As the Dow dove, plunged and then -- just when we thought it couldn't get any worse -- dropped some more, many Dartmouth students' dreams of a future in finance were bitterly taken from them, crushed under the weight of the stock market's 1,000-point drop. Even as the markets recover, the mood remains volatile, and these bright-eyed bankers-to-be have had to face the music, or the ticker, and come to terms with the harsh reality that Wall Street ain't what it used to be.
A liquidized Lehman and a merged Merrill have forced many undergraduates to do some serious soul-searching. Investment banking internships have long been the coveted summer pastime of many a junior, offering great pay, city lights and a chance at the coveted prize of a full-time offer. In this dawning era of chaos and foreclosure, these self-same golden snitches of the financial world can be held, revoked or not given at all.
Given the dearth of corporate jobs these days, other campuses might have been thrown into an econ major-induced frenzy, but not the Big Green. Instead, Dartmouth students have turned to business-oriented clubs with renewed fervor and interest.
Liya Shuster '10, Director of the Portman Fund for Women in Business, noted that the tough times have noticeably increased membership.
"Our participation rates have soared," Shuster said. "It is visibly greater. The room is packed at Collis 101. Obviously it is coming off of sophomore summer and recruiting, but a lot of people are energized."
Shuster, like many in their first year, started attending WIB meetings as a self-described "overeager freshman" who wanted to meet upperclassmen mentors and learn more about business opportunities, both on and off campus. The organization has grown substantially since its founding in 2004, but Shuster said that the current economic climate has stimulated unprecedented interest and curiosity.
"A couple weeks ago we had a meeting -- it was the day the stock market really fell, and you just saw hands rising all over the room," she said. "Everyone had these curiosities that they had been too embarrassed to ask before.
Given recent events on Wall Street, Shuster noted an expansion of what it means to plan for a career in "business." Once confined to the realms of consulting and finance, more students are expanding their corporate horizons to alternative spheres, like the entertainment and technology industries.
"I've had a lot of '11s and '10s in WIB come up to me looking for alternatives to finance," she said. "No one wants to talk about I-banking right now. I've had girls come and ask about other businesses -- MTV, pharmaceuticals. I feel like people are starting to feel that they need to look into other options. The truth is, a field that Dartmouth has put a lot of intellectual capital into is declining."
While MTV-Viacom and Google don't exactly have the same cache as say, the Peace Corps, they represent baby steps for those who once thought of nothing more than pitch books and discount cash flow analyses.
Shuster, who herself is interested in microfinance and development economics, said that there is a perceptible change and visible evolution occurring right now in the business world. She noted the different variety of speakers that attended this fall's Harvard Women and Business Conference, which traditionally serves as a barometer for the corporate world. The agenda included representatives from Asia Google, Bobbi Brown Makeup and Pinkberry, rather than the usual cast of big banks.
Kimmy Harris '09, the president of WIB, agreed that there is both an eagerness to learn about alternatives and a newfound willingness to ask questions among their growing membership, adding that organizations like WIB are becoming increasingly more important on campus as the corporate job hunt becomes more competitive.
"I feel like the economic downturn has only generated more interest in business groups, because people feel like they need those networking opportunities," Harris said. "We also have a really strong relationship with our alumnae network, so people feel that coming to WIB events really give them a leg up. It is true, a lot of times alums from WIB try to direct their recruiters to host recruiting events with us."
An event this fall with JPMorgan, hosted by WIB, generated a crowd of at least 75 people. According to Harris, generally attendance at meetings had ranged from 10 to 20 people, but this year's first meeting had an unprecedented 50 individuals.
"People come to more meetings," Harris added. "I don't think people are shying away but I think people are really looking to get that edge."
In addition to an expansion in focus, WIB's m.o. is evolving to meet students' increasing curiosity and perhaps their increasing anxiety.
