Is This the Worst Year to Graduate College Ever?

[marmar]

via AlterNet:



Is This the Worst Year to Graduate College Ever?

By Zac Bissonette, The Daily Beast. Posted March 10, 2009.

These days ulcers caused by downsizing aren't just reserved for middle-aged corporate suits two decades into their careers.



As a recent graduate from a university rated "Most Selective" by US News & World Report, Tyler was understandably disappointed when he landed in a cubicle-drone job that barely pays minimum wage -- that is, until he was laid off and ended up substitute teaching for even less.

With a double-major in Spanish and psychology and a strong GPA, he thought for sure he was on the fast track to a career in event planning, a field he'd secured a summer internship in, palling around with the stars of CNBC. But with corporations scaling back their parties and conventions (lest they be associated with seamy AIG-style taxpayer-funded beach junkets), Tyler found himself working in loss-prevention for Brookstone for $10.50 an hour. Then he was laid off. Now he's substitute teaching for $10 an hour.

"I'm applying for jobs now that I wouldn't have even considered when I started this thing," he says.

Stories like this are permeating college campuses like a bad smell. Today, ulcers caused by downsizing aren't reserved for middle-aged corporate suits two decades into their careers. The sudden collapse of the financial sector has devalued MBAs that were still prized only six months ago, and Ivy League grads with heaps of student loans are fighting over jeans-folding gigs at Forever 21. On campus, my fellow students and I absorb these stories with dread. And those of us closest to graduation – the ones who would normally be enjoying the doldrums of senioritis -- are sitting on pins as graduation day approaches and the job market shrivels before our eyes.

The race for internships has grown more competitive as sophomores, and even freshmen, realize that they'll need every possible leg up in a job market that most college students don't believe will be much better by the time they graduate. For upperclassmen, the "seek out the shelter of grad school" option also seems poised to be less popular than it has been in past recessions, as soaring debt loads create a desire to get to work – any work – and start digging out of the hole as soon as possible. ........(more)

The complete piece is at: http://www.alternet.org/workplace/130853/is_this_the_worst_year_to_graduate_college_ever/

[stray cat]

1. college graduates are fairing much better than non-college graduates

but the job market is tough all over. Young people who thought it was easy to get rich (hopefully a minority) are certainly in for a surprise

[vi5]

2. 1992 was pretty bad for me...

Got out with a degree and ready to take on the world, only there were no takers. And I had very low, very reasonable expectations with regard to salary, responsibility, etc.

I went on numerous interviews where the interviewer pointed out to me a large, large, stack of papers which they informed me were resumes for the job I was interviewing for.

I was lucky though in that 1) I had supportive parents who let me stay at home rent free as long as I needed, and 2) My summer job as a janitor in a local factory said I could work there full time until I found a more career oriented job. They let me take off whenever I needed to interview and were super supportive to the point where I actually didn't mind or think it a bad thing that I was cleaning toilets and sweeping floors right after graduating college. In fact it made me appreciate things much more when I finally got on a career type track. In fact after 3 months they let me get on their health insurance.

It took me about 8 months to even get 1 offer which I promptly took and in the end I was making about the same as I was as a janitor, but with 10 times more work and 10 times more hassle and corporate BS.

[KharmaTrain]

6. 1982 Was No Fun Either...

I'd been in the "real world" in the 70's...went back to finish, got a degree right at "raygunomics" began to kick in. Unemployment was at the level it is now and many jobs that vanished at that time never returned.

The advantage...which isn't so obvious at the time is being young and single is more attractive to a cash-strapped employer than one with experience, age and a family who is expecting more money and benefits. While I knew too many of my peers who went to college and never really used their degrees, I was lucky and also persistent...networking to make sure I not only knew where the jobs were when I did graduate, but also to have them know me. I got lucky...I got hired to a full time job that paid a whopping 9k a year. 20k was like living on easy street.

My kids are now facing this economy. My daughter graduated in '06 and was both fortunate and built up an impressive resume that enabled her to get a job and she's gotten into grad school in hopes that in 2011 things will be better and she'll be able to move up to something better. My son is still an undergrad and we're already talking going directly to grad school to avoid having to deal with the real world in another year. We're fortunate we have these options. I know too many with degrees that either didn't apply them or are sitting "on the beach" too qualified or too "expensive" to hire.

Cheers...

