Career Development Course Presentation, March 2012
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Career Development Course Presentation, March 2012 Presentation Transcript

  • 1. WHAT’S HAPPENING TO RECENT COLLEGE GRADUATES IN TODAY’S ECONOMY? Carl E. Van Horn Professor and DirectorJohn J. Heldrich Center for Workforce Development March 2012
  • 2. What’s Happening to Recent College Graduates in Today’s Economy? Unfulfilled Expectations: Recent College Graduates Struggle in a Troubled EconomyA Heldrich Center for Workforce Development Work Trends Report by Carl Van Horn and Cliff Zukin Rutgers University 2
  • 3. What’s Happening to Recent College Graduates in Today’s Economy? Goals of the Survey To explore the connections between college and initial jobs in the workforce To understand the experiences of recent college graduates as they search for a job To examine how recent college graduates have been affected by the recession 3
  • 4. What’s Happening to Recent College Graduates in Today’s Economy? Who We Surveyed National Random Sample of 571 graduates Who graduated in the years 2006-2010 with a four-year college degree—All Majors included Between the ages of 22-29 4
  • 5. What’s Happening to Recent College Graduates in Today’s Economy? Where are these Graduates Now? 53% are employed full time 21% are attending graduate school• 14% are looking for full-time jobs• 16% are not employed in any fashion 5
  • 6. What’s Happening to Recent College Graduates in Today’s Economy? What We Asked About College Experience First Job Current Job Financial Shape 6
  • 7. What’s Happening to Recent College Graduates in Today’s Economy? College ExperienceMost students needed (government) help to pay for college 7
  • 8. What’s Happening to Recent College Graduates in Today’s Economy? Work Experience During CollegeMost students worked while in school 83% worked while in school 23% worked full time 50% said the jobs they held while in school were related to their academic major 8
  • 9. What’s Happening to Recent College Graduates in Today’s Economy? Paying for College Over half graduated in debt The median amount of money owed was $20,000 9
  • 10. What’s Happening to Recent College Graduates in Today’s Economy? Assessing the Value of CollegeGenerally students felt their education prepared them forthe workforce 75% believed their college education prepared them to be successful in their first job 61% believed their college education prepared them to get their first job Only 42% believed their college placement or career guidance office prepared them well to look for a job 10
  • 11. What’s Happening to Recent College Graduates in Today’s Economy?What Graduates Would Have Done DifferentlyMany would do something different if they were to do it again 11
  • 12. What’s Happening to Recent College Graduates in Today’s Economy? Was College Worthwhile?Most believe their education to be worthwhile But 62% believe they will need more education to have a successful career 12
  • 13. What’s Happening to Recent College Graduates in Today’s Economy? College Graduates’ First JobMost students found a job related to their field of study Only 52% said a four-year degree was required for their job 13
  • 14. What’s Happening to Recent College Graduates in Today’s Economy? Opinions about the First JobMany graduates see their first job as a stepping stone to a career But only 27% are firmly started on a career 14
  • 15. What’s Happening to Recent College Graduates in Today’s Economy? Adjusting to Labor Market RealitiesMany had to make accommodations to get their first job 15
  • 16. What’s Happening to Recent College Graduates in Today’s Economy? First JobGraduates were more satisfied than dissatisfied with their first job 16
  • 17. What’s Happening to Recent College Graduates in Today’s Economy? First Job SalariesThe recession affected salaries, so did… Median Pay for Recent Median Salary College Graduate All Graduates $30,000 Pre-Recession 2006-07 $30,000 Recession 2009-10 $27,000 Did Internship $34,680 No Internship $28,000 Male $33,150 Female $28,000 Worked in grad area $34,510 Didnt work in area $28,000 First job very/somewhat $35,000 related First job not very/not at all $25,000 related 17
  • 18. What’s Happening to Recent College Graduates in Today’s Economy? Stuck on TrackTheir current jobs are not much different than their first jobs Job Statistics First Job Current Job Job Salary-Median $30,000 $32,000 Job is full time 97% 93% Job requires a college degree 52% 53% Job paid hourly 50% 54% 18
  • 19. What’s Happening to Recent College Graduates in Today’s Economy? Stuck on TrackTheir current jobs are not much different than their first jobsJob’s Relation toEducation First Job Current JobVery closely 44% 37%Somewhat closely 26% 21%Not very closely 13% 20%Not at all closely 17% 21%Total 100% 99% 19
  • 20. What’s Happening to Recent College Graduates in Today’s Economy? Financial Shape Many graduates have debt 42% currently have financial debt other than student loans, a mortgage, or rent 35% of those 22 to 25 report being in debt, compared to 51% of those 26 to 29 20
  • 21. What’s Happening to Recent College Graduates in Today’s Economy? Getting Help to Pay the BillsMany accept financial help from their parents to pay for living expenses 21
  • 22. What’s Happening to Recent College Graduates in Today’s Economy? Expectations about Financial SuccessMost think their generation will be less financially successful than their parents 48% believe they will be more successful than their parents 22