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Recently I read the news about planning lay offs by biggest US banks such as Chase, Goldman, Barclays, etc.
For example, Chase is planning to cut off 17000 jobs during next year and 4000 jobs during this year. This is awful news for Business Administration students. Currently I am a college student and I am thinking about changing my major while its not too late. I have an aptitude towards physics and engineering, but thats not what I want to do. I love accounting and finance, but have doubts about perspectives.
To be honest such lay offs were about to happen because many bank workers too unproductive, personal bankers do almost nothing, but get high wages.
What is your opinion about such bad news for BA students?
I would give engineering a second look. It is a career that has such a wide range of opportunities that you may find something within it that interests you. Mechanical engineers do some really fun jobs. You are almost certain to always have a job.
Another avenue might be a mathematics degree. There are jobs in the financial market for these graduates.
Good for you for looking ahead. Most people don't and then whine about their situation.
Recently I read the news about planning lay offs by biggest US banks such as Chase, Goldman, Barclays, etc.
For example, Chase is planning to cut off 17000 jobs during next year and 4000 jobs during this year. This is awful news for Business Administration students. Currently I am a college student and I am thinking about changing my major while its not too late. I have an aptitude towards physics and engineering, but thats not what I want to do. I love accounting and finance, but have doubts about perspectives. To be honest such lay offs were about to happen because many bank workers too unproductive, personal bankers do almost nothing, but get high wages.
What is your opinion about such bad news for BA students?
With your forecasting ability, maybe you should look at one of the Wall Street brokerage firms.
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Banks are another areas where automation has reduced costs/increased profits, by eliminating employees. Making deposits by smartphone, and machines in grocery stores have greatly reduced actual customers going into the banks. I probably haven't been to on in 2 years. Actually once about a year and a half ago to close one of my accounts was the last time, all my other banking is done online, by phone or cash machine. No one can really predict what will be the hot jobs in the future, but think hard about what other jobs may be eliminated by outsourcing or automation and avoid those.
Accounting/finance is saturated. In the late 80's, there were eight major CPA firms, ala The Big Eight. Now, it's down to the Big Four, and pretty soon, when the Sallie Mae and other scandals and crimes break, it'll be down to the Big Two. Keep in mind that these were some huge, international firms, which were the training ground for middle and upper management for the largest companies in the world. The fact that outside audit firms have been consolidating is evidence of the lack of demand for high paid white collar private bureaucrats. And the same is true of finance as well, you can't have a collapsing accounting field and think that banking isn't going to reflect the same reality. It's very bad, and it will get worse, when you realize just how big banking/finance is a part of our economy, there is a long way to go before we hit bottom....
I would give engineering a second look. It is a career that has such a wide range of opportunities that you may find something within it that interests you. Mechanical engineers do some really fun jobs. You are almost certain to always have a job.
Another avenue might be a mathematics degree. There are jobs in the financial market for these graduates.
Good for you for looking ahead. Most people don't and then whine about their situation.
hmmm.. may be I should go into actuarial science? But the thing is I do not have any acquaintances in this field and I don't know anyone who does this job. Math degree? I am afraid that I end up as a teacher in high school.
Also, my professors in college tell me that this lay offs are temporary and job market will improve after 3-4 years (the time when I will graduate).
hmmm.. may be I should go into actuarial science? But the thing is I do not have any acquaintances in this field and I don't know anyone who does this job.
Me neither, but, what's google for? Investigate it. Maybe it's for you, maybe not. Look into internships
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Math degree? I am afraid that I end up as a teacher in high school.
Whatever you do, do not do that. Be afraid. Be very, very afraid.
google "careers for mathematics graduates" or something like that. I've investigated it and quite a few options are available.
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Also, my professors in college tell me that this lay offs are temporary and job market will improve after 3-4 years (the time when I will graduate).
The financial market or the financial job market? While it is true that job markets are cyclical, loloroj is correct on the current trends. No one can predict the the future, but I wouldn't put all my eggs in the professors' Easter basket. They have job security - unless students start to fear the falling jobs market prospects for this sector.
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What about accounting field? Is this profession in demand?
I have no idea. My accountant makes more than me, though. Again, google it. Talk to people in the field. People love to talk about their jobs.
Recently I read the news about planning lay offs by biggest US banks such as Chase, Goldman, Barclays, etc.
For example, Chase is planning to cut off 17000 jobs during next year and 4000 jobs during this year. This is awful news for Business Administration students. Currently I am a college student and I am thinking about changing my major while its not too late. I have an aptitude towards physics and engineering, but thats not what I want to do. I love accounting and finance, but have doubts about perspectives.
To be honest such lay offs were about to happen because many bank workers too unproductive, personal bankers do almost nothing, but get high wages.
What is your opinion about such bad news for BA students?
Yes, it's bad news for Business Administration students, but Finance and Accounting degrees are generally regarded higher. I think you shouldn't jump to conclusions quite yet. Accountants at least will always be in high demand. And depending on where you go to school and your gpa, finding a finance job on Wall Street could certainly be nice. There are so many fields you could get into with a finance degree.
hmmm.. may be I should go into actuarial science? But the thing is I do not have any acquaintances in this field and I don't know anyone who does this job. Math degree? I am afraid that I end up as a teacher in high school.
I'm an actuary and my advice is to not enter this profession. It is very difficult to get an entry-level job right now, the market is saturated. But if you insist, you do not need a math degree (I don't have one myself), you just need a high GPA, an internship (preferably actuarial), and 2-3 exams passed, and solid extracurriculars.
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