Study: Job prospects looking up for Class of 2011 nationally

The study, conducted at Michigan State University, surveyed 4,600 employers in retail, finance, manufacturing, service and information sectors. The survey results indicated that there will be a 3 percent rise in hiring across all sectors, regardless of company size.

Services, which the study referred to as “probably the most important for college hiring,” has seen increases in most industries. Computer companies will increase hiring by more than 100 percent, engineering by 32 percent, scientific research by 30 percent and architecture firms by 28 percent. Hiring in management companies will increase by 16 percent, public relations and advertising by 4 percent and marketing research by 4 percent.

According to the study, finance will see an overall drop in employment but a rise in hires at the bachelor’s degree level. Insurance will increase hires by 23 percent and financial services by 7 percent, but banking institutions will decrease by 3 percent.

“By all accounts Wall Street is hiring again,” economics professor Henry Farber said, though he added that he had hoped the recession would lead graduates to jobs outside of finance. Still, he cautioned that students should not expect the labor market to bounce back right away. “Don’t expect it to be as good as it was five years ago.”

Career Services conducted a survey of the Class of 2010 and found that 35.9 percent of those employed full-time had jobs in finance, or 12.2 percent of the class as a whole. The class’s second-largest sector of employment is services, with 25.6 percent of full-time workers employed in that sector, or 8.7 percent of the class. Services includes industries such as architecture, consulting, design, law and medicine.

Beverly Hamilton-Chandler, director of Career Services, said she was not surprised by the increase in job opportunities for recent graduates. She said she has seen a marked increase in employer activity since last year, adding that recruiting has been both earlier and more aggressive than in years prior. Still, she has not seen specific industries recruiting more on campus than others.

“While this is very promising news, students still need to work hard to identify and pursue opportunities in this competitive market,” she said in an e-mail.

The Michigan State survey found that companies are especially interested in students with academic training that can help increase their online presence. Students with backgrounds in accounting, computer science, mathematics and public relations are in high demand.

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Still, most employers are seeking students from “all majors” and “are willing to look broadly for talent,” according to the study.

“Employers often look for communication, analytical, problem-solving and leadership skills, and these can be found in candidates from a variety of majors,” Hamilton-Chandler said.

Despite the positive signals for younger workers, Farber cautions students to be wary when entering the market. Farber said that while conversations about the labor market tend to focus on older workers losing jobs, young workers are also in danger. “The weakness in the labor market hurts young workers in terms of their first jobs and the mobility path that leads to a better job,” he said.