Business Degrees Not In Demand Anymore

The mainstream media is apparently telling us that business degrees are no longer in demand. We are told a law degree can command a salary as high as $8,500 while arts and science courses are getting popular now.

On the front page of yesterday's Business Times printed edition:

"Trainee lawyer bags $8,500 monthly pay
Foreign law firm pays record starting salary to NUS grad
LAW firms may be trimming costs and easing up on new hires, but a freshly minted young lawyer has just snared a record starting salary. She starts her working life on a pay of $8,500 a month." (article is now available online)

Also on front page of today's Sunday Times printed edition:

"Business degrees lose their attraction
Varsity applicants opt for science & arts as they scan the job scene down the road
The eye-popping six-figure salaries that banks were throwing at freshly minted graduates in recent years made business faculties the first choice for many university applicants... But the recession has provided a reality check this year... There is a shift away from business to courses such as arts and social sciences, which offer surer job prospects in teaching and the civil service."

Before students flock to these other arts and science degree courses, maybe they should take a loot at our Dumping Ground rankings, which we derived from - guess-what - the graduate employment surveys from NUS, NTU and SMU.

http://www.salary.sg/2009/business-d...emand-anymore/

At a dialogue session with Gan Kim Yong, a participant asked: "As a fresh grad, do I really have to accept a blue-collar job? And if so, will it affect my application for PMET position after the crisis?"
Gan's answer suggests grads should take up blue collar jobs.
Read at http://www.channelnewsasia.com/stories/singaporelocalnews...1/.html

the 8.5k is clearly a one-off in this kind of market. the top 4 local law firms are only offering 4k now. even less at smaller law firms. and with the influx from the graduating batch of smu law students, expect salaries to be even more depressed.

the demand just isn't there now... not only for business grads.

tom, 4k is still a lot for the hundreds of jobless biz grads waiting to become blue collar workers.

That law firm that gave $8.5 K is kinda illogical.

Firstly, if it is true that top law firms are giving 4K...then its really ridiculous that a firm will pay more than twice ...

Unless this girl is really special and twice as efficient as those hired by the top 4 law firms.

Sorry speaking from a return on investment view point

The 4k is only for those that are retained. There is a significant increase in law grads not retained after their pupillage this year.

Gan Kim Yong is good man. He gave up his dream job - teaching & become minister.

Hi Lawyer,

Significant increase in law grads not retained after their pupillage?

Does this mean they are sort of fired? Where do they go?

SGDividends

good man, you goon. he's an oms scholar who went to cambridge, became an elite 'AO' civil servant upon graduation, and went on smooth sailingly to be natsteel ceo before joining politics. the teacher guy is another senior-level minister, you goon.

Despite of what the mainstream media is saying, it is still worthwhile to take business degrees. The current downturn is affecting all sectors including the financial sectors. By the time you completed your business degree, the economy would have recovered by then. Singapore is a financial hub in this region and I don't see why business degrees are a lousy bet.