Business
Research suggests you should leave this one thing off your CV
Writing a CV requires important decisions. What should you include, what should you leave out – and how honest should you be?
One particularly tricky dilemma that might come up is whether to disclose weaknesses on your CV or remain silent about them. Common sense suggests it’s not advisable to advertise your flaws, but what about important information that employers might expect you to supply? Could the omission of such details look suspicious?
Research my colleague and I conducted looks at this specific question, focusing on the academic qualifications of new graduates entering the job market. And it provides a clear, evidence-based answer: if your grades are low, you are better off not disclosing this.
Complete honesty is not the best policy.
In the UK, where we did the research, most universities award undergraduate degrees on a scale: first-class, upper second (2:1), lower second (2:2) and third. While a first or 2:1 is often seen as evidence of strong performance, lower degrees are held in lower esteem.
A graduate jobseeker with a lower classification has a choice of what to reveal on their CV. They can be upfront about it, or they could simply state that they have a degree, without mentioning the class. (A third option, to lie about the class, is probably a bad idea because employers can and do ask for proof.)
Perhaps surprisingly, traditional economic theory would probably favour fronting up. Interactions like this, where a “seller” (in our case, a jobseeker supplying their skills) holds information about their quality that they can voluntarily disclose or not to “buyers” (here, employers), have been popular subjects for analysts of game theory (the mathematical study of strategic interactions).
The idea starts with the notion that people who fail to supply available evidence about their quality look like they have something to hide. Some economists have concluded that buyers will assume non-disclosing sellers must be not merely bad, but of the lowest possible quality level.
In our context, this means employers would think that any graduate whose CV omits degree classification information has a third-class degree, and should treat them accordingly. To avoid this, it would be in the interests of any applicant who earned a 2:2 or higher to disclose it.
To see how job seekers actually behave, we analysed the CVs of recent graduates on the job website Monster. We noticed that a substantial minority left their degree class undisclosed. Included among them, presumably, were plenty of applicants with at least a 2:2.
About the author
Tom Lane is a Senior Lecturer in Economics at Newcastle University.
This article is republished from The Conversation under a Creative Commons license. Read the original article.
To work out whether these applicants were making a mistake, we also conducted a large experiment, sending more than 12,000 applications to genuine graduate job vacancies. These varied only in the jobseeker’s degree classification, and whether this was disclosed on their CV, with other details kept the same.
Success was measured by how often applications resulted in invitations for an interview or further communication. As expected, the most successful of our applications were those with a first-class degree.
However, those who said nothing about degree class were not the least successful. Instead, their success rate was in between that achieved by jobseekers disclosing 2:1s and 2:2s. Applicants who openly reported a third-class degree were the least likely to receive a response.
Put simply then, full disclosure harmed their chances.
The third degree
Our findings challenge the neat logic of traditional economic theory. If employers always assumed the worst about missing information, hiding poor grades should not help.
Yet in practice, it seems recruiters do not have time to scrutinise every detail. Faced with hundreds of applications, they may skim CVs, focusing on standout positives or negatives. If the grade is not there, it may simply go unnoticed.
Of course, interviewers might ask about grades later in the application process, but by initially concealing this information, otherwise unattractive applicants can help themselves get to the interview stage, at which point they can use other qualities to impress.
The practical message of our research is clear. If you have strong academic credentials, highlight them proudly. But if your results are weaker, you are under no obligation to advertise them. Omitting them will not guarantee success, but it may increase your chances.
The graduate job market remains highly competitive. Yet our study suggests that lower grades do not need to define a candidate’s prospects, provided they make careful choices about self-presentation.
Strategic omissions may help level the playing field for those whose academic record does not reflect their potential. So if you have recently graduated with a third, there’s no need to panic, and no need to mention it either.
Business
Iran war: No “short-term” jet fuel shortage says Guernsey airline
No shortage but Aurigny is spending 120% more on fuel than it was prior to the war, its boss says.
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Business
US jobs surge unexpectedly in March despite Iran war
Employers added 178,000 jobs, far more than had expected, the Labor Department says.
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Business
The cost to fly private is up as much as 20% with fuel prices soaring
A Gulfstream G-IV private jet on approach to Washington’s Reagan National Airport in Arlington, Virginia, June 12, 2024.
J. David Ake | Getty Images
As the Iran war pushes jet fuel prices higher, well-heeled travelers are facing hefty surcharges to fly private, sometimes on flights booked months prior, charter brokers and aviation insiders told CNBC.
Vimana Private Jets CEO Ameerh Naran said the firm recently booked a $520,000 flight from Dubai to London on a Boeing business jet for a client. That same trip cost the client $400,000 in 2023. The difference was entirely due to jet fuel prices — which now average about $4.65 a gallon globally — Naran said.
It’s yet another ripple in the recent disruptions to air travel.
More customers turned to private air travel during the pandemic to avoid crowds. The option remains popular and has become more important to the aviation sector as wealthier households prop up spending in travel and other sectors.
