From your experience, how long would you say is the average time for the job market to recover, and after it recovers does it get hyper competitive as people who couldn’t secure a good job now start competing with fresh grads
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2 or 3 years
I can only speak to what I observed after the 2008-2009 global financial crisis. The banking job market went from full-time offers being pulled around the summer of 2008 to massive internship offers made for the summer of 2010. At the time, the perception was that there were a lot of transactions to sort through after a lot of losses were backstopped either through government interventions or risky institutions being acquired by solid institutions.
I suspect we will see something similar here where banks and institutions will try to overhire when they anticipate the markets reopening. I don't recall experienced graduates competing with recent graduates for the same jobs though; by that point, the people with 1-2 years of experience have different goals and objectives (i.e., planning to attend business school, finding an industry they like, etc.) compared to fresh graduates.
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