It's not often that those of us the wrong side of 30 feel sorry for students, but even the most hardened grumpy old men should be feeling at least a twinge of compassion for those students coming to the end of three or four years of study and having to face an employment market which is, at best, bleak.
Figures published in the UK this week talk of there being 20% fewer graduate opportunities available now than there were 12 months ago, and some sectors are simply not recruiting at all. In the City of London, for example, there is a marked absence of fresh-faced young men and women attending interviews at certain 'institutions' - partly, of course, because some of those 'institutions' simply don't exist any more.
But every cloud has a silver lining -and many of those who would in previous years have been considering what might have been perceived as more 'glamorous' jobs in the City (and elsewhere) are now looking to more traditional first jobs such as law and accountancy.
The openings are still there in these professions. Some firms may have cut back their numbers, but the nature of the work, particularly in the accountancy profession, is such that firms need fresh, young talent coming through all the time (to avoid a bulge at the 'recently qualified' level), and therefore when the going gets tough, the more vulnerable are the staff members coming out of their training contracts who may have not performed particularly well to date. And, of course, in recessionary times, the perceived value of a professional qualification rises disproportionately.
But any final year undergraduate frantically trying to balance getting a reasonable degree with finding a job at the same time is faced with a potentially bewildering choice of options, if he or she does decide to seek a professional qualification. Perhaps I could limit my advice to just two areas.
First, a dose of realism is essential. I heard a story recently of an only moderately strong undergraduate actually saying at interview: "I was going to be an investment banker, but with the market as it is, I thought that I would put that idea on hold for a couple of years and pick up an accountancy qualification". He was not offered a second interview. Accountancy qualifications are tough; they require hard work and commitment.
Similarly, don't expect to be able to focus exclusively on work that is thought to be specialist or particulalry high profile from day one. In a recent article in 'The Times', the very valid comment was made: "Practitioners clearly need to be good lawyers before they can be good niche lawyers".
Secondly, if you do decide that either law or accountancy is the right route for you, that's great, but do think very carefully about the type of firm that you want to join. The very large firms have instantly recognisable names, and that may be helpful on the cv in the longer term. But future employers will also be looking at the breadth of experience that you have managed to gain, and they may be more impressed by the candidate who has had wider experience, working on a larger number of smaller clients, at a more senior level, in a medium-sized firm rather than someone in one of the mega firms who has spent months working on some small part of a major corporation.
Working culture is important too. In the current climate, a discussion about your desired 'work/life balance' may not be entirely appropriate (don't forget that when the grumpy old man interviewing you was your age, nobody had heard of 'work life balance') but for many candidates, this is an important factor and you should at the very least try and get a good feel for the working environment.
Of course there are many other factors. But the point is a simple one. The professions are definitely worth considering and, if you do, keep your eyes open. The mid tier of both the law and accountancy professions offer a very real alternative to the largest firms, not only to clients, but to students too.
James Mendelssohn (jmendelssohn@msiglobal.org)