These deep-pocketed travelers are less likely to get priced out as airfares rise, but they have to navigate unexpected fees as brokers and charters differ on how they pass along fuel costs. Jet fuel prices in major U.S. cities were up more than 80% last month, according to Airlines for America, an industry group, citing Argus data.
Jet charter brokers like Vimana arrange flights with jet operators, which own the planes and buy fuel, on behalf of passengers. Naran said Vimana does not renegotiate contracts and does not reprice flights, but that charter prices have surged quickly.
He advised travelers to book sooner than later, saying any price hikes are likely to be sticky even if the Iran war ends soon.
Larger jet operators are slower to pass along fuel costs to passengers as they buy fuel in bulk and want to avoid alienating customers, according to Naran. However, operators will likely have to pay more at the pump when they replenish their supplies, and some are taking losses by not repricing flights, he said.
“There’s a long-term effect, because a lot of companies now will be making losses,” he said. “They’re not going to renegotiate the contract because they don’t want to spoil the relationship with the client, but if they’re making a loss today, they’ve got to recoup it.”
Jet charter prices have increased by 5% to 15% on average, with some rising by as much as 20%, since the Iran conflict began, according to charter broker Amalfi Jets’ database.
Passing costs to passengers
While some operators have raised prices on flights booked months ago and scheduled to fly in the coming weeks, Amalfi Jets CEO Kolin Jones said his company is eating the surcharges for jet card customers.
Some operators are also passing along increased war risk premiums for flights in the Gulf, though Amalfi Jets has only encountered this with three flights so far, he said. The charges added about $8,000 to $10,000 per trip, Jones said.
Gregg Brunson-Pitts of charter broker Advanced Aviation Team said that while he believes operators should honor prices for previously booked flights, repricing is a risk.
In some cases, the fees are relatively insignificant, he said, like a $1,500 surcharge for a flight from Palm Beach, Florida, to Phoenix, Arizona, on a Bombardier Challenger 300, for example. On the other hand, a round trip on a Gulfstream from the East Coast to Asia could incur $20,000 in surcharges for every dollar increase in fuel prices per gallon, he said.
Some long-haul trips have all-inclusive fuel pricing, Brunson-Pitts added.
Nearly all charter contracts include a fuel variable expense, allowing providers to charge more even if the flight was booked six months ago, according to Amanda Applegate, a partner at Soar Aviation Law.
Fractional jet owners, who share overhead costs in exchange for a set number of flight hours, typically pay an hourly rate on fuel that’s adjusted on a monthly or weekly basis. Even they may be on the hook for surcharges when fuel prices spike, Applegate said.
Private jet travelers are less price-sensitive than most flyers, and brokers told CNBC that they haven’t seen surcharges deter demand. Customers who only fly private once or twice a year for special occasions are most likely to get sticker shock, they said.
“Realistically, the individuals that are flying private, the need and want and reason of flying private does outweigh cost,” Jones said. “If you’re going to spend $25,000 on a private jet, and let’s say the cost is now $30,000, that doesn’t necessarily price people out.”
Brokers are also working to mitigate costs by refueling in countries where fuel is cheaper, even if it means additional flight time, Jones said.
Demand for private flying
So far, the business jet market is holding steady, with flights up 5% year over year in the week through March 22, according to aviation data and consultancy firm WingX.
Flexjet global CEO Andrew Collins said jet utilization by the company’s fractional aircraft owners is up 15% over last year. Clients are generally invoiced after they fly, and the company resets fuel prices toward the end of the month, taking an average of the month, he said.
Even as oil prices surge, travelers looking to avoid long lines at airports may be propping up demand for private charters.
Recent government shutdowns — a major disruption last fall and now a partial, ongoing shutdown — have left key aviation workers without pay and slowed air travel.
Most recently, that has led to hourslong lines at major U.S. airports like those serving Houston and New York as Transportation Security Administration officers called out of work while they weren’t receiving regular pay.
In the five weeks after the partial government shutdown began on Feb. 14, business jet departures increased year over year at most metropolitan airports, WingX reported.
Flexjet’s Collins said the company saw an increase in what he called “pop-up flights,” or reservations that guaranteed an aircraft within 10 hours of departure, during the recent airport chaos.
That said, Amalfi’s Jones said he has noticed some clients opting to fly on smaller aircraft to spend less.
“Some of them are very upset about that, like, ‘Hey, I used to fly on Citation Xs. Pricing is so expensive, and now I’m flying on a Hawker 800,'” Jones said. “It’s like, well, you’re still flying private. You’re going to get there maybe three minutes slower than the bigger airplane. But all in all, it’s the same kind of level of experience.”
Brunson-Pitts encouraged flyers to confirm with their broker whether they can expect a fuel surcharge or an invoice after their trip. Still, he said he expects the situation to be temporary, comparing it to oil’s rapid surge and subsequent crash from 2007 through 2008.
“This too shall pass,” he said. “That doesn’t mean it’s not painful, but the price of jet fuel rises and then it falls again.”
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