Seniors optimistic as employers look to expand hiring

As Kyle Detwiler '05 sat for a job interview yesterday in the Manhattan office of Bain & Company, a consulting firm, he found himself in an enviable position: the pressure was off.

That's because Detwiler, an economics major, already has a job offer on the table from Merrill Lynch, where he interned over the summer.

He says many of his friends also saw summer internships yield offers.

"I think the numbers are up this year," Detwiler said. "I think hiring is on a rebound."

As job-hunting seniors and forward-looking juniors flock to employer information sessions by financial services firms at Nassau Inn and Prospect House this week — Bear, Stearns & Co. and UBS on Monday night, Morgan Stanley on Tuesday and Citigroup on Wednesday are just a few examples — they have reason to be optimistic. Anecdotes and surveys suggest the recession-induced hiring slump that began in 2001 may finally be coming to an end.

"Many employers have indicated that they expect a moderate increase in hiring levels in the coming year," Career Services director Beverly Hamilton-Chandler said.

Despite the visibility of these large firms — which recruit on campus, begin interviews in October and extend offers by the end of the year — Hamilton-Chandler cautioned that many employers in other sectors of the economy simply do not recruit on college campuses as a matter of policy.

"They prefer to list a position closer to graduation and seek cover letters and resumes from interested students," she said.

Hamilton-Chandler pointed to a recent survey by the National Association of Colleges and Employers (NACE), which showed that nearly two-thirds of employers that responded — 61 percent — plan to hire more college graduates this academic year. In general, companies expect to hire 13.1 percent more new college graduates in 2004-05 than they hired in 2003-04.

Employers cited increased demand for their products and turnover among current employees as major reasons for the hiring jump.

But the rebound recorded in the NACE survey, which measures jobs across the manufacturing, service and nonprofit sectors, is no guarantee that Princeton graduates will be able to find the jobs they want. Moreover, only 20.5 percent of employers questioned responded to the survey.

Even as increasing numbers of Princetonians field early job offers, the memories of lackluster hiring in recent years have not faded.

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"I know seniors who graduated last year who still haven't found a job yet," Detwiler said. "I don't know if that's because they haven't been able to find something or if companies just aren't hiring."

As is the case with many of his friends, Detwiler's Merrill Lynch offer will "explode," or become void, if he doesn't accept by a late fall deadline. As he continues to interview with employers in the course of making a decision, he said one factor has made the process more pleasant: the recurring presence of Princeton alumni.

"I've seen lots of Princeton guys at these places," Detwiler said. "It's been a lot of fun."