alexander ioffe economic undergraduate job market for class of 2004 gradually improving by alexander...

Alexander Ioffe Alexander Ioffe

Economic Undergraduate Economic Undergraduate

Job Market for Class of Job Market for Class of 2004 Gradually Improving2004 Gradually Improving

By Alexander IoffeBy Alexander Ioffe




HiringHiring

Michigan State Michigan State University had its 33University had its 33rdrd annual College Labor annual College Labor Survey.Survey.

450 employers 450 employers responded to the surveyresponded to the survey

Out of the 450, 40% say Out of the 450, 40% say that they have set hiring that they have set hiring standards that target standards that target college grads. This is a college grads. This is a 5% increase from last 5% increase from last year.year.



HiringHiring

The employers that indicated plans to hire, 60% The employers that indicated plans to hire, 60% say that they will increase the number of say that they will increase the number of positions for the academic year.positions for the academic year.

Though many will increase the amount they hire, Though many will increase the amount they hire, 86% of employers believe that the market will 86% of employers believe that the market will remain poor.remain poor.

Most of the hires seem to be coming from the Most of the hires seem to be coming from the South, the North is suffering a slow recovery and South, the North is suffering a slow recovery and displacement of workers in manufacturing which displacement of workers in manufacturing which continues to hold back the growth in the North.continues to hold back the growth in the North.



ManufacturingManufacturing

Manufacturing has had many troubles in the past Manufacturing has had many troubles in the past few years. Some segments are doing well such few years. Some segments are doing well such as: food, beverage, and clothing. But segments in as: food, beverage, and clothing. But segments in automotive have had many problems and are not automotive have had many problems and are not looking into hiring young peoplelooking into hiring young people

Some of the segments that have had much Some of the segments that have had much difficulty are: Metal Fabrication, Machinery, and difficulty are: Metal Fabrication, Machinery, and Electronics. Electronics.



TrendsTrends

Trends have shown a positive outlook.Trends have shown a positive outlook. Last year witnessed the bottom of the decline, Last year witnessed the bottom of the decline,

this years growth is upward.this years growth is upward. Though outlook is positive, it will take a long time Though outlook is positive, it will take a long time

to recover the jobs that were lost from 2000-to recover the jobs that were lost from 2000-2003.2003.



TrendsTrends

In the past, small employers have powered In the past, small employers have powered the hire of college grads, this year for the the hire of college grads, this year for the first time they will not.first time they will not.

At first this was a concern, but it has At first this was a concern, but it has turned to be beneficial to college grads turned to be beneficial to college grads from past years like 2001, 2002, & 2003. from past years like 2001, 2002, & 2003. These grads have not found desired work, These grads have not found desired work, with this happening, it will give them with this happening, it will give them better chances of doing so. better chances of doing so.



MBAMBA Employers are making Employers are making

more substitutions for who more substitutions for who they hire. Many employers they hire. Many employers have indicated that they have indicated that they plan to hire less MBA’s and plan to hire less MBA’s and insert more BA’s due to insert more BA’s due to salary.salary.

The MBA market is The MBA market is strained. There are more strained. There are more MBA graduates now than MBA graduates now than ever, which makes the ever, which makes the supply more than the supply more than the demand for them.demand for them.



What to ExpectWhat to Expect

Though the past few years have been trouble Though the past few years have been trouble some, we are recovering. There are more jobs some, we are recovering. There are more jobs available now for the college grad than in the available now for the college grad than in the past years.past years.

It is important to go into the right field that have It is important to go into the right field that have a positive outlook and salary that you wish to a positive outlook and salary that you wish to obtain.obtain.



Salary Expected This YearSalary Expected This Year

Accounting $35,200 - $38,200Accounting $35,200 - $38,200Finance $38,600 - $42,400 Finance $38,600 - $42,400 Marketing $34,200 - $38,900Marketing $34,200 - $38,900Supply Chain $37,400 - $39,700Supply Chain $37,400 - $39,700Civil Engineering $39,600 - $42,500Civil Engineering $39,600 - $42,500Electrical Eng. $46,900 - $51,000Electrical Eng. $46,900 - $51,000Mechanical Eng. $46,200 - $49,600Mechanical Eng. $46,200 - $49,600Chemical Eng $39,600 - $42,500Chemical Eng $39,600 - $42,500Computer Science $50,800 - $57,200Computer Science $50,800 - $57,200Communications $30,000 - $36,400Communications $30,000 - $36,400Liberal arts $28,000 - $33,000Liberal arts $28,000 - $33,000Sciences $31,900 - $39,000 Sciences $31,900 - $39,000



Work CitedWork Cited

Gardner, Philip d, Ph. D. “Job Market for Class of Gardner, Philip d, Ph. D. “Job Market for Class of 2004 Gradually Improving”2004 Gradually Improving” The Black Collegian. The Black Collegian. Issue Date Unknown. 17, October 2004. < Issue Date Unknown. 17, October 2004. < http://www.black-collegian.com/issues/2ndsem0http://www.black-collegian.com/issues/2ndsem04/top100_jobmarket2004-2nd.shtml4/top100_jobmarket2004-2nd.shtml> >

http://www.black-collegian.com/issues/2ndsem04/top100_jobmarket2004-2nd.shtml

http://www.black-collegian.com/issues/2ndsem04/top100_jobmarket2004-2nd.shtml

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