The turmoil on Wall Street can be felt all the way to the McDonough School of Business, as prospective jobs for business and finance majors are becoming more and more uncertain as the economy worsens.

“The most immediate impact of the Wall Street crisis on the Career Center is the decrease in the number of hires for full-time finance positions,” said Michael Schaub, executive director of the Career Center, adding, though, that most companies are still looking for students to take summer internships.

Tom Hutton (MSB ’09) said that the competition for jobs in the finance industry is likely to get more intense.

“Instead of competing against kids from UPenn, Harvard, Yale and other universities, Georgetown students now have to compete against former employees from Lehman Brothers, Merrill Lynch and other investment banks,” Hutton said.

Since the downturn of the economy, Schaub said, there has been an early but noticeable shift toward consulting over investment banking among students at the career center.

“The impact of the economy on other industries is not yet clear, but we have noticed that more students are interested in consulting opportunities,” Schaub said.

Amid the recent collapse of Lehman Brothers this week, the $85-billion buyout of the American International Group by the federal government and the sale of Merrill Lynch to Bank of America, the Dow Jones industrial average dropped more than 7 percent for the week.

According to Schaub, the Career Center has been working with Wall Street recruiters over the past week to best evaluate how to meet the hiring needs of employers struggling through the market crunch.

Schaub said that although the Career Center does not pool all of its resources toward the financial job market, Georgetown attracts many investment firms because of its undergraduate business school.

In 2006, for instance, over 50 percent of on-campus recruiters were from banking, financing or consulting firms.

Schaub also said that business-related jobs have been becoming more popular among recent graduates. The career center’s 2007 senior survey reported that 165 members of the Class of 2007 were working in banking or investment banking, compared with 96 members of the Class of 2006 – an increase of 72 percent. Out of 955 total respondents from the Class of 2007, Merrill Lynch was the fifth most common employer with 14 graduates joining the company, and Lehman Brothers occupied the 13th spot with seven graduates.

any banking and business firms have even taken on “platinum partner” positions with the career center, which means that Georgetown provides these companies with additional marketing opportunities to inform students about their job openings.

Patrick Go (MSB ’11) an undeclared major in the business school considering a major in finance, said the recent economic downturn has forced him to think about the uncertain future of finance.

“It is definitely making me consider other options besides majoring in finance,” Go said. “What is happening right now is horrible, but I see my undergrad education in the MSB as a long-term investment.”

artin Evans, a professor of economics and finance, said the government is now attempting to bring some regulatory measures to the industry in order to restore stability.

“At the moment, we have an impending credit-crunch where lots of banks are very unwilling to lend to each other in the money markets. [In light of this], the Federal Reserve and other central banks are attempting to push sufficient funds into the system to stop that from having an effect on the broader world economy,” he said.

– Hoya Staff Writer Andrew Dwulet contributed to this report

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