Until recently, graduation from college has been marked as a time for apprehension rather than celebration. The job market has been dismal fraught with concerns about the acquisition of a job worthy of the money spent on a college education. It still needs to be said that graduates are still struggling. The unemployment rate for Americans under the age of 25 remains more than double the overall rate of 7.5 percent. Things seem to be improving, however, and now the possibilities are better for graduates trying to launch a career. In addition to this, the pay has improved for college grads. At the graduate and undergraduate level, higher salaries are becoming a part of the deal.
Job growth is improving in general, but the higher your skill level, the better your chances for landing a high paying job. The unemployment rate for those with a bachelor’s degree hovered around 3.9% and those with less than a high school diploma had an unemployment rate around 11.6%. Analysis has found that the unemployment rate for high school grads who are not going to college has improved somewhat since hitting a high of 32.7 percent in 2010, but not enough to give young workers much comfort. The job market for college grads remains sporadic. There are hot spots and cold. Those earning degrees in health and science are being offered a considerably higher salary across the board. Graduates in the humanities and social sciences are still struggling and finding it difficult to obtain a job. Those that do find jobs in these areas are finding out that the pay is considerably lower. In addition, those who are in the humanities and social sciences find that they have to keep layering on skills and more education to acquire better positions and improve their chances of being hired. The need for skilled workers has not flourished. Flight attendants, mail carriers and reporters have found themselves in industries that are reducing their staff. The job market is still challenging for those outside of technology or a hard science.
More companies are planning to hire in 2013 than did so in 2012, and many firms plan to increase or maintain the number of new MBA and other business master’s graduates they will hire next year. A more favorable job market is positive news for anyone thinking of pursuing a graduate management degree but especially for MBA and other master’s-level business students who will graduate next year and begin the job search. Bottom line – bring on the grads!!
Source: “Class of 2013 Likely to Face Tough Start in Tight Job Market.” TODAY. Web. 27 June 2013.