How Will Recent Financial Downturns Affect IT Jobs?

An anonymous reader writes "So, with the financial crisis and loss of jobs everywhere, what are the chances of getting a good IT job? I'm going to graduate this year with a BS in Software Engineering majoring in Network Security. I'll be looking for a job as a penetration tester eventually, but I hear that is hard to get right out of college so I'll be looking for a job as a Junior Network Admin or similar type of job to start off in. Is there a lack of jobs in this field? I figure computers always need fixing so they have to have some sort of IT personnel on staff to maintain the core of their business. Anyone have a good insight on this issue?"

Comments

Re:not specific to "network admin"

[karmatic]

Just read an article on CNBC about how graduating in a recession will hurt your earnings potential for as much as 20 years... I'd recommend staying in school til things recover.

I recognize that this is the internet, and everyone is a "rocket surgeon", so I will leave you only with my assertion that my research is extensive, my credentials sufficient to say this without hesitation, and without reservation.

The current economic situation is a natural consequence of unhealthy social and economic policies - CDSes, Derivatives, SIVs, "growth" without regards to fundamentals, etc. For anyone who has really been paying attention, this was obvious - I've known (and told people) that this was going to happen for the past 4 years. When the system is fundamentally unsustainable, it's not surprising that we are having difficulties sustaining it.

We are in the process of corrections - a fundamental revaluing of risk, of assets, of policies. People are discovering that things simply aren't worth what they thought they were, and coming to grips (or being dragged kicking and screaming) with the consequences of such.

The unfortunate thing is that there is still a significant amount of "crap" in the system, and working through it will take years and years. This isn't something that's over in 2 years, or even 4.

The most sensible policy at this point is to plan accordingly - figure out what's important to you, and honestly determine if your actions will help you achieve them. If more education is what you need to get the right job, by all means, go for it! OTOH, sometimes the answer is to get a part time job, cut back on spending, and save everything you can - you can't live on student loans forever.