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Go to college, graduate, and get a related job. A new report challenges the perception that an undergraduate education is necessary to enter the workforce.
Data research firm Burning Glass Institute and talent research firm Strada Education Foundation released their findings Thursday. Recent college graduates who earned a bachelor’s degree in the United States between 2012 and 2021 did not have a job that required a degree.
More than half (52%) of graduates were “underemployed” and worked in fields that don’t require a bachelor’s degree to enter, such as food service, office support, sales, construction and retail, according to the study. Additionally, 73% remained in the field 10 years after graduation.
The report does not specify how many hours worked per week were considered “underemployed.”
Even though the typical college graduate performs better in the labor market than workers with a high school diploma, “a significant proportion of graduates do not experience the economic outcomes expected from earning a bachelor’s degree.” says the study.
College majors such as communications, journalism, psychology, and visual and performing arts reported the highest underemployment rates, while health professions such as nursing reported the lowest underemployment rates.
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The report also showed that there are economic consequences associated with underemployment. New graduates employed in college-level jobs earn a median annual salary of $60,000, while underemployed graduates earn $40,000 annually. Additionally, underemployed graduates were found to receive $8,000 more in take-home pay per year than high school graduates with an average salary of $32,000.
Using 2022 data, researchers surveyed workers who were employed full-time, year-round, worked more than 35 hours a week, more than 50 weeks a year, and were not in school to find the median income. Decided.
But unlike high school graduates, underemployed graduates still carry an average of $34,700 in debt for their degrees.
Related: During the pandemic, I was broke, unemployed, and deeply in debt. Here are his 6 steps I took to make 6 figures
This study offers hope that quality instruction for college students, access to clear employment outcomes, and access to paid internships at universities could help close the gap.
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