Jobless Grads Seek More Education
With senior week slowly becoming nothing but a memory of a fonder time, the Class of 2012 has officially entered an awful job market.
Data released by the Labor Department last week indicates that the U.S. economy only added 80,000 jobs last month, a rate that is lower than expected.
The unwelcoming job market has left young job seekers in some unfortunate situations. For one, there’s unemployment: Smart Money reports that there are 1.7 million people aged 18-29 who have been unemployed for more than a year, upping the unemployment rate for this age group to 16.8%.
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But there are the lucky few who secure jobs upon graduation. These jobs aren’t as lucrative as they used to be, though. Recent grads are accepting jobs for lower salaries than past years due to the competition they face from older workers, who themselves are settling for jobs meant for those with less experience. Many of the grads accepting jobs at low salaries are doing so simply to get their foot in the door and to gain experience.
What Are the Unemployed Grads Doing?
Smart Money writes that many are choosing to get more education. Private equity firm Aslanian Market Research estimates that graduate school enrollment is expected to increase by 30% over the next four years. Due to the recession and weak economy, many young grads have chosen to invest in themselves.
Even though going to grad school may seem like an attractive option to make oneself more marketable to future employers, it adds to student debt and begs the question: Is it worth it?
(We’ve debated that question ourselves, here.)
Many students believe that it is worth it, asserting that a college education is no longer enough to get the best jobs. They believe that having a successful career requires more schooling, despite the increasing levels of debt.
If you’re jobless and wondering how to find the best job, we know where to start. Click over to our free grad school calculator to see if it makes financial sense for you to get a higher degree.