In a double play … Professor Bruce Bachenheimer’s recent quote in MIT’s “Technology Review” concerning Wall Street losing some of its allure due to the financial crisis was picked up by NYConvergence.com, which reports on digital media technology in the Tri-State region.
Since Wall Street’s profits and prestige have slumped, the best and the brightest are looking elsewhere for jobs, making it harder to lure promising recruits. Bruce Bachenheimer, director of entrepreneurship at Pace University, told Technology Review that in the 1990s it was ”exciting and sexy to say you were working on Wall Street.” But that’s changed. Those formerly positive perceptions have flipped 180 degrees.
Meanwhile, the prospect for tech entrepreneurs joining startups with the potential of a lucrative IPO is looking brighter all the time, reported NYConvergence in an article about the FinTech program. Launched in December 2010, the lab is an incubator of NYC-based financial technology startups.
The Pace SkillProof IT Index is administered by Pace University faculty and tracks job openings in Westchester and New York City. A quarterly analysis of the job market for information technology professionals in Westchester showed little growth during the third quarter, but the report’s authors still see strong prospects for IT management.
From the Westchester County Business Journal:
“A quarterly analysis of the job market for information technology professionals in Westchester showed little growth during the third quarter, but the report’s authors still see strong prospects for IT management.
The Pace SkillProof IT Index is administered by Pace University faculty and tracks job openings in Westchester and New York City.
During the third quarter, the index registered 158 for Westchester, slightly above the second quarter’s rating of 156. However, it rose by more than 12 percent compared to the third quarter of 2010.
The index estimates that in 2008 there were 293,000 computer and information systems managers working in the U.S., a number that is projected to increase by 17 percent to 342,500 by 2018.
In Westchester, the demand for IT professionals has been boosted by a rapid increase in the number of Internet-based “cloud” applications and the popularity of social media among area companies, said Farrokh Z. Hormozi, one of the report’s authors and a professor at Pace’s White Plains campus.
With social media playing an increasing role in business and with some companies slow to adapt to the rapidly changing technology field, Hormozi said he sees a wealth of opportunities within the IT management sector.
He said much of the demand would likely come from the financial sector. Additionally, he said it would shift from technology development to support as companies start to use applications already on the market.
“The data indicates that the demand is moving toward providing assistance or providing teaching opportunities,” Hormozi said.
Nationally, almost 20 percent of all newly created jobs are in the IT management field, according to the report, with the unemployment rate for the IT field sitting below 5 percent.”
Report forecasts growth in IT | Westfair Online.
Even as the economy is slowly shifting towards the positive, graduating students still face many obstacles in obtaining employment. So how are colleges preparing their students for the job market?
Pace University is ranked as one of the best universities to attend by US News in their 2011 Best Colleges edition.
Maxine Sugarman, the Director of Career Services on Pace’s New York City Campus, shares with the Examiner.com how she and her team are preparing graduating seniors and graduate students to be interview-ready for potential employers.
Q: How does Pace University’s career center prepare your up-and-coming graduates for 2011’s competitive job market?
Ms. Sugarman: “We offer more opportunities for students to practice their interview techniques. We offer a ‘Mock Interview Day’ for volunteer recruiters to come to campus and individually interview our students. The recruiters and our career services team share constructive feedback with students and recommend Interview Workshops throughout the academic year. We also increased our efforts to provide video recordings of mock interview sessions between the student and interviewer. This provides students the ability to review the recorded session with their career counselor to focus on improving their delivery of interview answers [and body language]. We have also increased our partnerships with pre-professional student organizations to bring more recruiters on campus so that the students can network with recruiters at earlier stages in their college careers.”
Q: What are some important things graduating students should focus on in their job search?
Ms. Sugarman:“Analyze each job description and focus on selling yourself with the specific skills sets that each job description is requiring. Realize that one size does not fit all; meaning you have to customize each resume and cover letter sent out to the specific job. Learn how to brand yourself and how to network effectively. Our career center has created a LinkedIn mentoring program for business students to connect with Pace alumni who also majored in a business discipline. Networking is more critical than ever in order to uncover leads to job openings.”
Q: As the Director of a prestigious university, what are potential employers sharing with you of the type of graduates they are seeking to hire?
Ms. Sugarman: “Employers have always sought professionally prepared graduates. However, now more than ever employers want graduates who have excelled in the classroom and outside of the classroom. This means the graduate who has internships, extracurricular activities that promote leadership skills and/or has gained experience through volunteering will be a very attractive candidate to potential employers.”