As you know, since 2001 a variety of economic indicators in the news have reflected the downturn in the economy resulting in 30 - 50% fewer jobs opportunities for college graduates at all degree levels throughout the nation and the world, including UVA students. However, those who suggest this is the toughest job market in nearly a decade for college graduates and worry too much about unemployment forget the cyclical nature of the economy that has challenged many before, and will challenge many to come. This may make you feel like there is little you can do, but this is the time to use your critical thinking skills, creativity, and resourcefulness.

What's going on with the economy?

Economies are based on markets, they go up and they go down. A review of the U.S. economy over the past 30 years reveals an average employment rate far lower than we have recently witnessed. Looked at in context, the booming market of recent years has been something of an anomaly.

U.S. Real Gross Domestic Product % Change and Unemployment

Source: Labor Department

What we saw during the years of the technology industry explosion was an over-valuation of companies that led to unrealistically high earnings expectations that could not be maintained, and are now normalizing. During the growth period, employers hired employees in numbers beyond what they now need. In addition the realities of September 11 and the accounting inaccuracies made public in recent months have affected consumer confidence and the stock market dramatically. As a result, many employers are laying off experienced employees and have reduced their entry level hiring accordingly.

Various indicators now suggest that the down cycle appears to be ending, and a recovery may follow, perhaps in 2003. While it is unclear when we will see the impact of a recovery in the hiring of college students, you should not leave your future to the fluctuations of the stock market.

Employers are certainly recruiting more strategically in these times. They are participating in fewer campus events, interviewing more selectively, traveling less, and making visits to fewer campuses and extending fewer job offers than in recent years. Some employers are delaying making job offers and are expecting students to decide quickly, while others are delaying interviewing.

There are steps where you can make your next career move, but you will need to be creative and resourceful. You will need to go looking for the right career steps for you, rather than waiting for them to come to you. It is important for you to start early and to be proactive in your job search.

What can I do to help myself?

The first step is to realize that your career is not about the economy. As with your life, your career is about your passion. To make your career rewarding, find your passion, connect with it, and learn all about it, work with it, follow it, and live it.

More than ever, the key to a successful job search is knowing who you are and what you want to achieve; to be proactive and flexible. Opportunities to make a difference are not always or ever only in the hot jobs of the day. Don't limit yourself to jobs in your major, or in a single geographic area, think globally.

Graduate or professional school may lead you where you want to go, but make it an active choice, not a default. Create a personal career development plan based on what you love, what you are good at, and what you want to do next.

Take advantage of the extraordinary dimension of career planning in times like these, that you have time to think, reflect, ask questions and make thoughtful, informed decisions. Ask, "Where in the world are the opportunities for me to make a difference? What is it I want to accomplish? Where are the compelling opportunities where I want to invest my life? Am I sure this is where I want to start? Is this my choice or am I jumping into a particular field just because it is booming today? Is this the correct position for me or am I taking this job to reduce the anxiety of being unemployed?

It is important that you are active in the job market. Some students may not be looking at this time because they've heard it is difficult. That attitude just keeps them out of the competition and makes it easier for those who are looking, so stay in the hunt for what you want.

How does University Career Services help?

UCS is here to help you learn about the relationship between what you do while at UVA and life after graduation, to develop the competencies required for career mobility, to make informed decisions about career goals, to find career opportunities related to your personal and professional objectives, to secure employment, and to make a difference in the world.

Career development is a lifelong process that can include: self-assessment, competency development, networking, informational interviewing, internships, work experience, study abroad, job search skills, graduate school, and planning for productive, rewarding lives. Above all else, it is a generative process, which provides a foundation for achieving goals throughout life.

We understand how challenging the current situation can feel, but keep in mind that you are not the first or only group of students to face these employment challenges, nor will this be the last time in your life when you may face theses challenges.

Here are some ways to get started now.

• Come to a counseling session with experienced career and preprofessional counselors.
  
• Explore our workshops and programs covering all aspects of career exploration.
• Participate in On-Grounds interviewing with HoosTRAK, the online job listing service.
• Visit our Resource Library and Computer lab with tons of print and online resources.
• Save those recommendations in Interfolio to facilitate admission to graduate schools and academic employment.
• Gain valuable experience doing Internships and Externships.
  

Do what you love, follow your passion. Visit UVA University Career Services today!

Wishing you every success,

The UCS Staff

Article adapted from: Christopher Pratt, EdD, Dean of Career Education, Columbia University.