Riding the Recession - top tips for final year students

Help from the Careers Advisory Service for final yesar students - how to maxmise your opportunities and beat the recession!

No one could have failed to notice that in the last 12 months the UK and global economies have plunged into one of the worst recessions for many years.  However with the media and
associated rumour mills working overtime and stories of doom and gloom in every direction what is the real picture in relation to graduate recruitment and how are we being effected at Imperial? Over the last few months it has been very difficult to keep track of what is really happening and how it will impact on graduates entering the labour market this coming summer but the Careers Advisory Service team has been working hard to ensure that we are getting first hand
information from the companies and the recruiters themselves so that we can pass on as
accurate a picture as possible to you. 

So what is the current situation ?

In times of recession companies, for as long as is possible, will try to maintain their place in the graduate recruitment arena.  So for this year it has been close to business as usual for many
organisations in terms of their activities on campus and levels of recruitment. 
What is clear though is that the hardest hit sector in relation to jobs is banking and finance, with many of the major investment banks recruiting for internship opportunities only this year. There have been some full time IB jobs available, mainly in areas such as technology, operations and
trading, which has been good news for Imperial students as these are the popular divisions for IC applicants but competition has been even greater this year as the number of vacancies has been greatly reduced.

As the recruitment season has progressed one or two other industry sectors have begun to feel the effect of the recession and it would be fair to say that the  number of opportunities notified to us for Imperial students overall has been less than in recent years. But the news is not all doom and gloom.  There are some sectors where it has been traditionally harder to attract very able students and these are now poised to take advantage of the lack of jobs in the city. Sectors
include some areas of engineering, energy industry, manufacturing, public sector, teaching and the Armed Forces.  Other areas have maintained a fairly constant level of recruitment including accountancy and  professional services. 

Through all of this one of the most important factors to remember is that Imperial College
remains one of the most targeted institutions in the UK so you are well placed to benefit from what ever jobs are out there and that one of your most valuable assets both now and in the
future will be your Imperial College degree.

So what can you do to maximise your chances if you are still job hunting?

• Think carefully about your career choices.  Widen out your ideas of who you can work for, where you can carry out the same or similar roles and where you can use the same or similar skills.  Talking to a careers adviser can help to make sure you have thought about all the options.
• Investigate all the potential employers in the sector you are interested in not just the well known names.  It could be that smaller organisations can offer you just as fulfilling career experience. The Careers Information team can advise you on how to go about researching companies.
• Think creatively about your job hunting.  In times of recession it is important to take a proactive approach not just wait for vacancies to be advertised.  Networking, speculative approaches, work experience and volunteering could all be tactics to get a ‘foot in the door’. Check the JobsLive careers calendar for a new seminar on “Job Hunting Strategies for the Recession” 
• Make sure that you make the most of every opportunity by ensuring that your performance throughout the selection process will all count.  Check JobsLive for all our continuing seminars on CV Writing, Online Applications, Interview Skills, Assessment Centres and Group Mock Interviews. 
• Thinking about taking a year out or applying for a Masters? Come and talk it through with a Careers Adviser to see how it will fit with your long term plans.
• Remember we are here to help so if you are still job hunting make sure you come in to see us as soon as possible. 

Elspeth Farrar, Director Careers Advisory Service                          
January 2009