Most popular employers

Investment banks now lead the list of the most popular employers among minority students surveyed in 2002, with the formidable Goldman Sachs and industry competitor Merrill Lynch occupying the top two spots.  The entertainment giant Walt Disney ranks third on the list of companies for which students would most like to work. 

Tech companies hit hard

In last year ’s survey, t he top-ranking employers of minority students included many technology companies, especially hardware giants such as Intel and Cisco Systems. These employers may have been viewed as safe havens by students witnessing the quick demise of dot-com and e-commerce ventures. But during the past year, many of the most attractive technology companies have taken a beating in terms of layoffs and falling stock prices. The economic slump continues to impact the attractiveness of these companies as employers, causing students to look to other market sectors when deciding what companies to join.

However, two technology giants in particular have weathered the economic decline more successfully in the eyes of students:  Microsoft and IBM round out the top five ideal employers of minority respondents, ranking fourth and fifth, respectively.

Industries that still stand strong

Students of color are paying especially close attention to the economic health of the companies they hope to join. They are increasingly turning to industries with a reputation for financial strength as well as to companies they believe will serve as strong platforms for career growth.

Interestingly, although investment banks lead this year ’s list of minority students ’ideal employers, investment banking itself does not necessarily prove most popular when students are asked which industry they would prefer to work in. On average, the undergraduate students surveyed would rather work in the entertainment/media or management consulting industries than in investment banking.

Yet there is a clear trend among respondents, especially the MBA students surveyed, of a growing preference for management consulting and investment banking companies. In light of the economic downturn, these industries may attract top students who hope to work for companies with solid financial foundations while gaining a portfolio of skills that would be useful in many industries.

While the “New Economy ”is suffering, sectors such as the traditional consumer goods industry or the growing entertainment/media industry may be benefiting from the falling popularity of technology companies. Students looking to prove themselves in organizations that have been less impacted by the tech slump are now looking at companies such as Walt Disney, BMW, or Coca-Cola, which rank 3rd, 8th, and 10th, respectively, as ideal employers among the minority students surveyed.