Some seniors who thought they had secured jobs after graduation are now back on the job market, after a number of consulting and investment banking firms have sent out notices that their services will no longer be needed-the result of a faltering economy.
While rescinding an actual offer represents the most severe cutback measure, some companies have taken other steps to save money.
A number have asked students to postpone their starting dates in hope of a future economic upswing, offering only small compensation in the interim.
"This is an unsettling phenomenon," said Bill Wright-Swadel, Harvard's director of Career Services.
Three weeks ago, Swadell counseled a group of seniors whose corporate job offers were recently rescinded.
"For students making their first transition into the job world, this is particularly difficult to deal with," Wright-Swadel said.
Karen O. Sullivan of the Cambridge Strategic Management Group (CSMG), a consulting firm based in Boston and the U.K., said that her company rescinded offers from students at other universities, but not yet at Harvard.
While CSMG's full-time hires used to begin in the summer, the firm has pushed backed this year's starting date to the fall.
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