College just isn’t worth what it used to be.
A survey out Tuesday found that 41% of college graduates from the last two years are stuck in jobs that don’t require a degree.
Consulting firm Accenture talked to 1,005 students who graduated from college in 2011 and 2012 and haven’t returned to graduate school. In addition to those who are underemployed, 11% said they are unemployed, with 7% reporting they haven’t had a job since graduating.
The lack of job options in their chosen fields are weighing grads down, as nearly half of the recent graduates believe they would fare better in the job market if they’d pursued a different major.
Nearly two-thirds of those surveyed said they would need additional training in order to start their chosen career, with 42% saying they expect to go to graduate school. That’s a sharp change in thinking from those still in school: A separate survey by Accenture found that only 18% of the class of 2013 expects to need graduate school.
It will likely be much higher, as job prospects are grim for the class of 2013. The unemployment rate remains stubbornly high at 7.6%, and recent graduates fare even worse, according to the Labor Department.
The weak job market will continue to make things difficult for recent graduates, according to Katherine Lavelle, managing director of Accenture’s Talent & Organization practice in North America.
Chosen excerpts by Job Market Monitor
Every year, thousands of recent graduates of colleges and universities across the United States enter the labor force with newly minted degrees and high hopes about their employment prospects.1 In October 2011, 74.5 percent of the 1.3 million 2011 recent college graduates were employed, according to data from the Current Population Survey (CPS). The unemployment …Continue reading »
It is true that young workers have higher unemployment rates than their older counterparts, at just about all levels of education. A recent report published by the Bureau of Labor Statistics on the job prospects of new college graduates, for example, found that as of October 2011, the graduates of the class of 2011 had … Continue reading »
The college degree is becoming the new high school diploma: the new minimum requirement, albeit an expensive one, for getting even the lowest-level job. Consider the 45-person law firm of Busch, Slipakoff & Schuh here in Atlanta, a place that has seen tremendous growth in the college-educated population. Like other employers across the country, the … Continue reading »
“Political leaders, prominent foundations, and college presidents have argued that the nation must increase the proportion of adults with college degrees in order for America to remain competitive in the global economy” write Richard Vedder, Christopher Denhart, and Jonathan Robe in Why Are Recent College Graduates Underemployed? University Enrollments and Labor-Market Realities (Adapted quotes to follow). Supporting those … Continue reading »
I like to make this chart of unemployment rates by education attainment every few months. And it’s been a few months, so: Here’s what this graph does not say. It doesn’t say that college is guaranteed to get you a job, especially right out of school. It also doesn’t say that college drop-outs are destined … Continue reading »
Although 80% of students graduating high school think they are ready for college once they have their diplomas, the reality does not reflect this confidence. If students base their visions of college on the pop culture representation in movies like Van Wilder or Old School, they are in for a shock when their first week … Continue reading »