Skip to comments.1 in 2 new graduates are jobless or underemployed
Posted on 04/22/2012 12:31:28 PM PDT by 2ndDivisionVet
The college class of 2012 is in for a rude welcome to the world of work.
A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don't fully use their skills and knowledge.
Young adults with bachelor's degrees are increasingly scraping by in lower-wage jobs waiter or waitress, bartender, retail clerk or receptionist, for example and that's confounding their hopes a degree would pay off despite higher tuition and mounting student loans....
(Excerpt) Read more at news.yahoo.com ...
I would say that your son is the exception to the rule.
I am graduating in May 2012 with a Bachelors of Science in Economics from NC State Univeristy cum laude. A BS in Econ from this school is essentially applied mathematics with a major concetration in econometrics. I have experience with time series forecasting, multiple regression (all forms, cochrane-orcutt, IV, Logit, etc.), Box-Jenkins, among others. I can also do advanced mathematics such as Differential Equations, calculus, etc.
On top of that, I have about 2 years worth of programming experience with SAS (it was started at NCSU so they drill it into us), ForecastX, and Gretl. Hasn’t helped me do squat.
Finally, my job search has basically equated to nada. Why? Employers may be looking for people with experience in data analysis however there are many candidates with 2-3 years of actual on the job experience who are taking the entry-level jobs. This pushes me to crappy jobs such as Northwestern sales, etc. which are worthless for my chosen field of banking and data analysis.
Further, everyone I know who is graduating has absolutely NO job offers that are worth a darn. We’re talking 20+ people in majors such as engineering, stats, math, econ etc.
Your son is the exception not the rule.
At this point, I am considering going to Grad school for a Masters in Applied Economics and a Masters Minor in Statistics. The job market just plain sucks.
Your attitude will lead you to success.... in time.
Best of luck to you...
Most wholeheartedly agree! In fact, this dismal economy may be the force for correction in the educational liberalism washed into the brains in our yutes by showing them that nothing is guaranteed, and that hard work is a good start to getting them through this mess. However, many will fall by the wayside and vote for Odumbo.
“There’s a good 15% of the electorate who would not vote for a Democrat for anything. Now it’s time for Republicans to figure out how to get those guys to vote FOR a Republican.”
A good start would be a well publicized commitment by Republicans to significantly reduce the massive debt burden that’s been dumped on future generations by the Obama, Pelosi, Reed and their Democrat foot soldiers.
I forgot to add that I am interested in ALL Data Analysis, not just investment/banking analysis. I love stats.
However, all of these jobs are being taken by people who are qualified for the higher-level jobs but cannot get them due to even more higher-qualified individuals taking THEIR jobs. It’s a vicious cycle.
When my generation graduated from college with a B.A. or a B.S., almost all of us ended up working in so-called bad jobs. It was expected! You built up your skills on those jobs. These kids want to enter as CEO and it ain’t happening.
Why don’t you just get a job as a bartender? Or a waiter?
I want to enter as an entry-level data analyst. I expect a salary in the $40-50,000 range commiserate with my skills. I want the opportunity for advancement if I work hard and prove my worth. I want to be on the management/executive track by the time I’m 30.
How would I accomplish this? Through working my butt off for however many years it takes to prove my worth.
Yet no employer will even consider me for a job because I don’t have 2+ years of experience for a basic entry-level data analysis job.
Instead I get offered “sales” jobs where I can “make my own living and be my own boss”.
Life is hard but this is friggin ridiculous. Why did I go to college and work my BUTT off learning statistics and mathematics when I could have bypassed it all and still be qualified for the same jobs?
Failure to research the employment potential for one's chosen education and career path should be a red flag screaming "STUPID" to any prospective employer.
You’re being satirical, right? You couldn’t possibly be serious, could you???
Obama loves poor people so much, he made millions moreThat's true of all socialists. The venerate poverty and spread it, with the poison gas of their socialism.
And have you researched this, and calculated the probability for this absurd chain of events?
Well said, at least not hiring in this country. The GOP is content to blame it on Obama but it started some time ago when employers started to export jobs throughout the world. Most things you buy are made by employees elsewhere. Apple makes its IPad in China.
We have to find a way for Americans to compete in the world's Darwinian economy before we descent into another 3rd world country with labor rates and pollution. It isn't just taxes, GE pays no taxes. It isn't just unions, IBM is not unionized.
Wanna make $120,000 a year with no college degree or experience required?
There MIGHT be a job for you operating a Texas Wireline rig in Williston, North Dakota; America’s natural gas boomtown.
All you have to do is:
A) Have a commercial drivers license.
B) Be able to pass a drug test.
That’s it! Of course you have to have the mental and physical stamina to work 56 straight hours but that’s no different from being a medical intern at your local hospital. And the compensation is as much as a medical doctor without the endless years of schooling or the sky high student loan debt.
All one has to do is be willing to WORK.
Yes, I’ve researched this. There is a huge demand for data analysts due to the large amount of data that companies produce and the valuable conclusions that can be derived from such data.
In regards to the rest of your comment: The majority of people I know and associate with were/are on this track and they all started at similar if not greater salary ranges. The older ones (50’s and above) all have the same advice: If you’re not on the management/executive track by the time you’re 30, you ain’t going anywhere kid.
For a more concrete anecdotal example: a personal friend of mine is 27 and a VP of fixed income at a major bank. Another friend is currently well on his way to becoming VP by the time he’s 26.
Yes, it’s possible. Also, given that the average starting salary of a college graduate is $50,000+, I would assume that my expectations aren’t exactly crazy.
For further contemplation: If I started at $30K, I would be making $40K by the time I’m 30 and nowhere near management track most likely. Essentially, I’m screwed.
So yes, I do have expectations but I am willing to back up my expectations through hard work and results. After all, I don’t expect to get paid if I am not producing.
Edit: The data analysis jobs are being taken by individuals with 2+ years of experience due to the vicious cycle that I mentioned above.
I’ve considered this route however there is one major problem:
Mathematical skills degrade if not used and while working in this job I would be practicing my skills. Therefore, I would become quite rusty and may not be qualified to work in a more rigorous field such as an analyst.
It’s a catch-22.
With your background if you went into programming/design you would make a killing. Learning programming skills would take time but worth it. It is a lot of work and many are not willing to to do that.
Its bull, but he an't move onto higher engineering courses until these stupid prereqs are fulfilled.