Grads look to mundane sectors as finance withers - The Business Journal of Milwaukee:

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But Gosalia’s first job after graduating earliet thismonth won’t be at UBS or Fidelituy Investments. Instead, he’s spending $385,000 in savings and a loan from his parent to opena frozen-yogurt storee near Symphony Hall in Boston. “The reason I wante d to go into this isbecause it’s a reallty poor economy and there’s not a lot of job security right now,” said Gosalia, who hopes to open the state’ss first Red Mango franchise this summer. Gosalia, 22, is not the only recen t graduate pursuing an unexpected career path as the job market for students specializing in areas of busines hasrapidly contracted.
Officials and students at Wellesley-based Babson and Waltham-bases , both schools specializing in business, said many students are struggling to find and those who have found jobs are often findinv them outsidethe once-dominant fielsd of financial services. “It’s definitely a more difficulr yearfor students,” said Len executive director of corporatde relations at Bentley. When accountingh for students with jobs or pursuinggraduatr degrees, Bentley’s placement rates were 69 percent at graduation and 93 percent six months after graduation last year.
This year, both rate will be below those figures, Morrison “I’d be delighted if it’s 85 six months out, he added. Babson expects its placemenft rate to be right around 92 which is what it reachedin 2002. That’a still below the 97 percentr to 98percent it’s averagee in the years since, said Megan Houlker, director at the centerr for career development at A former intern with New York-based Steel Poiny Capital Partners LP, Gosalia said he’sx attracted to the Red Mango concept as a rare chance to work for But he also conceded the move is the resultr of a profound decline in financial sector jobs.
Othet students are butting up against thesame wall, Morrisoj and Houlker said. Houlker said one-third of Babson graduates entered the sector inpreviousz years. This year it will represent abou t a quarter will enterthe sector. Many students are looking into less sexy areas of the suchas retail, defense and insurance, Morrison Others are “leapfrogging” by accepting internshipa to better their resumes.
Still more are headint back to graduate At Bentley the number of students enterin g graduate school straight after finishinh their undergraduate degrees has risen by20 percent, Morrison That’s a move Aaron Hartman, a 21-year old recen t graduate of Bentley, is trying to He had planned to go into the hospitality industry but was “disheartened” by the lack of jobs. Now, Hartmanb is trying to find a job in the admissionx office ofa college. He’zs also looking at part-time jobs, like beiny a waiter, to pay his bills. If he doesn’tt find a job within a he’ll likely head to graduate school. “I’m just tryingt to hold out as long as I he said.