Witnessing a shift in career visions and realities
Few interesting excerpts from NYTimes’s “With Finance Disgraced, Which Career Will Be King?”
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.
What will the new map of talent flow look like? It’s early, but based on graduate school applications this spring, enrollment in undergraduate courses, preliminary job-placement results at schools, and the anecdotal accounts of students and professors, a new pattern of occupational choice seems to be emerging. Public service, government, the sciences and even teaching look to be winners, while fewer shiny, young minds are embarking on careers in finance and business consulting.
For the highest-paid business fields, the outlook is for a tempering correction instead of an all-out exodus. At Harvard, for example, about 40 percent of undergraduates in recent years went into the most lucrative corporate arenas like finance and consulting, based on surveys at the school year’s end. “That certainly won’t be the case this year,” observed Lawrence Katz, a professor and labor economist who has studied undergraduate career choices at Harvard going back to the 1960s. “We’re seeing students who would have been part of the Ivy League pipeline to Wall Street in the past considering very different career paths.”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.
The government’s need to step in with financial bailouts and recovery programs to steady the economy is seen as the immediate proof, they say, but not the only one. The environment, energy and health care also pose huge, complex challenges. “Young people today understand that government has a powerful role to play in solving these problems,” said Sandra Archibald, dean of the Evans School of Public Affairs at the University of Washington, where applications this year are up 26 percent.
Government school officials also point to an Obama effect: his election as an endorsement of government activism.
Patricia Foglesong, a second-year student at Darden, turned down a job offer from a major consulting firm. Instead, she is considering two government jobs, one with the Secret Service and another with the Park Service.
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