We’ve been hearing a lot on how there is a huge shortage of STEM workers and how the US needs to have more to stay on top. It looks like our concerns are well on our way to being fixed. The financial sector is apparently downsizing, so all those tech majors who originally planned to go into business and banking are thinking of a career in…you guessed it…engineering!
An article in Bloomberg BusinessWeek discusses the fact that the financial sector has been seriously cutting down on hiring. Many tech majors discussed in the article said that they majored in technical fields to get into finance, but now that jobs aren’t available, they’re looking for jobs doing the stuff they were actually trained to do. The article does mention that things are shaky in the tech sector, but says that, “few expect Silicon Valley to undergo the carnage suffered by Wall Street.”
I can’t help but laugh at that statement, especially when looking at the numbers FrauTech gave in STEM Recruitment Ponzi Scheme. Could it be no one is expecting that because it already has happened? Aren’t there already a lot of engineers out of work?
Interestingly enough, the article says that many finance-wannabe STEM students are more likely to join startups. I think that, if there are more startups, this could be a good trend. I’m not sure, however, if this is because more established corporations aren’t hiring or because these people genuinely do have innovative ideas. Given the supposed labor shortage in STEM has often been attributed to the loss of talent to Wall Street, I’m sure we can all sigh in relief that the crisis is being averted…unless you want to worry that you now have more competition.
(Thanks to JSquish for the Wall Street sign pic.)