March 12, 2021
Given the change of course that has happened in the world, we wanted to provide expert opinions on what aspiring graduates can do to start off their careers in an uncertain economic climate. We wanted to know what skills will be more important, where the economy is doing relatively well, and if there will be any lasting effects on the job market.
Companies are looking for candidates that can handle the new responsibilities of the job market. Recent graduates actually have an advantage because they are comfortable using newer technologies and have been communicating virtually their whole lives. They can take what they've learned and apply it immediately.
We spoke to professors and experts from several universities and companies to get their opinions on where the job market for recent graduates is heading, as well as how young graduates entering the industry can be adequately prepared. Here are their thoughts.
Patrick Cozza: Certain sectors of the US economy will continue to struggle returning to pre COVID levels of productivity, namely the service industries of hotels, transportation, restaurants, etc. So those graduates looking for careers in those industries may have difficulties. Fairleigh Dickinson's Hotel School is one of the top ten in the country, so that should help students in terms of prominence. Students should also not take for granted Zooming that exists today; I fully expect businesses to continue to utilize this technology post COVID so they should understand the protocols of professionalism when Zooming. Students may be more inclined to consider jobs which allow for a flexible work schedule, permitting them to work from home as they have gotten used to that environment. This would open up opportunities beyond their geographic reach.
Patrick Cozza: I teach in the wealth management program at Fairleigh Dickinson (FDU), and in that field achieving the CFP (certified financial planner) designation would be critical to a successful career in wealth management. Fortunately, FDU's wealth management program is fully compliant with the requirements of the CFP Board which is a great first step. Upon graduating with a concentration in wealth management, a student can immediately sit for the CFP exam, then supplement that with practical training in wealth management. Other wealth management designations around the Series licenses which permit the sale of wealth management products would be helpful. Outside of that, any field which provides a level of technical rather than general expertise would be beneficial.
Patrick Cozza: Again, as mentioned above, achievement of the CFP designation is the single greatest way you can increase your earning potential in the field of wealth management.