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Age is just a number… or is it?

January 20th, 2012

Since the market collapse of 2008, it’s been a rough go for millions of Americans searching for work—regardless of the industry.  As you can imagine, with this many people on the job hunt—and a limited amount of openings—the process can become quite competitive. The amount of experience, education and overall general background will all come into play during the selection process. However, there is another characteristic that could come into play—age.

Age discrimination is nothing new, but it has always been pretty one-sided. When you think of age discrimination, you think of a company opting to hire someone younger with less experience so they can pay them a lower salary. However, could the general consensus be making a complete 360?

According to a recent USA Today article, unemployment among recent college graduates in the financial industry jumped to 5.5%, the highest it’s been since 2000.

Why the sudden leap? Instead of filling entry-level positions with young, fresh faced kids many, companies are choosing to hire unemployed seasoned vets willing to take a drastic pay reduction. It makes sense when you analyze the situation: you’re getting someone that will be able to overperform in the position and you don’t have to pay them a wage that reflects their level of experience.

Sound off: Are you a recent college graduate who has lost out on an entry-level position to an older more experienced candidate?

As recruiters, we know what employers are looking for in a candidate searching for employment in the financial industry. If you’re an executive professional currently searching for a new opportunity, contact us today to learn more!

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