A great post from LIFE Founder Tim Marks! My wife and I hold 3 liberal arts degrees combined and though this article was published almost a decade following our graduation from Michigan State University, we innately felt this pressure back in the early 2000s. Enjoy!
Hey gang! A friend passed on this article from the New York Daily News and I wanted to share it with you. It’s shocking to consider how few students graduate and find a job (40% of graduates of unemployed), let alone a job that meets their salary expectations (1/3 make less than $25,000 their first year) let alone in the field that they actually studied for (just over half of students.)
And yet, despite these abysmal results, people still believe that burying themselves in debt to get a college education is the BEST path to success! My mentor Orrin Woodward, INC. Magazine Top 50 Leadership Expert and New York Times Bestselling co-author of LeaderShift, writes (along with his co-author Oliver DeMille) about how many people are “credentialists” – that their status comes from the credentials they have from their education. Well, frankly I think we should be more impressed with ourselves for getting results (having a successful career or owning a successful business) over merely studying to get results.
Today’s students graduate from college with heavy debts, and many aren’t reaping the benefits of that education — a poll shows recent grads often find jobs that don’t require a college degree. More than 40% are unemployed, and 16% are in part-time positions, a poll released on Tuesday showed.
The online survey of 1,050 workers who finished school in the past two years and 1,010 who will receive their degree in 2013 also found that many graduates, some heavily in debt because of the cost of their education, say they are in jobs that do not require a college degree.
Thirty-four percent said they had student loans of $30,000 or less, while 17 percent owed between $30,000 to $50,000.
“For our nation’s youngest workers, as well as for the workforce at large, there is a real need for employers to reexamine how they hire, train and develop their employees,” said Katherine Lavelle, of the global management consulting firm Accenture, which conducted the survey.
Nearly half, 42 percent, of recent graduates expect they will need an advanced degree to further their career and almost a quarter are already planning to take graduate courses.
More than half of graduates said it was difficult finding a job, but 39 percent were employed by the time they left college. Sixty eight percent said they are working full time, while 16 percent are in part-time positions.
The top industries that graduates wanted to work in were education, media and entertainment and healthcare.
Just over half, 53 percent, of graduates found full-time jobs in their field of study.
In addition to being underemployed many graduates thought they would have done better in the job market if they had studied a different major, and more than half also intended to go back to school within the next five years.
The survey uncovered a gap between what students expect to earn in their first job and their actual salary. Only 15 percent of this year’s graduates think they will earn less than $25,000 but a third of recent graduates said they make that amount or less.
Are you one of the under 30 college grads feeling the pressure of debt? If you are, take the time to invest in your thinking and get your finances on the right path with the Financial Fitness Pack today!