Undergraduate Programs


More Undergraduate Events >>

Know Your Industry

by Annette Clemens, Assistant Director

It may be obvious to say that any job search, whether it’s for an internship or full-time employment, will be characterized by the current state of the economy.  A robust economy, like that of the late ‘90’s, results in plenty of professional positions, escalating salaries, and generous signing bonuses.  Unless you’ve been living under a rock for the last year, you know that this is currently not the case.  Our economy has stumbled and the job market has tightened up dramatically.

So does this mean that companies may stop hiring altogether?  Does a tight job market mean you switch your major in order to better fit what you think are the employment needs?  The answer to both of these questions is an emphatic “no”!

First of all, it’s very important not to confuse a recession with a depression.  Companies still hire in recessions, just not at the pace or speed with which they do so in a good economy.  It’s worth mentioning here too that good economies are usually preceded by recessions.

More importantly, you should know that switching your major to suit the current job market is not a good idea.  Doing so is somewhat like often switching investments in a poor stock market: you do so at the risk of squandering the time and effort you put into your studies.  If you love economics, then you should major in it.  If you love computers, then you should stick with IDS.  Your task is not to keep fluctuating your major every time the economic winds blow, but rather to find out where the jobs are within the field that you have chosen.

Students best focused on their career are the ones who research their industry often.  For example, if you want to work in technology, then you should educate yourself about the jobs that are in demand in the field.  Did you know that one of the top jobs in technology right now is Internet security?  Because of the frequent occurrences of identity theft, this is a problem employers have had to face.  Did you also know that Business-to-Business is an emerging trend alongside E-commerce?  Combined with the fact that the need for help desk support and database administrators is simply not going to go away means that technology is fundamental for business.  The trick is knowing which areas to target.  Using the Internet to keep abreast of these trends will combat some of the anxiety you may feel toward the current job market.

Industry research is imperative in the more conservative fields of business as well.  Since there is not much investing these days, investment banking may not be a wise goal fresh out of your undergraduate career.  Does that mean that never being an investment banker is a given?  Certainly not—all it means is that entering the field in commercial banking instead might be a wise choice while gaining experience and training that may land you that I-banking job one day.  But here again, you won’t know any of this unless you do the research.

The advisors in the Business Career Center are here and willing to help you with your career plans.  If you need tips about research, feel free to make an appointment by calling 312-996-2700.  If you are undecided about your career path or your major, we can assist you with that too.

Just remember that switching your major to suit the current market is not a good tactic for combating job search anxiety.  It is better to find out what you love to do and to stick with it.