“The growth of supply of college-educated labor is exceeding the growth in the demand for such labor in the labor market,” says the Center For College Affordability And Productivity in a white paper entitled. “Why are Recent College Graduates Underemployed?” New evidence published November 14, 2013 by CareerBuilder supports this assertion.
One-third of college grads are not working in jobs related to their degree field and 32 percent never found a job in their chosen field of study. Even among workers age 35 and older, 31 percent are still working in a field unrelated to their degree.
Nearly half of college educated workers (47 percent) started out in a job unrelated to their degree.
Thirty-six percent of graduates now wish they had pursued a different major.
Among the 64 Percent that are happy with their choice degree, 47 percent had a first job out of college unrelated to his or her college major.
The CareerBuilder study is based on 2,134 U.S. workers graduating from college between August 13 and September 6, 2013
See the video: College is not the golden ticket
A college education is “not necessarily the golden ticket it used to be,” says Will McGuinness HuffPost College Senior Editor. His comments are based on The Center for College Affordability and Productivity report, “Why are Recent College Graduates Underemployed?” The report says:
About 48 percent of college grads do not need a four-year college degree for the job they currently hold.
Eleven percent of grads are in jobs requiring more than a high-school diploma but less than a four-year degree.
Thirty-seven percent are in jobs that could be held by high-school grads.
College grads are taking jobs from high school grads
About five million college graduates have taken jobs requiring only high-school education. The trend has worsened since 1970:
One percent of taxi drivers had college degrees in 1970.
Fifteen percent of taxi drivers currently have college degrees
Two percent of firefighters had college degrees in 1970
More than 15 percent of firefighters are college grads.
Demand for college degrees is growing
National Association of Colleges and Employers has a more positive outlook for college grads. They reported in January 2013:
Jobs for four-year degreed workers 25 and older grew by nearly 2.3 million since January 2012.
Jobs grew by only 507,000 for Americans 25 and older with some college or an associate’s degree.
Challenger, Gray & Christmas, Inc., a global outplacement consultancy, provided the above summary of NACE data in a spring 2013 report.