[Tommy_J]

10. True that

When I heard unemployment was the worst in 27 years I thought about graduating in'82. It was bleak.
For those with the option, grad school would be an excellent choice.

Grad school support is not very hard to get in analytical fields like engineering. Something to keep in mind for those uncommitted undergrads.

[KharmaTrain]

11. Great Advice

If this country is to rebuild, its those who are currently in school that will be needed to do some heavy lifting, and hopefully reap long term rewards. It's not just Grads, but undergrads and those in JCs as well. There's a big need for new ideas and energy to help develop a newer and stronger country. Hopefully those opportunities can begin in the next couple years.

One benefit of the stimulus bill is to make money available for those going to school. It appears there's an effort underway on many campuses to make sure those who are in school stay there an finish. I'm just very leery with credit as frozen as it is and endowments having taken major hits that we're doing enough.

Cheers...

[leveymg]

3. Things could be worse - they could be middle-age and out of work

Far worse - at that point in your life, you're supporting kids in school and possibly elderly parents, as well as trying to pay the mortgage and piles of bills.

And, I thought things were tough in '82. . .

[ejpoeta]

4. my niece is graduating this year. i didn't realize she was already had her

bachelors!! when my sister was talking about it, I asked her what cara would do. Maybe go on for more school?? I worry about what will happen. I am not sure what she is majoring in. Kids change their minds so much. I kind of want her to just keep going a little longer. Until we start coming out of this mess. The most crazy thing is how much debt these students have on their backs and how they are going to be able to pay their loans while making a lot less than they might have been able to be paid before all this. It's like they have shackles on them already as soon as they walk out the college door.

[marmar]

5. Like this sequence from Michael Moore's "SiCKO":

No wonder the majority of our adults can't find Britain on a map. But that's OK. There's always college. By the time we graduate, our ass is so in hock, we're in debt before our first job.

(Man) I'm at about ... we'll say about $35,000 in debt. That's for my third year in college.

(Michael Moore) You'll be the employee they're looking for -- one who needs this job.

(Man) 3,904, 3905 ...

(Michael Moore) What employer wouldn't employ someone thousands of dollars in debt, because they won't cause any trouble? In addition to paying off your college debt, you need a job with health insurance. It would be horrible to lose that job, wouldn't it?

[MadBadger]

7. Oh Joy

:eyes:

[Beer Snob-50]

8. npr had a story yesterday

about those who from other countries who came to our country to study, were offered good jobs at major corps, and then had those job offers recinded when these companies got stim money. it seems they cannot hire those from other companies when they lay off american workers.

[aikoaiko]

9. "he thought for sure he was on the fast track to a career in event planning" bahahahahah

bahahahahahahaha.

[Seedersandleechers]

12. My son is graduating from law school in May

He has a job with a firm in NYC were he goes to school and I was worried they would change their minds to hire him. Apparently they recently paid $3500 for some law review class for his up coming boards and so far the job still stands. I'm so grateful as the student loans for law school is $150,000.

[jmowreader]

13. I kinda feel for the guy, I really do...

but looking for a career in event planning? If he's looking for a job in corporate event planning, he's trying to get into what is at best a replacement job market--and that's in GOOD times.

A line from the book "Starship Troopers" comes to mind: Johnny, why didn't you study something useful?

Something they might want to consider is reengineering the Pell Grant program to reward students who take engineering, agriculture or other desperately needed careers.

[acmavm]

14. Poor baby, right out of college and he didn't land a job as the

President of a Fortune 500 company. He had to start at the bottom like people always have.

TSK TSK, what a shame.

<snip>
"I'm applying for jobs now that I wouldn't have even considered when I started this thing," he says.

Stories like this are permeating college campuses like a bad smell.

<snip>

[ozu]

15. I feel for those finishing grad school now

At least those finishing up a BA have the option of taking on more school debt and waiting out the recession for 2-3 more years. That beats clawing each others eyes out for that barista job that just opened up.

Very few new lawyers are being hired outside of the top 14 law schools. Any other school and it's pretty much a lifetime of debt.

[blue_onyx]

16. I graduated recently and I haven't been able to find anything

I've applied for jobs, like Administrative Assistant jobs, that don't require college degrees and haven't had much luck. There's just not much out there.

[deepthought42]

17. Yea! I'm screwed!!!

I can't wait to finish my Master's degree this semester and not be able to find a job! :banghead:


Well...(hopefully) there's still Borders...