Robert Reich, former US Secretary of labor, and Professor of public policy at the University of California at Berkeley, wrote an article on “Graduates in for harsh lesson on ailing economy”  which was published by the Chronicle on May 27, 2012. Reich’s views  are so negative he is the one who can bring down the economy, by instilling fear in young men and women and inciting them to simply give up.  Reich offers new graduates  a doomsday scenario: there will not be jobs, “you are all screwed,” “we are all screwed,” he says to the class of 2012 (undergrads and grads I assume), and college is no longer a good investment.”

Classic reaction from a politician. Complaint, be negative and then, what? In lieu of lamenting, Mr. Reich should offer good advice. The world is changing, the opportunities are changing, but there are always opportunities for those adventurous and who network and seek out opportunities worldwide.  Firms recruit those pursue the ”right” studies. There are plenty of opportunities in science, in engineering, and for us, in financial engineering, in places typically students have not looked at in the past. The SEC, hedge funds, risk departments in buy side and sell side firms, consulting firms, etc… Diversification in the search is key, even though there are fields where it is difficult to find jobs (an example would be an undergraduate degree in a foreign language).

I, for one, remind my students to never give up. Giving up is not an option. It may take a few months to get a job, but with the right attitude, graduates will find great opportunities. And so my message is: adapt, do not give up and do not listen to Mr. Reich. Indeed, if you listen to Mr. Reich  and give up, then, yes, you would really be screwed.