Tuesday, October 21, 2014CHICAGO -- The majority of Class of 2014 college graduates are working. But 51% of that group are in jobs that don't require a degree, according to a new CareerBuilder survey.
This total includes 45% of four-year degree graduates and 57% of associate degree graduates.
Some 65% of recent college grads are employed, 4% are in internships, and 31% are not working at all, although many in the latter group simply haven't started their job search or are already back in school to pursue a higher degree, the survey found.
Some 36% are in full-time, permanent positions, while 17% are in part-time permanent jobs, 12% in temporary or contract positions and 4% are in internships.
Among graduates currently working, 51% said their jobs are related to their college major. Of those who are not working, only 43% indicate they are currently looking for a job. Salary expectations are modest for most; only 44% expect to make more than $30,000 their first year out of college.
Continuing education is a factor for many graduates regardless of their current employment status; 61% already are pursuing an advanced degree or plan to do so in the next year -- 66% of associate degree earners and 56% of four-year degree completers.
Of those not currently working, 47% say they are pursuing an advanced degree, and 19% say they plan to in the next year.
Of those currently working, 43% say they are pursuing an advanced degree, and 17% say they plan to in the next year.
Of those graduates who say their current job doesn't require a college degree, 36% say they are currently pursuing an advanced degree, and 22% say they plan to in the next year.
Rosemary Haefner, vice president of human resources for CareerBuilder, said these findings suggest that many employed graduates are taking jobs to support the completion of their next degree. "The first six months after graduation marks a major transition that can take many forms, but for the class of 2014, the emphasis is less on finding the dream job out of the gate and more on furthering one's education," she said. "The wage premium for attaining a graduate or professional degree has always been high, and this generation clearly understands the promising employment opportunities rewarded to the most-educated workers."
For many recent graduates, however, landing a good job remains the top priority. The following is a profile of graduates in full-time, permanent positions broken down by a variety of demographic and behavioral factors:
"There was feeling among college graduates during and after the recession that their pursuit wasn't worth the investment, but fortunately this class has a very optimistic outlook," said Haefner. "The job market is on the rebound, and a majority of companies are again recruiting college grads."
In April, a CareerBuilder/Harris survey found that 57% of employers planned to hire new college graduates in 2014.
Some 32% of graduates said the time it would take to pay off their student loans was among their biggest fears after graduation; 18% of recent grads have student loan debt of at least $50,000, while 40% have loans totaling less than $50,000 and 42% say they've acquired zero student loan debt.
The class of 2014 isn't fitting the "generation who never leaves home" stereotype so far; 71% are not currently living with their parents. Among those who are, 63% hope to be there for only a year, and 37% expect to live with their parents for two years or longer. Another 34% are charged for rent or other household expenses.
What do grads want in a new job? Work-life balance trumps all other factors that would make graduates more likely to pursue employment with a particular company if that company:
Published by The Business Journal, Youngstown, Ohio.
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