It's starting to look like majoring in computer science isn't the road to the promised land of money and job security after all

Ethan Ang is the CEO and cofounder of NodeFlair, a job board for tech professionals in Asia. The Singapore-based startup has about 40 employees across Southeast Asia. Ang told Insider that today's slump appeared outsize because of tech companies' hiring sprees during the pandemic.

"When it comes to recruiting, there is always this demand and supply question. In 2021, the demand was sky-high, and there were just not enough people. So that drives up the salary and the demand," Ang said. "People were getting five offers on the table at one go."

"Right now, the demand has died down. Companies are extremely cautious, and what you have left behind is this surplus of talent," Ang continued. "You have to apply for jobs now. It isn't like in the past when you received multiple invitations from companies."

Ang said these conditions had dampened the hiring demand for fresh graduates at tech companies.

"Everyone is playing the short-term game right now. Everyone is trying to hold cash," Ang said. "Hiring fresh graduates isn't the best strategy because you need time to train them up."

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But NodeFlair's Ang is less optimistic. He said the high salaries of the pandemic tech boom were unlikely to return.

"Other than the generic year-on-year increase in salaries all across the board, I don't think we are going to see anything like in 2021 again," Ang said.