The global financial crisis has reshaped the career paths for new graduates. The once popular financial industry has lost its appeal. New graduates who are looking for white collar jobs are having to choose waiting tables amid the difficult times.

A job fair held in Guangzhou city by financial and insurance companies received the cold shoulder. The current scene is completely different from before the financial crisis. Back then crowds of job seekers would have been rushing in. But now, hiring staff have to be the ones who ask for an interview.

Employment staff said "When we feel someone may fit the job, we will ask him for an interview here. But there are only few prospects."

Working in a bank will likely lead to a stable life, despite the current downturn in the market. But many feel the salary is too low.

One employee said "Banks offer good stability. There won't be many job cuts."

"One thousand or 2 thousand Yuan for a holder of a master's degree? It's not enough."

Many financial companies have stopped adding new employees. For example, this job fair saw 30 percent fewer companies in attendance compared to last year. As the number of new jobs decreases, some graduates are choosing to accept offers they would have turned down before. In Beijing, Ms. Wang, together with 3 other college students, have just signed contracts with a hotel in Beijing. Their positions are either waiters in the lobby or guest room attendants.

Wang Dongqing, one new graduate said "The employment pressure is tense. We have changed our expectations. College students will not necessarily have a higher start. Jobs in the service industry can be a good experience."

Cui Shanshan, GM of Beijing Xiangda Int'l Hotel said "The service industry needs college graduates. But previously most were not interested in our sector."

It is reported that Beijing's hotel and catering operators began to recruit college students this year. 20 new graduates have just entered Beijing Huatian Catering. They own several traditional brands in the city. China has 5.6 million new college graduates from 2008. For this year, 6.1 million are expected to join the job market. To help the new graduates, the Chinese government has inked a series of measures to help them through the difficult times.

(CCTV February 12, 2009)