Job Outlook for Bachelor's Degree Students Looks Bleak
by AccountingWEB on
By AccountingWEB Staff
A weak labor market has left half of college students (age twenty-five or younger) who graduated with a bachelor's degree either jobless or "underemployed."
Analysis of government data conducted for the Associated Press reveals unequal prospects for holders of bachelor's degrees. The 2011 data revealed the following:
- To a great degree, bachelor's degree graduates were represented in jobs that require only a high school diploma or less.
- Approximately 1.5 million (53.6 percent) were jobless or underemployed. This is the highest percentage in eleven years; in 2000 it was 41 percent.
- Among the underemployed, college grads were likely to be employed as: waiters, waitresses, bartenders, and food-service helpers than as engineers, physicists, chemists, and mathematicians combined (100,000 versus 90,000); office workers, such as receptionists or payroll clerks, than in all computer professional jobs (163,000 versus 100,000); and cashiers, retail clerks, and customer service representatives than as engineers (125,000 versus 80,000).
- Only three of the thirty occupations with the largest projected number of job openings by 2020 will require a bachelor's degree or higher ‒ teachers, college professors, and accountants.
- Most job openings will be in retail sales, fast food, and trucking; jobs that aren't easily replaced by computers.
- Zoology, anthropology, philosophy, art history, and humanities grads are among the least likely to find jobs appropriate to their education level, while those with nursing, teaching, accounting, or computer science degrees are among the most likely.
- Jobs are primarily going to workers at the top and bottom of the wage scale rather than to middle-income jobs usually held by those with bachelor's degrees.
The prospects for graduates who are likely to get higher-skill jobs vary widely by region. From best to worst, here's how they rate:
- Southern states, anchored by Texas.
- Pacific states, including Alaska, California, Hawaii, Oregon, and Washington.
- Rural southeastern states, including Alabama, Kentucky, Mississippi, and Tennessee.
- Mountain West states, including Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming.
Perhaps more than ever, the choices young adults make earlier in life ‒ level of education, academic field and training, where to attend college ‒ are having a long-lasting financial impact.
You may like these other stories...
For the first time in the five-year history of Vault.com’s rankings of the top 50 accounting firms to work for in North America, a firm has held the top spot as best accounting employer for two consecutive years....
Legislation coming out of Washington just might reduce homeowners' burden for disaster insurance. It's a topic very much on everyone's minds since the mudslide in Oso, Washington. The loss of human life was...
Many firms these days claim the bulk of their new business comes from referrals, essentially saying their existing clients do all the business development for them. But this won't work unless you can build true client...
Upcoming CPE Webinars
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.