While the economic situation has been bleak for months, it hasn't depressed many college students. Sure, there's plenty of concern about getting a good job at a decent salary, but most of you expect to get a job, and to get a bigger paycheck than students who responded last year.
There's certainly greater uncertainty this year, particularly when it's balanced against the upbeat mood of 2000. Then, the dream of becoming a dot-com millionaire had not been dashed, and talk of a shortage of skilled workers fueled dreams of high salaries complemented by plenty of stock options.
Our survey was up on the Web during the summer, so it doesn't overtly reflect the new mood of the country. But with more accurate predictive powers than Nostradamus, one student writing before the horrific events of Sept. 11 summed up the mood that has afflicted many Americans since that date.
"I am just scared about the future."
Those comments were written about the economy, not terrorism. Use of the term recession is more common now, but even during the summer, the faltering economy was making plenty of students nervous.
"I am really worried about getting a job when I graduate in six months, I don't know if the economy will have the time to bounce back. I don't know what I'm going to do if I don't get a job," said one senior.
"With the way the economy is, I'm worried I won't find a job in what I want to do or will have one cancelled on me. A few of my friends who just graduated went through similar problems," one engineering student wrote.
"Tough economy = bad time to graduate," a mathematically inclined student wrote.
"There are not as many jobs available and employers are not as quick to hire," said another respondent.
The sluggish economy has many students rethinking their class schedules and longer-term plans.
"The economic slow-down has encouraged me to pursue a more-diversified program of study in order to open more options. I do believe that competition for jobs will become a more tense issue," one wrote.
There's always grad school
"Might attend grad school if job market is slow," another chimed in.
Despite all that trepidation, most everyone appears pretty upbeat about finding a job. About a third of our respondents said they weren't at all concerned about finding a job. The vast majority, 44 percent, were only somewhat concerned. That left slightly less than a quarter who were very concerned.
There's usually plenty of optimism for new graduates. Some respondents aren't close to that big event yet, so they are hoping that the industry will rebound before they start polishing their resumes.
"I have a co-op agreement lasting through the end of summer 2003, and I expect the technology sector to rebound within that time frame," was one optimistic view.
The axiom that education leads to a better life in the future wasn't lost on the student who wrote that the current state of the economy didn't change his views on education very much. "Very little change because I always think that education is necessary whether I get a job now or later in life," a respondent observed.
The outlook may be bleak right now, but for those who find jobs, it seems like the money will be there. At least, that's what you're predicting. The mean wage for undergrads is $49,500 this year, up fractionally from $48,600 in 2000 and $48,200 in 1999.
Those who go on for additional degrees expect to earn substantially more, both in comparison with undergrads and their classmates from last year. They're predicting a starting salary of $70,800, up sharply from $67,600 last year.
There were a few interesting changes from last year's survey. At the peak of the boom cycle of 2000, an engineering shortage, soaring wages and tales of stock-option millionaires had everyone thinking about money. It was the top career issue for the students surveyed.
But this year, work-life balance was on the mind of far more students. Seventy-five percent of you cited the balance of work and leisure time as a key concern, compared with 70 percent who viewed salary as a top issue.
Takes more than money
Though simply getting hired is a big challenge, most students hope they will be lucky enough to get a job that does more than just pay the bills.
"Salary is not everything. It is just a component in a package that also includes (1) location; (2) job description; (3) company personality-friendly work environment; (4) management-are they always looking for a win-win situation between employer and employee? (5) vacation and other benefits," said one respondent. "Money isn't as important to me as finding a job in which I'm interested," another added.
While many hope to get a job that offers exciting challenges, a good work environment and a nice financial package, most acknowledge that that might not happen. If the perfect job doesn't appear to be opening up quickly, fully 71 percent of you are ready to take the first good offer and then keep looking for a better opportunity. Only 26 percent said they would hold out quite a while if their first few offers didn't meet their salary expectations.
Some things, such as the feeling that you're the right person for a job even if the company doesn't realize it, don't change. One respondent showed considerable antagonism toward a company that didn't call back after a job interview. Now, she's hoping to make it big, using the old adage that the best revenge is to be successful.
"[One company] denied me. And they will pay," she said.
Stock options remain popular even though stock prices have plummeted and there are tales of engineers who had to sell their stock options to pay for the taxes on them, only to find the tax bill was higher than the sales price. Nonetheless, stock options were tops on the list of perks, with 62 percent saying the availability of options was important. Provisions for education of family members was second, at 57 percent, trailed by a year-end bonus, at 52 percent. In-house facilities such as gyms, day care and banking were attractive to only 29 percent of the respondents.
