Graduate Job market - 2009 . Bleak but there is a ray of hope.

Given the dreary economic out look and the sudden freeze and uncertainty in hiring, I wouldn’t be surprised if you sometimes encounter a feeling of helplessness about landing a good job this year.

The class of 2009 could be facing the bleakest job hunt for a generation now the global financial crisis has taken its toll on traditional graduate employment sectors.

With graduate numbers increasing on an almost annual basis, any failure in the job market to reflect this increase will create a greater level of competition in an already crowded market. As a result, an increasing number of people are moving back in with parents after finishing university and failing to find a graduate job

This means that more students would be graduating this year, while the number of jobs in the offing are far below in comparison. This only means that the competetion
Focusing on the financial services industry (and other companies servicing this industry), some of them like northern rock have completely stopped hiring, other companies ML , UBS , PWC , EY etc have kept recruitment numbers pretty flat.
I feel that numbers are kep flat only to prop up their image on campus. They would also damage their brand by not maintaining contacts on campus and disbanding expert recruitment teams, leading to a corporate loss of memory and skills. To reduce numbers is significantly more favourable than suspending recruitment even for one year.

Which sectors would be recruting this year ?
1. Accountants (It is going to be accountants who have to deal with all the financial fall outs and mergers; Lehman's effectively going under and the HBOS and Lloyds merger ,T-mobile and O2 join venture etc)
2. IT (Banks are restructuring and trying to cut costs by improving IT )
3. Start ups ( best way to put your redundancy pay out to good use)

Ways out of this ?
1. Non traditional Routes –Take up additional course in fincance / accounting to supplement your IT / Management background or vice versa. There are clear signs graduates will need to be more savvy than ever in their hunt for work and not rely on the usual high numbers of vacancies available in previous years
2. Graudate Fairs - Talk to the smaller companies , management consultants and start ups- they are bound to give you more attention.
3. Networking – Obviously ! ! !
4. External Recruitment consultants – Keep chasing them until you get a job.

How I learned to stop worrying and love the market

In other words .... my strategy towards applying for jobs during the credit crunch.
(It worked for me many times over, but you should think this through - remember you are not me and I played to my strengths, you should do the same!)

Well here goes !

Step 1. Apply!
Well unless you apply, you are never going to get anywhere near landing an interview - forget a job. There, did I hear you say duh!

It doesn't matter how simple and straightforward this sounds and how you feel that this is the only possible thing to do. Some students (read as me) did not end up filling their applications till the last date ( Thankfully I learnt pretty quickly that deadlines are DEADLINES! )

Stop thinking and go about completing your your applications. Many a times, most of us dilly dally and spend a lot of time contemplating and discussing or end up being just plain lazy and we don't apply ! Weird ! but true.

Step 2. Apply prudently !
Don't go about applying indiscriminately. Think the whole process through. I would say apply to 10-20 companies by end of October and there is a very good chance of you landing a job before you submit your IS470 literature review. (or at least before Christmas). Each application has to be tailor made for that company / profile so put some effort into it. Don't just create a template and send it to 100 companies. Might work , but I would suggest against it.

Make sure you have a smart looking , sensible and well structured CV (refer LSE Career Office) . Each application has to be well thought out as well. Read the questions carefully. Remember not to lie (manipulation of the truth is alright I guess), because you are going to be interviewed based on your application and they will find out any discrepancies. Answers should be well structured, with sufficient examples to validate your claims - meaning don't write something like " I am a great leader, I have great analytical skills, people skills etc etc" without substantiating it with evidence. The LSE career service office would help you with your applications. VISIT THEM , its free !!!

Step 3. Be aware !
I would suggest reading the FT and watching the BBC news. Invariably a question that would pop up during your interviews would be something that tests your awareness of the market situation. Stop worrying, start reading and have a good (or at least reasonable understanding) of the market.

Step 4. Prepare !
Assuming that you have got an interview call, you should be well prepared to tackle it. I never went for an interview with an attitude that it would be a good learning experience. I went with the attitude that the job was mine! Perhaps it sound pretty confident / egoistic / naive ...whatever.... I don't care ! The attitude did the trick every single time!

Talk to others who have been through the interview. If you are the first person, don't worry, its not (yet) the end of the world. Prepare well. There are 7-8 competencies that you would be tested on. Be aware of the possible questions. They usually are around initiatives, Team work, Leadership, Conflict management, market analysis, why this role / job , Organisation, Analytical skills etc. Have a structure for your answers, introduce the example, get into details and make sure you talk to them in their language (meaning use the right keywords - e.g if its marketing use up sell , cross sell etc, else things like contingency planning, terms of reference for conflict management etc). This conveys a positive message to your interviewers in that they feel convinced that they would be comfortable working with you. As Ian puts it. Convincing is merely convincing, its not the truth ( but then that's the way the world works :D)

HELP OTHERS! ! ! I don't understand the logic where you don't help out your classmates. If you feel that helping another would mean that you would end up not getting the job - I say you are stupid. Remember its not just your friend, there are 100000 others who are applying for the same job ! Get real.
Work with your classmates / friends/ seniors and prepare the best application. Again this is the ideal situation in my mind. I don't impose this view on others. But then again .. be practical .. don't encourage free loaders! Put some effort into your application, do your homework and then go around asking for advice / help or review - rather than blatantly copying someone else's application.

