. . . 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.