Many With New College Degree Find the Job Market Humbling
Wow, it's a brutal job market out there for recent college grads. The only good thing about this is that a job as a teacher looks much more attractive, so we should be able to recruit higher caliber people into the profession (if we're clever – which we're usually not):
The individual stories are familiar. The chemistry major tending bar. The classics major answering phones. The Italian studies major sweeping aisles at Wal-Mart.
Now evidence is emerging that the damage wrought by the sour economy is more widespread than just a few careers led astray or postponed. Even for college graduates — the people who were most protected from the slings and arrows of recession — the outlook is rather bleak.
Employment 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.
"I have friends with the same degree as me, from a worse school, but because of who they knew or when they happened to graduate, they're in much better jobs," said Kyle Bishop, 23, a 2009 graduate of the University of Pittsburgh who has spent the last two years waiting tables, delivering beer, working at a bookstore and entering data. "It's more about luck than anything else."
The median starting salary for students graduating from four-year colleges in 2009 and 2010 was $27,000, down from $30,000 for those who entered the work force in 2006 to 2008, according to a study released on Wednesday by the John J. Heldrich Center for Workforce Development at Rutgers University. That is a decline of 10 percent, even before taking inflation into account.
Of course, these are the lucky ones — the graduates who found a job. Among the members of the class of 2010, just 56 percent had held at least one job by this spring, when the survey was conducted. That compares with 90 percent of graduates from the classes of 2006 and 2007. (Some have gone for further education or opted out of the labor force, while many are still pounding the pavement.)
Even these figures understate the damage done to these workers' careers. Many have taken jobs that do not make use of their skills; about only half of recent college graduates said that their first job required a college degree.