Step 5. Relax !

On the day of the interview, relax , be confident, and pull your weight. Smile, dress smart greet the interviewers and give them a good strong handshake. By this time, more or less the decision would have been made. Now its up to you not to screw up ! So don't. A suggested read would be the book "How Would You Move Mount Fuji? Microsoft's Cult of the Puzzle - How the World's Smartest Company Selects the Most Creative Thinkers"

Conversations with Steve and Ash about ADMIS

Well, there have been a lot of questions about ADMIS as a course, the job scenario in London, and what-not being posted up in public formus. Let me try and make an attempt to give you an unbiased and honest reply. Unbiased in the sense, the answer is well thought out, researched and understood and hence not biased due to ignorance. Additionally, these are the thoughts that I bounced of Ash and Steve, and the wholeheartedly agreed with me. I shall try putting pen to paper and discuss the course and the job markets in London.

Last night, I ran up all the way to tower bridge to bid farewell to Ash. Met Steve (Prof Smithson) and Richard( ran cus Tooley street was closed: the cuase attributed to a burst pipe and hence flooding: Folks you gotta check out Brahmaputra floods: now that what I call flooding). Slap! of I needed that for digressing from the topic!

Getting back to the questions, let me take it bit by bit.

First, about the course. The course gives you a very socio-political view of Information Systems. There are 3 courses -IS 470,471 and 472. 471 is more about system design and hence is a lot more about OOPS and Methodology and Software Design practices, a cake walk ( not entirely ) for all those budding software engineers.

But then there is IS470 and 472. These are two course that would blow you apart. I would request Prof. Angell to put up bits and pieces of his opinion of the "nightmare on the net" which would be his first class. This should give you a perspective of what you would expect in 472. Trust me, the first class would leave everyone in shambles. You would leave the class thinking, O Why Why why? did I take up IT. I should have been a bloody cobbler or a blacksmith or something. Never will I use a computer again. But then, when you reflect back, you get to see the light at the end if the tyunnel. There is hope, and it is this hope that would take us all a long way.

IS470 - Social Study of IS. This is a theory paper. But it seriously lets you analyse any situation and gives you the theoretical basis to justify yourself. Let me give you an example. I was working with a particular company for a bit of my research work / business plan. Lets call this company xyz. The CEO of xyz came over to LSE to have a meeting with Ian, Ash and me. I was able to comprehend his problem scenario and was able to give my justifications for possible course of action that they could take thanks to 470. Now these included advice on Organisational change to operations to outsourcing to people management to politics to user acceptance of technology to diffusion to infinity. I made a mistake early on, in that I did not take 470 seriously - thanks to my engineering background I ended up scoffing at anything to do with theory. But it was this lightbulb moment in Ian office that made me understand the value of that course. Moreover, in my honest opinion, I know I will have a better understanding of the course only once I start work. The only thing that is required is to REFLECT and THINK.

In summary, ADMIS is excellent ! Why? Beacause it teaches you, at the very least to THINK, and at the same time leaves you with a million new perspectives that you would never come accross in any other course or university.

Now, the next is regarding the job market scenario!
First, are you coming here with the ultimate aim of getting a job in one of the top companies? Fair enough, thats what most ( if not all of us Indians) aim for. But believe me, after this course, a consultancy post at one of the top 4 is going to be the first offer you would turn down, amongst the many that you would get. Now, I am not claiming that it is easy to get a job here. No on the other hand it is difficult. But then, if you have a good strategy, then I can assure you that its not impossible, and afer a bit, it becomes all too straigtforward (not simple).

This is infact, the best time to be in the financial capital of the world. Perhaps, if you are looking for a job as in investment banker, you might find it difficult to come accross openings here. Rememeber thers is a slowdown - London has not come to a standstill. But then look at the broader picture, there are so many other jobs out there. Starting from consultancy, technology, Strategy, regulation ,security, risk, audit and lots more. More than anything, if you read the newpapers you would understand that the industry here is re-structuring. I feel the Accounting and Finance folks would find it hard to get a job here, but ADMIS folks would find themselves overwhelmed with opportunities. What the market is looking for is fresh new perspectives - and where else can they find that -@ ADMIS

But then, its not all that simple. You need to cosntantly think, reflect, be confident and be aware. If so, then the course would load you with the right perspectives (and you would be able to use it as well )to be able to find your way through any interview. Have a strategy, APPLY IT, and start early - as early as September / october. The ideal time frame is if you finish all applications by October ( at the latest). Have a look at some of the applications - decide on what kind of jobs you want , Ibanks, consultancies, technology compnaies, audit etc - then write a few sample applications and covering letter - prepare an impressive CV (which has the right keywords) and you will be fine. Learn to think long term and be confident. Confidence comes with preparation and hard work.

My serious doubt is, after IS490 atleast 10 of you would even think of starting your own company. In that case, all these worries about job markets, interviews and applications dont matter does it ? ;)

That has been a whole lot of positive feedback from me. And if it comes from me, then it would be better than the picture that I have painted

In case there are still more queries / unanswered questions doubts / leave a comment ! Will ( try ) and get back at the earliest.