With Finance Disgraced, Which Career Will Be King?
BY times
In the Depression, smart college students flocked into civil engineering to design the highway, bridge and dam-building projects of those days. In the Sputnik era, students poured into the sciences as America bet on technology to combat the cold war Communist challenge. Yes, the jobs beckoned and the pay was good. But those careers, in their day, had other perks: respect and self-esteem.
Today, the financial crisis and the economic downturn are likely to alter drastically the career paths of future years. The contours of the shift are still in flux, in part because there is so much uncertainty about the shape of the economic landscape and the job market ahead.
Still, the industry whose troubles are having the greatest impact on the rethinking of careers, especially at the nation’s elite universities, is the one at the center of the country’s economic downturn — finance. For years, the hefty paychecks and social status on Wall Street proved irresistible to many of America’s brightest young people, but the jobs, money and social respect there are much diminished today.
“In choosing careers, young people look for signals from society, and Wall Street will no longer pull the talent that it did for so many years,” said Richard Freeman, director of the labor studies program at the National Bureau of Economic Research. “We have a great experiment before us.”
Graduate schools of government and public policy are seeing a surge of applications. In a survey of its members released last week, the National Association of Schools of Public Affairs and Administration found that 82 percent reported an increase in applications this year, and many saw the largest percentage jumps in several years, or ever. The most-cited reason was the expectation by students that government will be hiring.
Still, the appeal of public sector careers extends beyond job openings, say school officials. The laissez-faire presumption that government is not the solution but the problem, dating back to the Reagan era, has been cast aside, they say.
BY times
In the Depression, smart college students flocked into civil engineering to design the highway, bridge and dam-building projects of those days. In the Sputnik era, students poured into the sciences as America bet on technology to combat the cold war Communist challenge. Yes, the jobs beckoned and the pay was good. But those careers, in their day, had other perks: respect and self-esteem.
Today, the financial crisis and the economic downturn are likely to alter drastically the career paths of future years. The contours of the shift are still in flux, in part because there is so much uncertainty about the shape of the economic landscape and the job market ahead.
Still, the industry whose troubles are having the greatest impact on the rethinking of careers, especially at the nation’s elite universities, is the one at the center of the country’s economic downturn — finance. For years, the hefty paychecks and social status on Wall Street proved irresistible to many of America’s brightest young people, but the jobs, money and social respect there are much diminished today.
“In choosing careers, young people look for signals from society, and Wall Street will no longer pull the talent that it did for so many years,” said Richard Freeman, director of the labor studies program at the National Bureau of Economic Research. “We have a great experiment before us.”
Graduate schools of government and public policy are seeing a surge of applications. In a survey of its members released last week, the National Association of Schools of Public Affairs and Administration found that 82 percent reported an increase in applications this year, and many saw the largest percentage jumps in several years, or ever. The most-cited reason was the expectation by students that government will be hiring.
Still, the appeal of public sector careers extends beyond job openings, say school officials. The laissez-faire presumption that government is not the solution but the problem, dating back to the Reagan era, has been cast aside, they say.
