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Hot jobs for college grads
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May 26, 2000: 6:38 p.m. ET
Computer and IT fields remain highest paying entry-level jobs
By Staff Writer Shelly K. Schwartz
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NEW YORK (CNNfn) - You've pulled your last all-nighter. Taken your last exam.
It's time to trade in those college rags for business attire and forget the pleasures of summer vacation. You're about to become the newest recruits in the war for talent that has gripped corporate America.
The good news is: You've got the big guns.
"It's an excellent job market for college graduates this year and although it seems to be slowing somewhat, we are still seeing an increase of about 40 percent over last year in the number of job offers being made," said Tim McDonough, spokesman for the American Council on Education. "We are seeing great offers in what you'd consider hot majors, computer fields and information sciences, along with accounting, finance and business areas. But oddly enough you are also seeing strong growth in education, since there's a shortage of qualified teachers to replace those who are retiring."
No experience? No problem
Indeed. The Class of 2000 is entering one of the most prosperous, and lucrative job markets in U.S. history.
Faced with one of the lowest unemployment rates in decades and a limited pool of qualified labor, employers are pulling together compensation packages that are bigger and better than ever. Such perks include heavy-duty starting salaries, flexible hours, stock options and the option to telecommute.
The market is so competitive, in fact, that many senior-year students have several offers in their pocket before they get their diploma.
"It's a very good job hunting season," McDonough said. "The average starting salary for accounting and finance majors is around $35,000, for business and management majors it's $36,000 and computer sciences majors top the charts at $46,000 average starting salaries."
To be sure, not all degrees are created equal. It's no surprise that graduates holding bachelor's degrees in computer science, information technology and engineering fields still get the most ink in the want ads.
But just as many employers are anxious to recruit grads who can bring to the table the most basic of talents: the ability to communicate. For those who possess the much-coveted skill, companies are willing to invest more time and money in training.
"What we are seeing is that, in the specialized nature of information  economy, a college degree is increasingly important for employers," McDonough said. "What's interesting is that even liberal arts majors are finding significant opportunities, since those are the folks who are best at critical thinking skills. They can adapt to any number of professions."
In its latest Employment Outlook Survey, released earlier this week, Manpower Inc., a global staffing services firm, found that 35 percent of companies interviewed this quarter expect to continue hiring new recruits. About 5 percent plan to cut back and 55 percent plan to maintain the status quo.
Removing the impact of seasonal variations, Manpower reports, reveals that demand will creep to new heights.
"The survey results combined with the drop in the unemployment rate indicate that the traditional labor supply is essentially exhausted," said Jeffrey Joerres, Manpower's president and chief executive officer.
He noted the flood of new graduates entering the workforce this spring will provide short-term relief for labor-strapped companies, but said longer-term solutions "will involve the 'upskilling' of people through training and unique retention efforts."
As for specific industries, construction companies (a common seasonal leader this time of year) are expected to be on the hiring tear this summer, with 41 percent looking to boost their payrolls. Not since 1984 has this sector been so well positioned for growth.
Durable goods manufacturers, those that make computers and other household appliances, for example, came in second for projected employment growth, with 38 percent on the prowl. Likewise, 33 percent of non-durable goods manufacturers, or makers of clothing and goods that last less than three years, expect to bring on more workers - an all-time projected high for Manpower's 24-year history
The survey reveals, too, that 30 percent of public and private schools expect to continue hiring this quarter, a level not seen since 1977. And although still going strong, job openings in the finance, insurance and real estate fields are among the few that have seen a marginal decline from the prior quarter.
Some 28 percent of companies in these sectors expect to add to their employment rolls.
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Data from the Bureau of Labor Statistics' Occupational Employment Statistics survey reveal similar trends.
According to the study, the three fastest growing job sectors for those with a bachelor's degree or higher, are computer scientists, computer engineers and systems analysts. Total employment in each is projected to grow nearly 100 percent between the years 1998 and 2008.
Database administrators, the fourth fastest growing job sector, is expected to enjoy a 77 percent gain during those years, followed by physician's assistants and residential counselors which are both projected to climb more than 45 percent.
Next on the list are securities, commodities and financial services sales agents, speech language pathologists, and social workers, all of which are forecast to climb roughly 40 percent by 2008.
Secondary-level school teachers, according to the survey, will witness a 23 percent gain during that time.
Benefits
If there's any doubt about it, the job market offers proof that the laws of supply and demand are alive and well.
Hewitt Associates, a global management consulting firm, reports that information technology professionals with the "hottest skills" can expect to receive pay raises of 10 percent to 20 per year, compared to the national average of 4 percent to 5 percent a year.
The skills most in demand and shortest in supply in IT land are what's known as Enterprise Resource Planning, a business management system that integrates all facets of business, including planning, manufacturing, sales and marketing.
"This is not limited to the technology industry because technology is central to nearly all of business today," Georgine Young, a Hewitt Associates IT compensation consultant, said in the company's report last year. "To even be competitive in high tech talent market, companies are reinventing their compensation structures, but it's more than a compensation issue. At best, recruiting talent with high pay solves a short-term predicament. To win the talent war, companies must design new non-cash ways to retain that talent, because there will always be a higher bidder."
Indeed. Compensation packages today include not only heavy-duty starting pay, but flexible hours, stock options and day care incentives.
Experts warn, however, what these companies sometimes leave out is the  benefits that larger corporations offer. Those perks might include child-care services, fitness club subsidies and education reimbursement.
"Some people go straight for the (job offer with the highest) salary and you can do that for a few years, but you can't do something you hate for the long haul," said Pat Nellor Wickwire, president of the American Association for Career Education. "You have to like what you do and you have to have a passion for it. You can't compromise on that."
She notes that the criteria for selecting the "right job" among many differ for everyone. Some make their selection based on geography, others put job security on a higher pedestal.
But all college grads, Wickwire said, should hold out for opportunities that offer the chance for personal and professional growth.
"There's a lot of re-skilling and training going on out there and all of us, including college grads, are becoming lifetime learners," she said. "They should be seeking out companies that emphasize training and the opportunities to continue to learn. Gold turns to brass in your hands if you are not doing something that's pleasurable to you. You start to lose connection with yourself." 
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