Christina Domenico | For OCR, calm down and breathe deeply

In case you didn't get the memo, the economy's not doing too hot right now. This week's corporate report cards won't likely brighten the situation, so brace yourself for a financial Hurricane Katrina. On the home front, the job-seeking senior class grimaces over the uncertainty of their post-Penn lives, but the anxiety over securing a coveted junior-year internship amid a deepening recession is the big story among the Class of 2010 right now.

On-Campus Recruiting for juniors is in full swing, and a few of the big employers who used to grace the top of students' wish lists have all but evaporated in less than a year. Bear Stearns and Lehman Brothers won't be found on PennLink, and other employers plan to hire smaller summer-intern classes than in years past. Students are rethinking their industry of choice, given the financial collapse of 2008.

The subtle changes to the OCR atmosphere this year shouldn't automatically lead to panic. But the economy's consequences do require you to think a little differently than those who flocked to the OCR interview suite before this year did.

As Wharton junior Chris Schiavetta said, "There's definitely a tension. Wherever I go, I hear people stressing."

I sat down with senior associate director of Career Services Barbara Hewitt to discuss the realities of this year's internship search.

"We are not immune to the economy," she told me. "We have definitely seen some organizations that are just not going to have junior internship programs this summer, but some organizations are just having smaller programs."

But with the same number of people vying for fewer positions, the numbers work against everyone, here at Penn and across the country. So yes, if you're dropping resumes and drafting cover letters every other day, then you're in for a battle. But you already know that.

"Students are aware that it's going to be hard this year," Hewitt added.

The harsh truth is that things may not pan out exactly as you had planned two years ago when you first learned of OCR and the big-name employers that come calling for eager students every fall and spring. But in preparing yourself for this semester's lineup of info sessions and interviews, you've acquired the skills that will serve you well in the internship market beyond OCR. Consulting and banking are only two options out of thousands of fields, departments and positions across the world.

With heightened financial regulation on the horizon, it's likely that the overall sector will face lasting changes. Hewitt said she wouldn't be surprised if the financial-services industry got smaller as a result.

She recommended that students broaden their job search for the upcoming summer. For instance, a finance concentrator can find suitable positions within individual companies. What's important, she said, is "doing something productive to talk about positively" in future interviews.

Schiavetta's focusing his job search on banking with a big firm, but he has other options in mind if he needs to look elsewhere. Boutique companies and nonprofits are on his list, and he says he's not excluding anyone at this point.

Which is the right attitude to have, given the circumstances.

So if you're unsure about where you're headed this June - even before you step into a single interview - expand your search now, rather than later. Opportunities outside the OCR sphere are abundant, from volunteering to nonprofit work to taking classes. Getting into a top firm while in college is not a requirement for success later in life (though it can't hurt).

Sure, I might sound preachy, but a summer spent outside of a corporate office could convince you to pursue a different industry altogether. Or it could just send you right back to the "financial services" tab on PennLink next fall.

While some may think their careers are over before they've even begun, there's at least one way to think of the situation in a positive light - at least these challenges have come about before you've even started, rather than halfway through your working life when you've got a spouse, two kids in private schools and a mortgage.

Christina Domenico is a College senior from North Wildwood, N.J. The Undersized Undergrad appears on Tuesdays. Her email address is domenico@dailypennsylvanian.com.

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