For many college seniors donning caps and gowns this week, hunting for a job in today's economy will be an exercise in compromise and disappointment, as graduates face a challenging business climate with a rising unemployment rate.
At university campuses around South Florida, graduating seniors expressed apprehension, if not outright dread, at having to find a job that pays enough to at least cover student loan debts, if not the expenses of striking out on their own. But some academic advisors in the area say the situation is not so bad, and companies are still looking for employees.
Imani Fredricks-Lowman, associate director of career services at Florida International University, says employers have not reduced their recruiting at the school. Still, she said that the economic climate is worsening and that the economy is probably already in recession.
''Students need to take responsibility and try to learn as much as they can about job opportunities out there,'' Fredricks-Lowman said. ``These are not the kinds of economic times when you can say, I am just going to graduate and have that degree and I can get that job. They have to be a savvy student planning their career.''
UNEMPLOYMENT RISING
The unemployment rate in Florida is at about 5 percent and rising, a rate not seen since 2003 when the country was reeling from the aftershock of the September 11 attacks. The industries that led the recent boom in the state, construction and real estate, are experiencing historic meltdowns. And many larger companies are slashing budgets and freezing spending on new hires.
''I'm upset, angry, but what can I do?'' said Imen Melli-Michaels, 30, who graduated from FIU's hospitality management school Monday after emigrating to the United States from Tunisia 11 years ago. ``I'm working right now, but I'm not making nearly as much money as I thought I should be making.''
Academic advisors paint a different picture of the economic situation. They say the job market is not so bleak for recent graduates because many of the cuts in the work force are occurring in upper levels of companies, not in entry level positions. Christian Garcia, associate director for employer relations at the University of Miami, said well-prepared students will find work.
''If they've done their work and they've been diligent with it, I think they've been very successful in finding work,'' Garcia said.
Most recruiters at UM have honored their commitments to fill jobs, Garcia said. But up to three UM students who had been offered jobs by the investment bank Bear Stearns found themselves back in the job market after the bank agreed to be acquired by JP Morgan. Bear Stearns was near financial collapse because of the mortgage meltdown earlier this year when JP Morgan bought them at a fire sale price.
''I can see why people would be so pessimistic,'' Garcia said. ``In terms of whether they are happy about their starting pay, it's about realistic expectations.''
Traditionally, about a third of UM graduates go on to graduate school, a third go job hunting and get to work immediately, and a third take time off before figuring out what's next for them, Garcia said.
Universities in Florida are already seeing a spike in enrollment for graduate school this year, a sign which some university executives say correlates with a weak economy. Grad school is viewed by some as a way to pick up new credentials and avoid the job market for the short term.
Not everyone looking for work will struggle. Some graduates who planned ahead have jobs lined up, or are already working. Some will leave town in search of greener pastures, heading north to places where graduates traditionally head to find higher paying jobs such as New York, or perhaps to places as far away as China, where boom times still rule.
''I heard that graduates this year are going to be getting paid more than last year,'' said Kesha Roberts, 25, who graduated with a masters in communications from FIU on Monday. ``I already secured a paid internship at an advertising agency.''
LOOKING ABROAD
Ke Lu, 30, is graduating from UM's MBA program next week. He's got options. He says he's going to look for a job with an investment bank either in the United States or his native China, which is experiencing aggressive economic growth.
''It's very difficult to find a job, especially for foreign students,'' Lu said. ``I think it's better in China, where the economy is growing.''
Many graduates who do find jobs are quickly discovering that paychecks won't take them as far as they had hoped. Caroline Flitter, 21, is graduating from UM next week with a degree in Latin American studies. She has a job lined up at a Miami-based magazine that focuses on Latin America, but said it doesn't pay well.
''It's not like the Depression, but it's bad enough that the employers I've talked to are trying to cut back on arbitrary expenses and they don't want to hire anybody else,'' Flitter said. ``The situation is kind of dire.''
PLAN AHEAD
At FIU, many students tend to work while they study, so they may already have jobs awaiting them, Fredricks-Lowman said. Those who plan ahead and have been trying to line up a job for months will have more success.
But many students wait until they graduate to job hunt aggressively. At Monday's graduation ceremony at FIU, college grads suddenly in the tough job market were anxious about their prospects.
''I don't think the economy is good right now,'' said Jessica Chauca, 24, who emigrated from Peru seven years ago and graduated from FIU on Friday with a degree in tourism travel. ``I took out loans to graduate, and now I have to pay them. It was an investment. But it hasn't been easy to find a job.''
Video | UM graduates look ahead