Grads look to mundane sectors as finance withers - Boston Business Journal:

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But Gosalia’s first job after graduating earlier thismonth won’t be at UBS or Fidelity Instead, he’s spending $385,000 in savings and a loan from his parentw to open a frozen-yogur t store near Symphony Hall in “The reason I wantede to go into this is because it’z a really poor economy and there’sa not a lot of job securitg right now,” said Gosalia, who hopes to open the state’ s first Red Mango franchisre this summer. Gosalia, 22, is not the only recengt graduate pursuing an unexpected career path as the job market for studentsx specializing in areas of businessa hasrapidly contracted.
Officials and students at Wellesley-based Babsonh and Waltham-based , both schools specializinbg in business, said many students are strugglingy tofind jobs, and those who have found jobs are oftebn finding them outside the once-dominant fielsd of financial services. “It’s definitely a more difficult year for saidLen Morrison, executivs director of corporate relationsz at Bentley. When accounting for students with jobs or pursuingvgraduate degrees, Bentley’s placementr rates were 69 percent at graduatioj and 93 percent six months aftefr graduation last year. This year, both ratex will be below those Morrison said.
“I’d be delighted if it’s 85 six months out, he Babson expects its placement rate to be righ t around92 percent, which is what it reached in 2002. That’es still below the 97 percent to 98percent it’z averaged in the years since, said Megan director at the center for career development at Babson. A formerr intern with New York-based Steel Point Capital Partnersx LP, Gosalia said he’s attracted to the Red Mangpo concept as a rare chance to workfor himself. But he also concededf the move is the result of a profound decline in financialsector jobs.
Other students are butting up against thesame wall, Morrison and Houlker Houlker said one-third of Babson graduates entered the sectodr in previous years. This year it will represent about a quartere will enterthe sector. Many student s are looking into other, less sexy areas of the such as retail, defense and insurance, Morrison Others are “leapfrogging” by accepting internshipd to bettertheir resumes. Still more are headingh back tograduate school. At Bentleuy the number of students entering graduate school straighg after finishing their undergraduatew degrees has risen by20 percent, Morrisoj said.
That’s a move Aaron Hartman, a 21-year old recent graduater of Bentley, is trying to avoid. He had planned to go into the hospitalitu industry butwas “disheartened” by the lack of Now, Hartman is trying to find a job in the admissionz office of a college. He’s also looking at part-timwe jobs, like being a to pay his If he doesn’t find a job withi a year, he’ll likely head to graduated school. “I’m just trying to hold out as long as I he said.