This doesn't mean don't apply, but it does mean, have a back-up plan.
"As the economy collapsed last fall, so did the job prospects of thousands of college seniors, especially those who had set their sights on Wall Street.
But after the initial panic, some students said they felt an odd relief.
Instead of going straight into a 100-hour-a-week job at an investment bank, they are pursuing less lucrative but potentially more satisfying opportunities in public service, enrolling in record numbers in the Peace Corps, AmeriCorps, and Teach for America. Other students seeking refuge from the recession are flocking to graduate schools, increasing competition for admission.
At elite universities such as Harvard, where about half the graduating class would enter finance and consulting in years past, many students say they feel liberated to consider alternative career paths, crediting not only the tanking economy but also President Obama's call for public service.
Fourteen percent of this year's senior class at Harvard applied to Teach for America, a nonprofit organization that sends graduates to work in low-income urban and rural public schools. The proportion was 9 percent last year...." Economic collapse puts graduates on unforeseen paths - The Boston Globe
"The troubled economy and President Barack Obama's call to service are helping create a surge of interest in the Peace Corps, AmeriCorps and other service opportunities. Meanwhile, the U.S. House last week approved the largest expansion of government-sponsored service programs in years.....
AmeriCorps saw a tripling in the number of applications in the first two months of the year, said Sandy Scott, spokesman for the Corporation for National Community Service, the federal agency that oversees AmeriCorps and other programs. Some 9,000 people applied in February, compared with 3,000 applicants in February of last year...." http://www.jsonline.com/news/education/41662432.html