"Seniors I knew last year often had several offers to choose from, but I don't think that's the case this year," said Caitlin Leffel '02. "I have the sense that people aren't getting as many offers this year."
The economic downturn first affected College students when a few (less than 10) members of the class of 2001 had job offers either rescinded or deferred. This year's class faces fewer job offers, and available jobs may also be much more difficult to locate.
"The number of on-campus recruiting visits at Amherst has been cut by about 50 percent," said Director of the Career Center Rosalind Hoffa.
Most of the firms that have dropped Amherst as a recruitment destination are part of either the finance, consulting or advertising industries.
"On-campus recruiting at Amherst and other top-tier schools has undoubtedly brought a number of talented individuals to Leo Burnett," said Rock Klinefelter '96, an Account Supervisor of Leo Burnett, an advertising/marketing agency. "Unfortunately, this cyclical downturn has forced us to reduce the number of people we hire-thus necessitating an appropriate scaling of our recruiting efforts. That said, as an alum, I want to see more Amherst grads on the company roster."
In response to the increasing difficulty of procuring a job after graduation, many seniors are electing to attend graduate school instead.
"Students are more anxious and stressed than in other years," said Marcela Sabino '02, a Peer Career Advisor. "They hear that the job market is terrible and don't even want to deal with the search. Many are applying to graduate schools to escape, but they are finding that thousands of others are doing the same."
The Law School Admission Council reported that 38,045 people took the LSAT in December of 2001, a 26.3 percent increase over the prior December.
"While it is impossible to know precisely how this will impact admissions, one would expect the competition to be stronger," said Chuck Canter '02, a senior whose decision to apply to law school was made independent of current economic conditions. "Thus there are some schools where I would usually be considered a strong candidate for admission, but this year I am borderline."
Business schools and other graduate programs have also seen dramatic increases in the number of applications they have received this year. While the post-graduation plans of many seniors are still in flux, Hoffa estimates at least a 10 percent increase in the number of students who will pursue graduate work this year.
"When firms don't come to campus to recruit, it doesn't necessarily mean that they won't hire anyone," said Hoffa. "It just means that students must take more initiative."
But there are signs that the economic tides are turning. The unemployment rate fell in January from 5.8 to 5.6 percent, and the Federal Reserve Bank recently announced that it was holding interest rates steady after 11 consecutive cuts. Also, while the economy as a whole has suffered, job opportunities in some areas, such as science, education and nonprofit organizations, are still strong.
"The recession of '91 lasted only three quarters, and my guess is that the economy will turn around by the second quarter of this year," said Professor of Economics Walter Nicholson. "But the evidence [of an economic recovery] is pretty flimsy at this point and this year's senior class will be hurt by the economy regardless."