Someday you may look back on this tragic unemployment situation as the crucible in which you proved the qualities your grandson will admire.

There’s a movie I wish would be re-released right now. It’s based on a true story, Pursuit of Happyness by Chris Gardner, a young African-American homeless single father who became a successful stock broker during the 1970’s economic downturn. Mr. Gardner’s struggles and triumph were immortalized by Will Smith (with real-life son Jaden)  in the award-winning motion picture:

Not everyone will be a Chris Gardner, but this economy might produce a few. It will call upon all your creativity, intelligence, perseverence, hustle, courage, grit, and belief in yourself. You may find yourself taking detours and end up in a far different place than you originally imagined. But hang in there! It just may bring out your best.

Related posts: College Internship and Entry Level Resumes, From College…To the Real World, So You Didn’t Get That Summer Internship… What To Do?,Take the GMAT While You’re Still Smart, Why Should a College Student Be on LinkedIn?, Time to Apply to B-School? Your College’s Career Center, What Is Informational Interviewing?

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My favorite: Careers-in-Finance.Com. They claim to “demystify” jobs in finance, a great word, because college students who major in economics still ask, “What does an investment banker actually do?” The site describes key career paths,  offers great sitelinks, recommended books, key players, job listings, a place to post your resume, headhunter list, and job outlooks. BTW, it’s up-to-date! This site identifies opportunities in a field that has changed dramatically this year. Yes, there still are opportunities, if you know where to look!

Another “fave” is WetFeet.Com, offering profiles of careers, industries and companies. It covers a wide range of fields. It has sections for undergrads, MBA’s, entry level and experienced professionals. Wetfeet publishes Insider Guides, terrific booklets on careers, industries and companies. Another site I recently discovered is CareerTV, a global TV programmer and interactive website designed to help college students and young professionals explore careers, industries, and companies. Watch a video, you’re ready for the interview. 

What have your experiences been like in financial fields over the past year? I would like to hear from twenty-somethings who have faced difficulty finding positions, or those who have dealt with job uncertainty and loss. How have you been affected by these experiences? If you spent time laid off, what have you done during that time period? What nuggets of wisdom would you offer to students coming out of college who are interested in economics or finance?

Related posts: Liberal Arts and the Real WorldWhat I Did on My Summer Vacation, Er-Internship, Take the GMAT While You’re Still Smart, Why Should a College Student Be on LinkedIn?, So You Didn’t Get That Summer Internship… What To Do?

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You’re a college junior, composing a paper on your laptop, FaceBooking and IM’ing at the same time. You have a text from Mom asking you to check  email because she sent you vital travel info but you never check. What other communcation tools do you need?

LinkedIn? What’s that? Oh, that boring site for business contacts. Put up a profile? Oh, puhlease…

But you’d like to get a summer internship, and a job when you graduate, in a tough economy. The career placement office made you put together a resume, and it might be good to have a public, professional presence online. Employers may be looking, and you’d have a high Google rank with an instant profile. Ok, so there are some benefits for college students on LinkedIn.

Some of your friends have websites or blogs. The artist with the online portfolio, the biotech major with his posted research, the journalism major with her active blog. LinkedIn can instantly link to those collections of a student’s work!

That guy that graduated last year, he’s working for the company you’re interested in, and maybe he could pass your name along to somebody. But how to find him? Oh, he’s probably on LinkedIn. He could forward your profile or recommend your work, because you were on that team project together.

Come to think of it, LinkedIn might be a good way to keep in touch. They have all these Groups: High school and college alumni, the company you worked for last summer, professional associations for your field, people from your hometown, or summer camp. All those people grow up, find jobs, become important—just like you. It might not be a bad idea to keep up with them, or be there so they could find you.

Ok, ok, you’ll join. LinkedIn has a 2009 Grad Guide to help get started (has not been updated but it still works).

Relevant reading: I’m on LinkedIn: Now What? by Jason Alba, What Color Is Your Parachute for Teens: Discovering Yourself, Defining Your Future by Richard N. Bolles, How’d You Score That Gig?: A Guide to the Coolest Jobs and How To Get Them by Alexandra Leavit, Getting from College to Career : 90 Things to Do Before You Join the Real World by Lindsey Pollak, They Don’t Teach Corporate in College: A Twenty-Something’s Guide to the Business World by Alexandra Leavit.

Related posts: College Internship and Entry Level Resumes, Your College’s Career Center,So You Didn’t Get That Summer Internship… What To Do?, What I Did on My Summer Vacation, Er-Internship, Take the GMAT While You’re Still Smart, Best Wesbites for Careers in Finance, What Is Informational Interviewing?

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Position U 4 College, LLC, is a career coaching service that helps students and young adults optimally position themselves to colleges, graduate and professional schools, and employers to create the future they want.

My website, www.positionu4college.com, is for parents, high school students, college students, and recent graduates. This site, careerblog, provides a discussion-based connection for college students and recent college graduates who are interested in career exploration, application to grad schools, and job search strategies for entering the workforce.


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