December 10, 2009
By CAREEREALISM Founder, J.T. O'Donnell I saw this video on CNNMoney.com of college seniors being interviewed about their future plans after graduation this spring: http://money.cnn.com/video/news/2009/12/04/n_cmr_class_2010-jobs.cnnmoney/. YIKES! Students are on their own when it comes to finding a job – and it’s not pretty. I think the worst part is to see most of them believe the answer is to just stay in school and spend even more money on an advanced degree. I wish they could talk with all the unemployed MBAs out there right now who are knee-deep in loan debt. Reality-check for College Students & Recent Grads How you look for work, as well as how you find work you love has changed deeply in the last 20 years. And yet, college teaches you everything EXCEPT how to get the job. That being said, there are two ways you can attempt to learn what you need to in order to take control of your future. 1) You can try figuring it out for yourself. Unfortunately, most students opt for this, get too busy at school, and end up putting it off until they graduate. They return home, unemployed and hundreds of miles from their campus career center. 2) You can invest in a program that can help you get organized and focus on the right things to do to identify a career path and land a job. Let’s face it, the latter option is going to help you more and is much faster. And still, if that doesn’t convince you… Here are 15 reasons why you should invest in your career early:
- 23%. How much a college education has gone up in the last 10 years.
- 11%. How much the starting salaries of college grads have gone down in the last 10 years. (FYI - In 1985, the average starting salary for a college grad was $40,300. In 2008, the average starting salary was only $39,000 and it continues to drop in this recession.)
- Less than 50%. The number of students who ever see the financial return on their investment in an advanced degree (i.e. Masters, MBA).
- 70M+. The number of Baby Boomers (people in their 50s-60’s) in America who are ‘retirement-ready, but under-funded’ and thus will stay in the job market, holding back the entry of new grads to the workplace.
- 90%+. The number of young people today who plan to go to college because they feel they have to in order to get a job. Most DON’T know why they should go or what they should study!
- $100K+. The minimum you can plan to spend on a college education from top private or state university.
- Less than 30%. The number of students who actually work in a professional setting while they are in high school or college in order to gain professional skills they can use when they graduate.
- 25 years old. The average age before a college grad can finally afford to move out of their parent’s house and live on their own. (They are called Boomerang Kids and K.I.P.P.E.R.S – Kids In Parents Pockets Eating Retirement Savings.)
- 80%+. The percentage of jobs people get by networking. Most people don’t know A) how to create and leverage a network effectively, and B) feel uncomfortable doing it.
- Less than 20%. That’s how many 2009 college grads had jobs when they graduated last year.
- 6:1 ratio. There are 6 job seekers for every job out there right now.
- 18 months. The average time a young person spends in a job in America . The reality is EVERY job is temporary for young professionals.
- 9 careers with an average of 3 jobs in each one. That’s what today’s college grad can expect over the lifetime of their career. Can you imagine looking for a job 27 times!?
- 5 years. The amount of time it’s going to take for us to recoup the jobs we’ve lost from this recession. This does NOT include the additional number of jobs we need for all the college grads in that time.
- 10 years. That’s how long it’s going to take for us to fully recover from this recession: http://money.cnn.com/video/news/2009/12/07/n_cmr_slow_recovery.cnnmoney/.