"We've also been having market updates at the end of our meetings," Harris said, "where some of our more experienced members will put together a presentation for five to 10 minutes on topics ranging from valuing a company, from skills you would need in an I-banking interview, to, 'How Did the Dow Drop 1,000 Points?' It has really taken on a more educational role than we've had in the past."
There seems to be a new sense of urgency when it comes to corporate internships and a future career in finance. The median age of the membership of organizations like WIB is starting to skew younger as more freshmen women show up to meetings with an ambitious set of goals in hand.
"Part of all this is the feeling that you need to get started earlier and earlier," Harris said. "Maybe a couple of years ago, getting started junior year, you were on the ball, but now, it's just getting more and more competitive."
Alex Cook '09, who has served as vice president, programming director and treasurer of Dartmouth Black Business Association, said that the mentor role of DBBA has never been more important.
"DBBA was instrumental in helping me gain a support network," he said. "I remember before my first cycle of recruiting, we had mock interviews -- very candid observations that helped me in a way that I don't think I would have seen myself. I think it contributed towards getting me prepared for business."
Cook, who has completed two finance internships in New York and has a full-time offer for next year, said DBBA has been no exception to the recent increase in curiosity and interest surround the economic buzz of the times.
"I think [the economic downturn] has definitely impacted our conversation," he said. "Mainly our membership has experienced growth because there has been so much mainstream media talk about economic groups. There has been higher interest from the general student body, and we have seen a broadening out of focus. It's not just investment banking anymore."
Cook said that the economy's instability makes for a tough job market, especially for Dartmouth students who constitute a large group interested in finance, but also presents an incredible chance to broaden perspectives and look to alternative paths--something DBBA has attempted to facilitate.
"We did a program at Google, and this kind of market has seen an expansion of available opportunities for people who might be interested in all types of business," he said. "We had an entrepreneurship program where the most successful entrepreneurs came to campus, and that was really successful."
Cook also agreed with Harris in that students are looking for advice and opportunities to bridge gaps and make connections before they come face to face with potential employers.
"This term we've been focusing on hands-on programming, like case-interview workshops. It's been less discussion based, much more hands on," Cook explained. "What's going on with the economy and what that means for students. We've done more programs with different firms. In this type of environment, getting your face in front of recruiters is priceless because there have been recruiter cutbacks."
With the cutbacks, Cook said, inevitably comes anxiety, but DBBA has been able to serve as both a forum for questions and a resource for those needing to shake the pre-interview jitters.
Dartmouth Society of Investment and Economics is yet another financially minded organization whose membership has grown with the recent crisis.
"DSIE really tries to educate students about issues in the financial and economic world," said Lily He '10, DSIE's president. "We put more of a focus [on] real life application of things you might learn in class or see on the news."
And what a few months of news it has been.
"I definitely think that people are talking more about the economy now," He said. "I have a lot of friends who had never talked to me about the economy before. Now, we'll be around the table at Ramunto's, and we'll talk about it. Also, in terms of jobs, I think people are talking about recruiting and their future more."
He, who interned for a start-up company and is off to New York this winter for another, said that the first DSIE meeting of the term hosted Bain and Company. The room was completely full.
Many of the group's new members are '12s, which He credits to genuine interest in economics and a desire to "figure out what's going on."
DSIE, DBBA and WIB are testaments to the change that has certainly come to the business clubs of Dartmouth. Whether it's overeager freshmen ready to don suits for their first interviews or seasoned econ majors trying to make sense of the current markets, people are looking for mentors and networking, as well as comfort and answers.
Shuster summarized the current atmosphere when describing her own potential career path when she said, "I'm really ambivalent about what my skill set for my internship this winter is going to entail, because I don't know what it's going to mean," Shuster said, reflecting on how the recent economic crisis is affecting her attitude. "No one knows. No one knows what it means for your trajectory."
Looking ahead into the unknown, however, she is optimistic: "I think there is this sense of anxiety that has permeated the campus, but Dartmouth kids are very proactive. So, it's really a call to action."
Christine is a staff writer for The Mirror.
