With a financial crisis in full swing, rising unemployment, and consumer confidence and market indicators at 
their lowest point since 2002, it’s hard to find a silver lining in this cloud hovering over us. But despite this current climate, the New Year should bring opportunities to college students who are about to enter the work force.
An aging population, government spending on defense and infrastructure and even the financial crisis will translate into opportunities for college students and recent graduates. The question is not about having opportunities, but about how many opportunities.
Baby boomers, roughly 77 million of them, form the largest living generation and they are starting to retire. Some will delay retirement, but the trend is inevitable and it will create opportunities. Gen Xers, who make up a group two thirds the size of boomers, will eventually take over the workforce, but their numbers are not enough to compensate.
The remaining gap will need to be filled by Millennials who are entering college, who are currently in school, or who have recently graduated. Employers will increase their college recruiting efforts. Granted, we are seeing a reduction in the number of schools that companies visit during the recruiting season, but many are also focusing more on recruiting at local colleges versus doing extensive travel in order to reduce costs.
And they also continue to do spot recruiting during the off-season. At the same time, large employers who implement hiring freezes or lay offs often maintain their internship programs. Interns don’t count towards headcount in some companies. Interns provide a channel for employers to stay in touch with the colleges where they recruit, and these interns can translate into future full-time hires as the economy improves.
Despite the current economy, demographic trends and pending retirements will mean more opportunities for college students.
An aging population also translates into more opportunities in healthcare. As life expectancy increases and we have more people on this planet, more healthcare professionals will be needed to take care of an older population.
According to the U.S. Bureau of Labor Statistics, the healthcare industry is projected to increase 22 percent through 2016, compared with 11 percent for all other industries combined. Nursing remains the largest healthcare job segment. Allied health disciplines will also continue to see more demand, and recent graduates from these disciplines can expect to have good chances for employment
Despite current economic circumstances, government spending should remain consistent for defense and homeland security. Anyone who traveled this holiday season will recall that the national threat level was maintained at level orange, which translates to “elevated.”
The intelligence community, as well as federal enforcement agencies, should provide consistent employment opportunities for everyone, including college students and recent graduates. At the same time, the government is not immune from the pending wave of retirements, further contributing to the need for both skilled and unskilled labor.
At the local level, governments face budget deficits as property tax revenue decreases. But the federal government should compensate. President-elect Obama has committed to improving the country’s transportation infrastructure. These projects will also require both skilled and unskilled labor, and will add more opportunities as soon as infrastructure-related budgets are approved. This is good news for civil, mechanical and environmental engineers.
The financial crisis has created panic and a grim outlook for the economy. But jobs in finance-related jobs still abound. Accounting is one of these areas. As regulations tighten on company reporting procedures and as some companies file for bankruptcy, we will have a higher need for auditors and accountants. Again, we are in a tough economy, but where opportunities are lost, others are gained.
The year is just beginning and the long term prospects for college students are favorable. We should start seeing signs of this in 2009. Factors larger than the current crisis, such as an aging population, the need for government spending in certain areas, and the need for more financial accountability will translate into more opportunities. We are starting the year with a curiosity of what’s in store for us, and the silver lining definitely provides hope for a good come back.
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