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Career Development Course Presentation, March 2012

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Career Development Course Presentation, March 2012

  1. 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. 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. 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. 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. 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. 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. 7. What’s Happening to Recent College Graduates in Today’s Economy? College ExperienceMost students needed (government) help to pay for college 7
  8. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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

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