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Posts Tagged ‘Economy’

Note: This is an update of my popular 11/09 post (where new data were available). Since last year, it is important to note that Sunbelt cities, especially in Texas, have peppered the top ten lists in greater numbers. Austin, Dallas, Houston, Denver and Atlanta are well worth considering.

Graduating from college in this economy! Finding a job in your field, in a stimulating city where you can survive the cost of living and have a social life.  What a complicated equation! So many “best cities” rankings! San Francisco is a cool place to live, but how can you can afford it right out of college? You can afford Omaha, and hey, Warren Buffet lives there, but what will you do on Saturday night?

For direction, I turned to Florida. Not the state. I mean the urban economist Richard Florida, best-selling author of The Rise of the Creative Class: And How It’s Transforming Work, Leisure, Community and Everyday Life and the amazing Who’s Your City?: How the Creative Economy Is Making Where You Live the Most Important Decision of Your Life.

Florida posits that metro areas with high concentrations of high-tech knowledge workers, artists, musicians, LGBT, and “high bohemians” correlate with high economic development. Florida believes this “creative class” fosters an open, dynamic personal and professional atmosphere, which attracts more creative people, as well as businesses and capital.

Florida says living in the right place significantly affects happiness, as much as choosing a career or a spouse. All three choices are very individual. When choosing a city, Florida suggests matching one’s lifestage and personality with a city’s physical aesthetics, social networks, career opportunities and basic services. Before choosing your location, explore Florida’s “Who’s Your City?” website.  The maps are  particularly intriguing: Singles Map, Creative Class Map, Personality Maps, New Geography of Work, Real Estate Map, and Mega Regions of North America.

Gallup-Healthways’ Happiness-Stress Index emphasizes the role of time spent with friends/family for emotional well-being. “Happiness scores” for US Congressional districts were developed based on this index, which Florida presents on his post “Happy (and not so happy) places”.  Five “happiest districts”:  Silicon Valley, Atlanta’s Northern Suburbs, Orange County CA, Denver’s Southern Suburbs, Morris County NJ (where we live–now I know why I’m so happy!).

Next Generation Consulting has studied relocation of 20-40 years olds since 1998. Its indexing system evaluates a city based on priorities of “next gen” workers. NCG’s 7 indices of a “Next City”:  Earning, Learning, Vitality, Around Town, After Hours, Cost of Lifestyle, Social Capital. Top five hotspots by population category:

“Mighty Micros” (Pop. < 200K): Fort Collins CO, Charleston SC, Eugene OR, Cedar Rapids IA, Springfield IL. “Midsized Magnets”(200-500K): Madison WS, Minneapolis MN, Colorado Springs CO, Atlanta GA, St. Paul MN. “Super Cities” (Pop. > 500K):  San Francisco, Seattle, Boston, Washington DC, Denver.

Forbes.com developed a list of “America’s Best Cities for Young Adults (2010)”, based on young adult salaries, unemployment rates, cost of living, median ages, the nightlife scenes and Harris Interactive’s ranking of the “coolest” metropolitan areas. Top Ten cities: Austin, Houston, NYC, Chicago, Denver, Dallas, Seattle, Atlanta, San Antonio, Minneapolis-St. Paul.

SingleMindedWomen.com analyzed US cities’ job opportunities, cost of living, access to travel, entertainment options, social opportunities, ratio of women to men, singles population, and healthy lifestyle. The result: “2010: Top 10 Cities for Single Women”. And the winners were: Boston, Washington DC, NYC, Seattle, Philadelphia, Phoenix, Denver, Pittsburgh, Dallas, Austin. Gradspot.com, a website dedicated to life after college, identified its “Top Ten Best Cities for Recent Grads (2010)”: Chicago, San Francisco, Seattle, NYC, Boston, Denver, Houston, Los Angeles, Washington DC, Atlanta.

These same cities keep popping up, despite varied selection criteria. Paradigms described in this post explain why young professionals are drawn to these cities. These cities offer: ntellectual stimulation, prevalence of  young single professionals, social networking, knowledge  jobs, physical aesthetics, basic services, all attributes deemed important by Florida or NGC.

NYC, San Francisco, Boston, Washington DC or Chicago are not surprising for careers or coolness. Why didn’t cost of living knock them out of the top spots? I would guess it is because: knowledge workers make good incomes, twenty-somethings rent vs. own, often do not own cars, and have few expenses besides food, rent, wardrobe and entertainment.

When the focus is on jobs and cost of living, the rankings shift. Apartments.com and CareerRookie.com recently released “Top 10 Best Cities for Recent College Graduates (2010)”, ranking US cities with the highest concentration of young adults, inventory of jobs requiring less than one year of experience, and one bedroom apartment average rental cost. It turns up some Flordia or NGC cities, but less obvious ones pop up as well: Atlanta, Phoenix, Denver, Dallas, Boston, NYC, Philadelphia, Baltimore, Cinncinnati, Los Angeles.

Businessweek.com‘s recent ranking, “Top Cities for College Grads (2010)“, based on AfterCollege.com’s entry level job postings, turns up similar cities: Houston, Washington DC, Dallas, Atlanta, Austin, Minneapolis, Pittsburgh, Columbus, Ft. Worth. It is worth noting that four of the top ten are Texas cities. Could it be time to move to the Lone Star State?

The repeated appearance of Houston, Dallas, Denver, Austin, and Atlanta throughout many “best cities for young professionals” lists is worth noting. The Sunbelt, especially Texas, should be on new college grads’ radar screen. Minneapolis is another city worth considering. Checking beyond the top 5-10 will also uncover hidden gems. Worth studying for such an important life decision!

Relevant reading: Live First, Work Second by Rebecca Ryan,  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.

Related posts:  Finding a Job in a Tough Economy, From College…To the Real World, Take the GMAT While You’re Still Smart,Why Should a College Student Be on LinkedIn?, and Best Wesbites for Careers in Finance.

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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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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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