There is no more room in Finance. This year would be the last you can find some jobs. The market will shrink and freeze every year. The reason you can see clearly Finance lost the growth power and values. Simply, you see now how students in your school look at Finance study. Smarter students do not choose and study Finance but something else as their major.
No more room in Finance
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if there is no room, fire the deadwoods for more fresh blood.
Be careful what you wish for. As tenured and tenure-track faculty leave due to normal attrition, many places are hiring lecturers or clinical faculty. Why? Because they are cheaper. So, you might get rid of your deadwood, but that doesn't mean you'll get a younger, productive, research colleague. This is part of what the OP is saying, there is a crowding out going on, the number of jobs for rookies has decreased over the past two decades. It's a fact.
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if there is no room, fire the deadwoods for more fresh blood.
Be careful what you wish for. As tenured and tenure-track faculty leave due to normal attrition, many places are hiring lecturers or clinical faculty. Why? Because they are cheaper. So, you might get rid of your deadwood, but that doesn't mean you'll get a younger, productive, research colleague. This is part of what the OP is saying, there is a crowding out going on, the number of jobs for rookies has decreased over the past two decades. It's a fact.
Agreed. In term of cash flows, lecturers / clinical faculties are very good for the school cash flows.
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^ Sure, but which university built its reputation with lecturers? Would students pay hundreds of thousands of dollars to be taught at a university with a poor reputation? Besides, lecturers are very good at delivering basic courses, but generally terrible at developing new courses or even teaching advanced courses.