The unemployment rate for recent college graduates is much lower than it was 10 years ago. But, too often, recent graduates struggle to land positions in line with their degrees. To support themselves, some are forced to take jobs they\u2019re considered to be overqualified for.
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Currently, 41 percent of bachelor\u2019s degree holders ages 22-27 are \u201cunderemployed,\u201d meaning they\u2019re working jobs that don\u2019t require a four-year degree, according to newly updated data from the Federal Reserve Bank of New York<\/a>. That\u2019s despite a relatively low unemployment rate for recent graduates, which has dropped from 6.8 percent to 3.9 percent over the past decade. Some are notably more susceptible to underemployment than others. According to the New York Fed, nearly 67 percent of those who studied performing arts and 63 percent of former leisure and hospitality majors found themselves underemployed in the first few years after college, compared to about 17 percent of those who majored in industrial engineering and 11.4 percent who studied nursing. Although these figures are concerning, they shouldn\u2019t necessarily dissuade students from going to college. Despite rising costs, college is still largely worth the investment<\/a>. According to the New York Fed, bachelor\u2019s degree holders earn an average $15,000 more annually than those whose education stopped after high school. It can be difficult, though, for bachelor\u2019s degree holders to unlock their earning potential, particularly early on in their careers. Upon graduating, many new graduates are hit with living expenses that may have been at least partially covered by their parents while they were students. And if they took out student loans to pay for their education — as 70 percent of students do — they\u2019ll need immediate money to start paying back those loans. In that light, it’s not uncommon for new graduates to accept a position in the short-term, whether it’s a job that requires a degree or not. There\u2019s also the competition factor. With more and more people in the United States earning bachelor’s degrees<\/a>, they\u2019ve lost a bit of their value. On their own, bachelor\u2019s degrees are seldom enough to land recent grads jobs at many American companies. Therefore, in addition to earning their degree, those who wish to distinguish themselves amidst crowded applicant pools have to develop a wide range of skills and immerse themselves in the professional world. And the best way to gain that experience is by pursuing internships. \u201cOne of the most important things students can do is go after experiences that are going to practically and relevantly prepare them for what their next step is,\u201d Kevin Grubb, the executive director of Villanova University\u2019s career center, told The University Network for a previous article<\/a>. \u201cEven if the internship or research experience they take on doesn\u2019t wind up being the ultimate industry or job function that they want, the skills and professionalism they gain in those experiences are valuable to whatever that next step might be and applicable to employers of all different kinds,\u201d he added. Overall, students have become much more aware of the value of internships. A College Pulse survey<\/a> found that 72 percent of college students think an internship at a prestigious company looks better to potential employers than a degree from a prestigious university. And they might be right. Some of the nation’s leading companies, including Apple, Google and Netflix are opting to no longer require<\/a> employees to have four-year degrees.
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<\/p>\n\n\n\nRecent grads are quickly hit with living expenses, student loans<\/strong>
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<\/p>\n\n\n\nDemand for experience beyond a bachelor’s degree<\/strong>
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