Wall Street's Collapse May Be Computer Science's Gain

Computerworld (09/26/08) Thibodeau, Patrick; Weiss, Todd R.

The recent collapse on Wall Street may make a career in computer science or IT more attractive to students, who largely left those fields following the dot-com bust of 2001. Stanford University computer science department chairman William Dally says students are returning to computer science because they like the field and not necessarily because it can make them rich. Boston College professor John Gallaugher says he has already seen a change in student interest, with many students contacting Gallaugher and expressing an interest in switching from finance. Following the dot-com bust, computer science enrollment declined until it reached a low of 8,021 last year, down from 14,185 in 2003-2004, according to the Computer Research Association (CRA). Meanwhile, offshore outsourcing also scared students into avoiding technology careers. Now, companies are suffering from a shortage of technology professionals, and the looming baby boomer retirements will only add to the problem. CRA analyst Jay Vegso says economic conditions appear to impact the choice that students make when choosing a major, and students currently choosing majors may be looking for safer alternatives. Stevens Institute of Technology's Howe School of Technology Management associate dean Jerry Luftman says the major difference between today and the late 1990s is the type of student that businesses need. While technical skills are important, Luftman says companies also want students with management and industry training, strong communications abilities, and marketing and negotiations skills. The U.S. Bureau of Labor Statistics reports that IT jobs are among the fastest growing; openings for networks systems and data communications analysts are expected to reach 402,000 this year, up from 262,000 in 2006.