Dean to students: Don’t worry over economy
By: Politico
Stern students worried about their career prospects amid the financial crisis will have no problem finding jobs, Stern dean Thomas Cooley said at an event last night.
“Contrary to popular belief, there will always be jobs available in the finance industry,” he said. “However, it is a good idea for students to branch out from finance and shift their interests to different industries, such as marketing and entrepreneurship.”
Amidst one of the worst financial crises in American history, Cooley and Stern professors Edward Altman, Roy Smith and Lawrence White hosted a panel last night, at which they offered guidance to Stern students during this economic fallout.
“Many people are skeptical of the bailout because authorizing the treasury to spend $700 billion seems too vague, and it is a departure from the way economic problems were dealt with in the past,” Cooley said.
Altman, a professor of finance, believes that the crisis is due to many factors, and the blame should not be placed exclusively on current bank failures.
“Even if we do get over this crisis there are still more issues to be dealt with,” Altman said. “When stock dropped, it was a wake-up call that this crisis in not just a crisis of our financial institutions.”
Smith offered a more optimistic outlook on the country’s economic future, as well as on the job market.
“It has been my experience that the economy goes through a series of booms and busts, but this time it is just bigger,” Smith, a professor of entrepreneurship and finance, said. “Whoever wins the election in November will need to rethink the economy, just as Franklin Roosevelt did during the Great Depression.”
The abundance of finance majors at Stern are left wondering what this current economic downturn means for the job market upon their graduation.
“I think there is going to be a big shift from finance majors if the economy does not get better,” Stern freshman Alyssa de Abl said. “However, it is really good to be in school now because hopefully by the time we graduate the situation will be remedied, and there will be more jobs available.”
Victoria DeCarmine reports for New York University’s Washington Square News. Washington Square News is partnering with Campus Politico for the 2008 elections.