Students majoring in finance are going to have a hard time finding finance jobs, as fewer companies are recruiting new employees.

The United States’ financial activities industry employed 8,184,000 during September 2008, down from 8,201,000 during August. According to the United States Department of Labor Bureau of Labor Statistics, the industry saw an unemployment rate of 4 percent during September, down from 4.2 percent during August. During August, the industry had 179,000 job openings and 199,000 hires.

The industry as a whole has suffered a considerable blow as of late due to the current state of the economy, including a financial and credit crisis. The government recently passed a bailout plan in hopes to help many financial institutions regain steam.

In Rhode Island, according to an article by The Brown Daily Herald, the number of banking and finance companies recruiting on college campuses has decreased by one-quarter, and the number of positions these firms are offering has decreased by one-third from last year. Some explanations may include closing or mergers of some companies, decisions to delay hiring because of the economy and hiring past summer interns instead of new applicants.

“The last five years have been very strong for students,” Ed Koc, National Association of Colleges and Employers Director of Strategic and Foundation Research, said in the article. “It’s been a sellers’ market and employers have had to compete (for students). … That’s going to change.”

While hiring in the financial industry is expected to be down this year, industries such as engineering and computer science are expected to be less affected.