Many Commerce students choose their faculty for the lucrative careers a business education may inspire. With slightly higher tuition fees, a few suits and business cards, and specialized business classes, Bachelor of Commerce or “B.Com” students hope to break into these high-potential careers more quickly than their peers. But what are the realities in today’s economy? In the midst of the financial crisis in January 2009, the National Post reported, “Swiss bank UBS AG will announce more job cuts in its investment banking division next month, a spokesman said Thursday, declining to specify a figure.” This sort of statement was commonplace during 2009—yet another fearful remark about the broken state of jobs in the financial services sector. Can Commerce students rest assured that their degrees will still pay off with a great job after graduation?
According to a 2009 Forbes article about the top-10 most recession-proof jobs, Commerce students can still be envied for excellent job prospects. Ranked at the top of the Forbes list was Sales Representative, while Accounting Executive ranked fourth, Accounting Staff ranked fifth, Business Analysis/Research ranked ninth, and Finance Staff ranked a solid tenth. The majority of Commerce students are set for opportunities in these fields, with 29 percent of upper-year Commerce students registered in Accounting, 25 percent in Finance, and 22 percent in Marketing. Although investment banking opportunities are limited, there is clearly still a stable demand for students with a business background. Times of economic hardship create an even greater need for marketing efforts to stimulate sales, as well as financial expertise to cut costs and pass the savings on to price-sensitive consumers. Accounting jobs are known to be very secure, as accounting services continue to be needed regardless of the economic forecast. Shannon Thompson of Certified Management Accountants BC (CMA BC) reiterates this message, stating that “accountants are always in demand, whether we’re faced with
a recession or a booming economy.”
Ernst and Young, one of the “Big Four” accounting firms that feverishly recruit students in the fall, echo a similar stability. Nancy Hudson, Campus Recruiting Manager for Ernst and Young in Vancouver, comments that the firm hasn’t made any plans to cut back on hiring students. “In fact,” she says, “our hiring was up approximately five percent [in 2009] from last year… We think it’s even more critical to attract and retain the very best people during an economic downturn.” She went on to say that the firm doesn’t foresee any changes to its hiring plans for 2010 either.So how will Commerce students ultimately be affected by the current economic climate? Those students who were looking to make it big on Wall Street may have an even slimmer chance of doing so than usual, but in other areas, there is room for optimism.
While some businesses may turn to hiring freezes, the best companies will take advantage of this time to secure the best and brightest candidates, as financially weaker competitors are forced to cut back. Linda Gully, Director of the Business Career Centre at the Sauder School of Business, says,“What’s more important to them [companies] is the upcoming labour shortage, so they still have to keep their hiring funnel quite wide.” She adds, “The bottom line is, if you’re good at what you do, you will be picked up.” As for future prospects, once companies gradually recover from the crisis, they will have to confront the shortage in their human resources targets, coupled with an external labour market shortage. At that time, there should be a surge of opportunities and hiring activity. With a little patience and determination, today’s Commerce students can look forward to everything they imagined when they first set foot in the faculty. CO
Alicia Woodside is a fourth-year student at the University of British Columbia who is specializing in the Marketing Bachelor of Commerce program. As a senior co-op student, she enjoys sharing her experiences and assisting others in their career advancement.
