In the midst of their final academic year at the University, seniors have already begun to plan — if not finalize — their immediate post-college plans.
But the world that members of the Class of 2002 will enter when they walk out FitzRandolph Gate is a decidedly different one from the world that members of recent classes entered.
For a number of reasons, the members of the Class of 2002, whether they are joining the work force or continuing their education in graduate school, will be facing a more competitive, uncertain and deliberate process.
According to economics professor Elizabeth Bogan, the combination of an economy that has been slowing since the end of last year and the uncertainty generated by the attacks of Sept. 11 has created a weaker job market — just two years after the Class of 2000 faced one of the strongest markets the nation has ever experienced.
"The element of uncertainty that has been put into the already weakening market by the Sept. 11 tragedy will make companies hire fewer people," Bogan said. "A weaker hiring season has only become more uncertain."
Associate director of Career ServicesBecky Ross echoed Bogan's comments that the events of two weeks ago injected a level of doubt into the already weakening job market.
"No one really knows how it will affect the senior class," Ross said.
Seniors will likely notice that employers are more deliberate and careful in making their decisions and sending out offers. At Career Services, "Everybody is really mindful that it will be competitive, that offers may come a little later, and that companies may be more deliberate," Ross said.
Geoffroy Van Raemdonck who is associate recruiting director for Boston Consulting Group also hinted that competition would be more severe.
Pointing out that this past spring's 'dot com' failure would likely steer many talented individuals clear of that industry, Van Raemdonck said that the applicant pool in more traditional, stable fields, such as consulting, banking and financing, would likely increase.
Statistics show that last year approximately five percent of seniors that had full-time employment positions lined up had their offers deferred or rescinded.
This year, according to Ross, that number may be higher. Bogan, said, "Companies will clearly be very hesitant about hiring."
Some members of the Class of 2002 have voiced their concerns about upcoming difficulties.
Matt Frazier '02 said, "What concerns me is that more people who would otherwise have entered the workforce will apply to grad schools and law schools because of the slowing economy and what happened on Sept. 11, therefore increasing competition."
President of the senior class Spence Miller '02 echoed thi, saying in an e-mail, "A large percentage of students are taking the Oct. 6 LSAT to give them another option for next year if the economy continues to slow."
But in spite of the slowing economy, the recent attacks and the uncertainty that lies ahead, seniors have reason to be cautiously optimistic.
Though admitting that this combination of unfortunate circumstances might be "devastating" for the economy in general, Bogan did point out that University students might fare better.
"I do not think this will be as devastating to Princeton's seniors as it will be to the rest of the economy because they will be viewed as talented, inexpensive and young," she said. She added that people with Arabic and other Middle Eastern language skills should be in higher demand.
Van Raemdonck was also optimistic about this year's class of graduating college students.
"We're expecting a very talented pool and are not changing the way we are recruiting," he said. "We will recruit at the same level."
Ross said that though companies that typically interest students are postponing and canceling preview sessions, there are many companies still hiring.
"We know that companies are scaling back," she said. "But they're still coming to campus and we're ready."
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