I read an
article on recent graduates and what they should do now that the economy is on summer break.
Quote:
PL: Is the plan of college kids still pretty much the same? The rich kids work for dad or live off a trust, the middle and upper middle class kids go get internships at consulting and finance outfits and head off to those jobs where you work for twenty-five years at something you don't really like and then hopefully retire early?
AM: It's a mixed bag. I admit there is a healthy feeling of independence from most students I speak with. I sense that there isn't a whole lot of pride in going to work for your father anymore, or at least admitting to it publicly. On the other hand, when no other paying options exist except that one some are willing to suck it up. However, you'd be surprised by the herds of anxious students still dying to get entry-level positions on Wall Street. With head count on the banks being cut and pay scales decreasing like an avalanche, there are still an unfortunate number of students chasing just dollar signs. It's a perfect example of the entitlement my generation expects. Because they understand portfolio theory and the discounted cash flow model, they think a six-figure job should be waiting for them. Reality hasn't caught up with the idealistic culture yet. Expectations are still high that Wall Street will turn around, and the money will flow again. It may or may not, but I don't think anytime soon. And finally, there is nothing wrong with a job on Wall Street. But, many don't know what they are getting into beforehand besides the paycheck.
The "work then retire" culture is the same, only because that's still what is being taught. That's what are parents are doing, so that's the culture we know. But, a difference I've noticed is that there is the expectation that we'll hold various careers in a similar field, with the more glorious, exciting ones coming with time. It's still climbing the ladder, just with different shapes of notches. There's the expectation of having to climb, with splashes of randomness every now and then.
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If you're currently working, what advice would you give to recent graduates now that all the jobs are gone? If you're a recent graduate, how are you dealing with the possibility of a life on welfare and food stamps? Or if you're like me with no advice to give, how are you making out during our summer of discontent?
I was in San Francisco for the Fourth and fully 3/4ths of the people I know there are unemployed. Amazingly, no one is looking for a job. They're all taking the time to travel, spend time with friends, work on their own ideas for start ups and generally recapture whatever magic was lost when summer vacation went away. It made me feel like a sucker for having a job.