Welcome to Strelka Investment Strategies
Success!
Last month's virtual summit on diversity and business at the University of Virginia was a huge success. Thanks for all those who logged in and spoke. Keep checking to see when our next discussion will be.
---Strelka
Disclaimer
Strelka Investing Strategies is rendering general financial advice, and is NOT a registered investment advisor, certified financial planner or licensed to trade in securities of any kind. The information provided herein is general and impersonal in nature, and is NOT tailored to any specific portfolio or any subscriber's particular needs. SIS is a financial site of free voice and color but does not officially represent the University of Virginia.
Email the Webmaster
Commerce School Placement Report Tells All.
by Andrew Strelka
When choosing a future career in business, several factors arise: work environment, responsibilities, geographic location and, most importantly, the promise of big bucks. With the recent publication of the Commerce School's 2000 Placement Report - a detailed study that lists salaries and signing bonuses of recent Commerce School graduates - job seekers really can see who brings home the bacon.
Top of the heap
Based on numbers alone, the top average base annual salary (salary minus bonuses) went to those
in the e-commerce field at $49,833. Strategic consulting followed behind closely at $49,682. The burgeoning field of e-commerce is new to the report this year, said Mary Gentry, corporate coordinator of Commerce Career Services. "We'll be seeing more activity and growth in this field in the future."
Gentry also pointed out that a whopping 35 percent of Commerce School graduates went into finance, replacing consulting as the most popular field.
"People are finally realizing what a blast finance is," said third-year Commerce student Liz Oldach, clutching a Hewlett-Packard calculator in Clemons Library. "Most people concentrate in it even when they're going into a different field."
Commercial banking, which includes investment banking, was another biggie on the list, with grads claiming $45,000 for their beginning salary. "Commercial banking is definitely a large fixture in the business world," said Economics Prof. Robert Wright, "It will definitely continue to grow."
On the lower end of the pay scale
Bringing up the rear in the business world are advertising/public relations and the ambiguous "other accounting" (as opposed to auditing and tax specialist). Grads who went into those fields now pull in a mere average $30,000 apiece.
The report shows the black-and-white reality that despite a prestigious University degree - or even a Commerce School degree - not all grads will rake in six figures right after they graduate. "Wow. I thought when you graduated from here, someone just gave you a Benz and 90K," third-year Engineering student Brian Campfield said. "I guess they save that for the art history majors or something."
Adding up the bonuses Another important factor in landing a job is the signing bonus. The report says each grad was awarded an average of $4,371 for accepting the job. That's some fast cash - and that's only the average. Later in the report, it describes that some lucky person who got $10,000 on the spot for signing with an investment management firm. That sure beats a company T-shirt.
Getting the job
So how did all these future lords of the financial world get their jobs? According to the report, over 70 percent of the recently graduated accepted their jobs through a University Career Service or Commerce Career Service activity. Fifty-five percent of these were directly from on-Grounds recruiting.
Gentry urged that it is important for students to use the University's resources in planning their future careers. Commerce Career Day is a great time to meet with on-Grounds recruiters and to get questions answered, she said. It is open to all majors, not just the Comm folk. She also recommended using the online job/internship Web site, Jobtrak.com. Off-Grounds students can obtain the password from University Career Services to access University-tailored material.
As for the importance of internships, the report listed that 22 percent of the recent grads had been employed at companies where they previously interned.
Where the grads go, geographically
New York City is the most popular destination for grads, grabbing 24 percent of our money-seeking Hoos. Washington, D.C., came in second with 12 percent of them. Fifty-five percent of the graduates chose to stay in the south/southeast region of the country.
Some grads chose to stick close to mom and pop by working in Reston and Richmond, which received 7 percent and 6 percent respectively. The South's overall average base salary increased roughly $3,000 from last year to $43,560.
What about non-Comm Schoolers? Fear not, says Prof. Wright. "Instead of just memorizing the methods, a broader and more theoretical education will allow you to think for yourselves instead of merely regurgitating what you've been told," he said, emphasizing that a University graduate can get a business-related job even without a Commerce School degree.
Companies today are looking for students of other majors who supplement their course load with business classes. There are many business and economics classes offered by the College and the Commerce School that non-Commerce students can take.
