Jobs bubble?


This article in the New York Times suggests that there was a ‘jobs bubble’ that mirrored the ‘financial bubble’ at least in the US. The Wall Street firms were soaking up the best and brightest graduates and now with the GFC those graduates are going off to do (what at least to me) sound like far more interesting things with their lives.

I don’t know if we had the same phenomenon here in Australia, at least for business graduates. While I was at the ACCC, I was always really pleased by the high quality graduates that we could recruit, so maybe we didn’t suffer from a Wall Street effect on the job market.

Alternatively our ‘jobs bubble’ may simply be elsewhere. Take the major law firms for instance ….

One Response to "Jobs bubble?"
  1. Don’t really understand what a jobs bubble is but many of my daughter’s and son-in-law’s engineering and scientist friend’s work in investment banking or banking. The post-grads often straight into, others after working for a few years in their professions. Though mine is a very limited and anecdotal reply, I did have a quick look at recruitment and Engineers. Numbers of agencies were after them for banking, strong proficiency mathematics, understanding processes, being able to think about complex systems etc. Will they be going back to their professions, maybe, but very very few have as yet been made redundant.
    Again anecdotally, one of the attractions for the mining and petroleum engineers in particular, was the ability to at least see their small children on weekends, sometimes. Pay was important, but then if living in Sydney or Melbourne.
    But then it would seem that you think that it is in Law that the really bright are currently residing. Don’t know if you are old enough or remember but several decades ago the Institution of Engineers and the then APEA ran adverts attacking lawyers in a very derogatory manner.  Our daughter started in Engineering, and then moved to Psychology followed by getting herself a Law degree. Much to her father’s delight (Engineer) she has decided that Psych is her profession of choice, but then her husband works in investment banking.
    Off topic other than as bubbles go it is not a huge worry, these well educated young professionals easily apply their knowledge across the spectrum of high skill fields.

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