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US graduates who start their careers underemployed usually stay that way for years, per a new report.
About 73% of graduates who don't find college-level jobs in their first working year stay underemployed 10 years later.
Working in a college-level job gives graduates about a 50% higher salary, the report said.
Your first job after college is crucial to the next 10 years of your career and salary, according to a new joint report by two research firms.
Bachelor's degree holders in the US who finish their first working year while underemployed — in a job that doesn't require their full skills, education, or availability — usually end up staying underemployed. This is according to a report published on Thursday by the Strada Education Foundation and employment data research firm Burning Glass Institute.
Relative just graduated, had a 2 yr internship at a fortune 100 tech company that has been around for several decades. Intern pay 47K last year, full time pay 140K at 22 yrs old.
The key to the job launch is the internship. No internship = longer lag to getting hired.
*also needs to be a real degree from a decent college, no political science degree from Univ. of Phoenix online.
I had a kid work for me 2-3 summers. Nice kid, I thought he was smart. Got an economics degree, 2.7 GPA (shocked me, thought he was joking). No internships, no job waiting for him. 6 months of resume sending and gets picked up by a financial advisory company (retail sales to the public). Had to relocate to the mid-west, no car, no money and not even a decent wardrobe all for 39K.
Was it his dream job.......nope, could he afford to live in 39K nope, but it was a start.
I texted with him a few times, he seems to like it but I don't think he has made the turn yet to where he is making any money. I think he will need 5 years to get to 75K+ which will still be paycheck to paycheck living. Odd that a financial advisor is giving advice on finances yet is working poor himself........ironic
I think he will need 5 years to get to 75K+ which will still be paycheck to paycheck living. Odd that a financial advisor is giving advice on finances yet is working poor himself........ironic
While people have different qualifications and different ideas of what constitutes a good salary, most would consider $75,000 per year to be good pay. Is this kid single with no huge debt, other than maybe college loan?
I suppose you are thinking that in 5 years inflation will keep rising through the roof. If so, it would be tough for him to live without possibly sharing the rent/mortgage with someone, but not impossible.
I had a kid work for me 2-3 summers. Nice kid, I thought he was smart. Got an economics degree, 2.7 GPA (shocked me, thought he was joking). No internships, no job waiting for him. 6 months of resume sending and gets picked up by a financial advisory company (retail sales to the public). Had to relocate to the mid-west, no car, no money and not even a decent wardrobe all for 39K.
Was it his dream job.......nope, could he afford to live in 39K nope, but it was a start.
I texted with him a few times, he seems to like it but I don't think he has made the turn yet to where he is making any money. I think he will need 5 years to get to 75K+ which will still be paycheck to paycheck living. Odd that a financial advisor is giving advice on finances yet is working poor himself........ironic
A low GPA has nothing to do with smarts, but with maturity. While some kids mature slower, these kids do catch up and do well! Financial advisor is a sales job. If he has an outgoing salesman personality, he will do well. However, it takes time for commissions to roll in.
My daughter is a high school English teacher and she makes not too much than him. She graduated college with a 3.9 GPA, a masters degree from one of the top ten schools in her field, and two internships. There are lots of decent jobs which aren't particularly high paying.
US graduates who start their careers underemployed usually stay that way for years, per a new report.
About 73% of graduates who don't find college-level jobs in their first working year stay underemployed 10 years later.
Working in a college-level job gives graduates about a 50% higher salary, the report said.
Your first job after college is crucial to the next 10 years of your career and salary, according to a new joint report by two research firms.
This has been true forever.
The students who graduated during the Jimmy Carter years do significantly worse than the earlier baby boomers. Their lower starting salaries and underemployment never caught up. I'm sure it's true for those graduating during the Great Recession of 2008 and those graduating now.
Other than the Federal Reserve or the Federal government, there is little anyone can do about it. It was our government incompetence caused the Great Recession 2008 with the mortgage crisis. Covid, the delaying of prohibiting travel from Europe and Asia, and its response of printing money caused the current inflations. If our government wasn't so awful, neither would have happened.
Last edited by YorktownGal; 03-19-2024 at 08:36 AM..
Comp Sci grad here, worked part time for a software company about 18 months before graduating. Doing this or some type of internship will give an advantage over others that didn't. Companies want experience.
While people have different qualifications and different ideas of what constitutes a good salary, most would consider $75,000 per year to be good pay. Is this kid single with no huge debt, other than maybe college loan?
I suppose you are thinking that in 5 years inflation will keep rising through the roof. If so, it would be tough for him to live without possibly sharing the rent/mortgage with someone, but not impossible.
yeah he has loans, but making payments (car/rent,phone/utilities) cuts into that after tax check pretty quickly.
A low GPA has nothing to do with smarts, but with maturity. While some kids mature slower, these kids do catch up and do well! Financial advisor is a sales job. If he has an outgoing salesman personality, he will do well. However, it takes time for commissions to roll in.
He is very bright to talk to but not a salesman by any means. If his day starts with 100 cold calls and he gets 99 hangups it will be a rough day for him.
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