Degrees may not get you jobs

SAN FRANCISCO: Gone are the days when newly minted college graduates, who once juggled multiple employment opportunities and ever larger pay offers, had the upper hand in the job hunt. According to a recent survey conducted by private recruiting software maker WetFeet, undergraduates and graduate students with new degrees -- including those with masters in business administration -- are getting fewer job offers than in any of the last three years.

"For the first time since the beginning of the dot-com boom, power shifted back to employers," said WetFeet President Steve Pollock. In 2001-2002, undergraduates reported receiving an average of 0.8 offers, down from 1.2 offers in the 2000-2001 season. MBAs received an average of 1.2 offers, down from 2.2 offers last year, said the software shop, which in April surveyed nearly 2,000 recent graduates from 21 of the top 25 MBA programs and more than 30 of the top 50 undergraduate institutions.

Salary expectations also fell as U.S. companies were cutting jobs to get costs in line with falling revenues. To that end, undergraduates expected an average starting base salary of $35,620, down from $39,060 last year. MBAs, who can spend around $100,000 for their degrees, expected average-starting salaries of $81,990, down from $88,590 last year.

The job hunters -- some of whom said they had offers yanked off the table -- also report shifting their search to industries such as pharmaceuticals and manufacturing from management consulting.

© Reuters