Credit crunch hits graduate recruitment as E&Y postpones jobs

24 July 2008 In Graduates

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Credit crunch hits graduate recruitment as E&Y postpones jobs The uncertain economic conditions have hit graduates expecting to start work at Ernst & Young later this year.

According to a report in the Telegraph, the accountancy firm has told six per cent of those graduates already promised jobs at the company that they may have to wait until spring next year to start work.

Ernst & Young blamed "current market conditions" for the move and said that some graduates who had been promised jobs in the corporate finance department had already been offered roles in its tax department.

The paper explained that the economic slowdown had reduced the number of major mergers and acquisitions that are occurring, cutting the work for the corporate finance departments.

A spokesperson explained: "None of the graduates has had their offers rescinded. The vast majority of those impacted have already accepted one of the alternative options."

The company, which is one of the so-called Big Four, said that its rivals were likely to follow suit and postpone graduate recruitment initiatives.

Recently, a report warned that concerns about debt were influencing career choices for graduates. The Association of Investment Companies said worries about money were encouraging university leavers to opt for well-paid jobs, rather than their dream options.ADNFCR-868-ID-18700226-ADNFCR
 
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