Corporate recruiting on the rise; biggest hiring increases in financial services and healthcare industries

Overall hiring activity has increased in all industry sectors this year, according to Gregory Hutchings, Associate Dean and Executive Director of Career Resources at the Olin School of Business at Washington University in St. Louis. “Last year was probably one of the worst hiring markets for newly minted grads in the last 10 or 15 years, but we have seen a substantial increase in employers coming to campus this year with about a 30 to 40 percent increase,” says Hutchings.

Hutchings says that as the economy continues to pick up steam, MBA hiring at the Washington University business school is improving significantly. “I think with each successive quarter of good corporate earnings, companies gain the confidence in making more permanent hires,” he says. “The improving economy also results in more attrition occurring in companies, and this, in turn, increases hiring. We are starting to see more students getting multiple job offers, too. This has not happened in two or three years.”

Hiring outlook looking good for 2004 grads.
Hiring outlook looking good for 2004 grads.

The biggest increases in hiring of new grads this year is by financial services firms, especially investment banks, large commercial banks, and insurance companies, Hutchings says. “Investment banking and its related functions — sales and trading, research, and asset management — have seen a significant increase in hiring over last year as the equity markets have improved. It was probably the worst performing group last year for new grad hires, but the picture has completely changed.”

Healthcare related industries also continue to have strong hiring needs, Hutchings says. “They are ‘defensive’ industries that tend to hold up in the down cycles of the economy. Medical product and device companies are also seeing good growth in hiring.”

Internships are hot this year for MBA students who want to get a leg up on getting that great job offer. Hutchings says that employers are utilizing the business school internship as “the pipeline for new hires.” “Internship hiring has increased substantially as has ‘just-in-time’ hiring,” he says. “Companies want to ‘test drive’ a job candidate over a 10 to 12 week period and then they aggressively pursue their top choices. It’s critically important for students to begin and focus on their job search process during the very first semester of their MBA program, when they begin the process for summer internships.”

Gregory Hutchings

Hutchings offers the following tips to this year’s graduates to help them in their job search:

– Know thyself. It is the foundation for the whole process.

– Focus your efforts. Focus your job search on a specific industry, function, or geography.

– Cast a wide net. Once you decide on the focus of your job search, don’t be too picky!

– Leverage your past experience. Employers want job candidates who are already trained for their company.

– Roll up your sleeves. Be prepared to devote significant time to the job search. Building relationships is time consuming but it is the only way to get a job.

Hutchings cautions this year’s graduates at the Olin School of Business that it is still a very competitive job market. “We are telling students that it is still a tremendous amount of work to land a good position. While the economy has improved dramatically over last year, the hiring is still not at the point that we would like to see it,” he says. “You have to get out there and hustle.”