As the number of solvent banks seems to decrease on a daily basis, it is no wonder that Bowdoin students looking for finance jobs are preparing for a very scaled-back recruiting season this year.
Several financial companies have canceled expected on-campus recruiting events, including Morgan Stanley and Deutsche Bank.
"The financial sector is certainly restricted this year, but there is still hiring occurring, if on a more limited basis," said Tim Diehl, director of the Career Planning Center (CPC).
Diehl said that students must put in extra effort during this year's job search.
"I would encourage students to engage early in the process, meet with a career advisor, and develop a strategy for a range of options along a parallel path," he said.
Junior Jessica Song, who is hoping for a summer internship in finance, said that planning ahead is key to finding a finance job.
"Most internship activity happens in the spring, so I am just trying to build networks for now," she said. "When the companies come back to school in the spring they'll know I had been interested."
Diehl also stressed the importance of networking.
"Networking, the alumni network, family and friends, fellow Bowdoin students, are going to be increasingly important this year," he said.
According to Diehl, aside from the financial sector, there has so far been "no appreciable slowdown in employers wanting to hire Bowdoin students."
He said, however, that because many industries do not begin recruiting until later in the year, "it's too early to tell if other sectors have been affected."
At a Cowen and Company-sponsored investment banking workshop on Monday, Cowen recruiter Chip Rae explained to Bowdoin students why the current market is so alarming for students seeking employment in the financial industry.
"Why is this year so much harder?" Rae asked the attendees, contrasting this year's slowdown with the early 2000s, when technology companies led the recession. "Because, basically, the financial institutions themselves are in question."
Senior Jasmine Qu acknowledged the difficulty of getting a job in banking this year, but she pointed out that other financial firms are still hiring.
"It's definitely much harder to get a job this year," she said. "But people are looking at jobs in consulting, investment management, and insurance companies. It just means that we need to work harder."
However, current Bowdoin students are not the only ones affected by the economic slump.
A recent Bowdoin graduate who works at a troubled investment bank told the Orient that he is definitely worried about his job security.
"We've only been there a month and a half, two months including training," said the alumnus, who requested anonymity because of his firm's delicate situation. "We're not necessarily very marketable, we don't really have a ton of experience, and all of Wall Street is pretty tight right now—nobody is really doing too well."
Senior Michael Julian interned at Merrill Lynch the past two summers and was planning on working full time in its private client division after graduation. But after Bank of America acquired Merrill on September 15, Merrill rescinded Julian's informal full-time offer and told him to reapply in the spring.
Julian said that he will work with the CPC and explore his network to find a new job.
"It makes things a little more difficult, puts a little more pressure on me," he added. "That said, it's not impossible. We'll see what happens."