At Times Of Recession

At Times Of Recession – Should Recent Graduates Look For A Job Or Continue With Studies?

A top IT company recently asked hundreds of campus recruits - mostly engineers - to go on leave without pay for six months. This course of action is emerging as a trend these days, with most companies hit by recession taking recourse to drastic measures like these. Many of these recent graduates had dreams of building careers and leading a great life.

I’ve been talking to some of these graduates as they seek help in finding their future course. One question that I’ve asked them is whether they ever thought of studying further. The response to this is, surprisingly, “yes” to a large extent. Apparently many of the recent graduates had plans to work for a couple of years and then revert to studying. The industry experience, they reckoned, would help them get admission to good universities besides helping them bridge the cost factor.

In this situation most students wonder if it is a good time to continue their studies. The choice of studies is compounded by the fact that they have missed the admission cycle this year. The time to give CAT and GATE exams have elapsed and many have not prepared for the TOEFL or GRE.

Frustration and a sense of despair seem to overtake these students. Many ask me: what is the right choice? Do I study or pursue work?

My advice to these students is that recession is a great time to revisit or continue studies. The reasons for this are:

1. The “dream jobs” are no more the promised land. The pay is not great and one has to contend with the threat of layoff and sudden displacements during recession.
2. Colleges in India and abroad have a host of scholarships, and fee grants which are up for grabs.
3. Education loans are widely available. Most Indian banks continue to provide loans at competitive interest rates. In addition the students enjoy tax exemption on repayment of loan principle and interest.
4. The opportunity to beat the recession and continue to enhance skills will be advantageous as the situation turns around. Most employers tend to flock to universities to hire talent during a boom. The talent comes at a premium and the pay is only likely to be higher than current.
5. The time spent on campus will provide you with an opportunity to build a good network and associations. The access to student advisors, administrators, industry representatives, professional bodies, etc will facilitate your ability to land key jobs in the long run.

So, if you are a recent graduate thinking to continue studies - do so immediately. Do not fight the recession storm looking for that evasive job.

Roopa Rangaswamy
Student Counselor
You can write to the author: rooprang@gmail.com