According to the
National Association of Colleges and Employers, only 24.4% of the class of 2010's college grads had jobs upon graduation. Those are not exactly stellar numbers nor a great return on a college education. However, this is an uptick over last year's job numbers, when only 19.7% of the class of 2009 had jobs upon graduation from college. Missing from these job statistics are any indication of the quality of the jobs being offered to recent college graduates. I have no data to back this up, but my intuition is that actual hiring for "career oriented jobs" (i.e. those not in retail or restaurant sectors) is flat, with total job numbers up only because more grads are...
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Yesterday's Baltimore Sun reported on the epidemic of college grads moving back in with mom and dad after graduation. A survey of the Class of 2010 college graduates reported that 7 out of 10 will move in with parents after graduation. But more significant than the short-term inconvenience of living at home again is the real struggle to find a job and start an adult life.
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I take all of the data I see with a huge grain of salt, especially when it comes to average salaries, because gathering accurate salary data is nearly impossible without access to tax returns. However, even if the below salary numbers are not accurate, they are likely representative of an overall pattern. For some number of years, engineers, particularly in the chemical and petroleum sectors have been receiving higher starting salaries than their classmates. Computer Science majors have also been both highly sought after and well-paid. As for grads with Business or Marketing degrees, their starting salary may appear to be respectable, but the demand for their services has not been high... Read More »
Job news is bad all over, but most discouraging for this year's college grads. Business Week is reporting both statistical and anecdotal snippets in a report on the job market this week. At commencement, only 33% of Harvard's Class of 2010 had job offers, many of them at positions with low levels of responsibility and wages. Unemployment among people under 25 years old was 19.6 percent in April, the highest level since the Labor Department began tracking the data in 1948. And scariest of all is the story of Matt Grant:
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For the last 10 years or so, private colleges have made huge strides to make college more affordable for middle-class families. Even though sticker prices may be rising, discounts have been rising along-side. In 2008, the latest year for which data is available, the average discount rate for first-time, full-time freshman was 42 %. According to the National Association of College and University Business Officers (NACUBO), the increase in discounts has been driven by the economic downturn. In their survey of 355 independent institutions, NACUBO found discounts to be at an all-time high. In our practice, we have observed similar discounts, with some students receiving discounts of 75-100%. When students are a good fit for the prospective college,...
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