The rickety economy made Cameron Roberson rethink his decision to major in finance a year before graduation.Roberson, history senior, began taking finance classes his junior year but switched his major back to history after the markets took a turn for the worst this summer.The crisis on Wall Street and thousands of jobs shed may cause uncertainty among graduating seniors, especially finance majors. But economists say seniors still have a chance to land jobs after graduation.Financial companies dropped 150,000 jobs in 2007 and more than 100,000 so far this year, according to job-consulting firm Challenger, Gray and Christmas — causing seniors who graduate in December and May to enter the job market at a bad time.In September, the Bureau of Labor Statistics reported that 2,269 employers laid off more than 50 people each — the highest cut since Sept. 9, 2001.Companies struggling with finances have been forced to cut back on their spending and the number of employees. But Kelley Pace, finance professor, said many business majors will continue to obtain good jobs.”While there may be problems, opportunities will still exist for students,” Pace said. Despite the weak economy and lack of jobs, the University’s business school enrollment remains stable.There are more than 1,700 undergraduate students in the E.J. Ourso College of Business. And 410 students are finance majors, making it the second most popular business concentration at the University.The business school’s undergraduate enrollment is down 3 percent from 2007, but has increased 11 percent during the past five years.Pace said the focus has changed from Wall Street to other locations, but Louisiana and Texas have historically been some of the best markets for University graduates.”These markets are likely to fare better than the major money centers in the near future,” Pace said.But Nick Kennedy, finance senior, said he isn’t concerned with finding a job in such an unsteady market.With all the job cuts, Kennedy said he can always fall back on his Baton Rouge-based landscaping and turf maintenance company.Ben Sopranzetti, finance professor from Rutgers University in New Jersey, spoke Tuesday evening to LSU finance students and the Student Finance Association.”The investment market right now stinks,” he said. “Banks are no longer hiring out of the senior class. They’re extending offers to their interns.”Sopranzetti said it is crucial for students entering the job market to have experience in their field. He said students will be hired based on their functional and presentation skills.- – – -Contact Leslie Presnall at [email protected]
Business school enrollment stable despite job losses
October 28, 2008