The following post is a guest contribution. If you would like to write for My Money Design, please feel free to contact me.
Based on the statistics given by various sources, getting a Bachelor’s Degree does not necessarily mean that you can land a high paying job or any job for that matter. According to the United States Bureau of Labor Statistics, the relationship of college education and job prospects are becoming surprisingly unbound.
The unemployment rate for college graduates is now at 7.5%. Instead of decreasing, it went up, because the college graduate unemployment rate back in 2008 was just 4.51%. Even the percentage of BA holders who find work within a year after their graduation has suffered. In 2008, the percentage was just 65.02% as compared with 76.53% eight years earlier.
Current Statistics About The Relationship of College Education and Job Prospects:
If you’ve recently graduated or are thinking about perspective jobs, you may want to take a closer look at this infographic created by Open Colleges. You may be surprised to learn some new developing trends that could change your mind about the old adage that college is an absolute requirement for getting a good job.
Even the college graduates who do find work are sometimes not as fortunate as it may seem. A great number of these BA holders are doing jobs that they did not train or study for, or for which they are overqualified. Here are the industries of where college graduates were able to find jobs.
- Retail Sales 24.6% of college grads
- Amusement and Recreation Attendants 23.5% of college grads
- Telemarketers 18% of college grads
- Bartenders16.5% of college grads
- Waitress and Waitresses 14.3% of college grads
- Personal Care Aides 10.5% of college grads
Retail Sales attracted the greatest number of college graduates and they were able to get a median annual wage there of $21,010 which is less than half of the average starting salary now. Even the best paying type of job that many college graduates flock to falls far behind the average starting pay, that job is being a Telemarketer which gets a median annual wage of $22,520. Here are the median annual wage for the other jobs that college grads gravitate to:
- Amusement and Recreation Attendants- Median Annual Wage $ 18,650
- Bartenders- Median Annual Wage $18,850
- Waitress and Waitresses- Median Annual Wage $18,570
- Personal Care Aides- Median Annual Wage $19,730
Picking the Right College Major and Industry:
But everything isn’t so gloomy for college graduates right now. It’s all a matter of picking the right college major or discipline. There are certain fields that pay quite well even for newly graduates. Here are just a few of the best paying industries:
- Petroleum Engineering-Starting Median Pay $97.9K
- Computer Science -Starting Median Pay $56.6K
- Biomedical Engineering-Starting Median Pay $53.8K
- Software Engineering-Starting Median Pay $54.9K
- Civil Engineering -Starting Median Pay $53.1K
- Applied Mathematics-Starting Median Pay $52.6K
- Environmental Engineering -Starting Median Pay $51.7K
- Management Information Systems -Starting Median Pay $51K
- Geology -Starting Median Pay $45.3K
- Biochemistry -Starting Median Pay $41.7K
By choosing the right industry to target as well, a student can be sure of landing a high paying job once he/she enters the job market. Mining, Quarrying& Oil & Gas Extraction for example is perhaps the best paying industry there is.
Image above courtesy of FreeDigitalPhotos.net