More on Recent Graduates and Employment

The NY Times Online followed up Many With New College Degree Find the Job Market Humbling (see And Now That You’ve Graduated) with The Downsized College Graduate, seven op-ed articles with reader comments debating “reasons besides the economy to explain why today’s group is different.”  One explanation is that it’s your own damn fault:

[S]ome older readers cited factors other than the economy for the drop in the number of new graduates in the work force: that young people have a sense of entitlement, were sheltered by their parents, and partied through college. Or, if they worked automatons, they took no risks, expecting to be rewarded no matter what.

Richard Arum, co-author of Academically Adrift: Limited Learning on College Campuses,”  (see Not Getting What You Pay For), offers reasons neatly summarized by the title of his piece, Aimless, Misled, and in Debt:

  • “[P]ronounced and unprecedented” indebtedness
  • Young adults who “are highly motivated, but often directionless.”  They are “‘drifting dreamers’ with ‘high ambitions, but no clear life plan for reaching them.’ Indeed, more than a third of college graduates in our study reported that they aspired to own their own businesses, even though there was little evidence that entrepreneurial skills were being developed.”
  • Lest you think Arum lays all blame on this cohort’s character, he states “colleges and universities are implicated in the difficulties that graduates are facing, since not only did they fail to ensure that college students experienced rigorous academic coursework associated with the development of higher order cognitive skills, but, more troubling, they typically have abandoned responsibility for shaping and developing the attitudes and dispositions necessary for adult success.”

Other contributors have different perspectives.  Overall the articles and comments are provocative.  They are worth the time as you sit in the coffee shop reading your laptop with other under-employed graduates.

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And Now That You’ve Graduated . . .

. . . you face greater economic uncertainty than your predecessors.  In an article with a headline that says it all, Many With New College Degree Find the Job Market Humbling, the NY Times reports “[e]mployment rates for new college graduates have fallen sharply in the last two years, as have starting salaries for those who can find work. What’s more, only half of the jobs landed by these new graduates even require a college degree, reviving debates about whether higher education is ‘worth it’ after all.”   Some of the grim facts:

  • The median starting salary for college graduates entering the work force in 2009 and 2010 declined 10%, from $30k to $27, compared with college graduates who entered the work force from 2006 to 2008
  • 56% of 2010 grads has held at least one job by this spring, compared with 90% of 2006 and 2007 graduates
  • About 50% “of recent college graduates said that their first job required a college degree”
  • “Young graduates who majored in education and teaching or engineering were most likely to find a job requiring a college degree, while area studies majors — those who majored in Latin American studies, for example — and humanities majors were least likely to do so. Among all recent education graduates, 71.1 percent were in jobs that required a college degree; of all area studies majors, the share was 44.7 percent.”

Timing and luck determine for more of our circumstances than commencement speakers acknowledge.  They say follow your dreams .  Never give up.  Live your passion.  A 1989 or 1990 birth year–not lack of merit, lack of academic achievement, lack of work ethic–will diminish the number and quality of choices available to most 2011 graduates compared to those born in 1985 or 1986.  A sad but true fact of life.

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