Remember the days when getting a college degree was almost a guarantee you could get a job in your chosen major? These days? Not so much. Here is what The Center for College Affordability found:
• Nearly half of employed college graduates in the U.S. hold down jobs that don’t require a 4-year degree. There are approximately 330,000 waiters, 115,000 janitors and cleaners; and 83,000 bartenders.
• 11% percent of college grads are in occupations requiring more than a high school diploma but less than a bachelor’s degree.
• 37% of employed college graduates are in jobs requiring no more than a high school diploma.
• There are over 5 million college grads in jobs that don’t even require a high school education.
• 15% of cab drivers, 5% of retail sales clerks and 15% of firefighters had a bachelor’s degree in 2010 compared to 1% for each of those in 1970.
Why is this? It’s a simple supply and demand problem. Check out these statistics:
• U.S. Labor Department data from 2010 show that there were almost 42 million college grads in the workforce, while the number of jobs requiring a college degree was 28 million.
• The number of Americans who attained a bachelor’s degree grew 25% between 2002 to 2012. In the same period, associate’s degrees rose 31%, master’s degrees increased 4% and doctorates skyrocketed 43%.
• In 1970, about 10% of Americans over age 25 had a college degree. Today, that number is 30%.
What does all this mean? Your child, grandchild, or whoever, might want to research what types of jobs are out there for their intended college major before sinking thousands and thousands of dollars into a college education.