With so much reported about the challenges recent US college grads face in the job market, Accentures 2014 College Graduate Employment Survey elucidates on the expectations and experiences of US college graduates who are expected to graduate this year as opposed to those who graduated in 2012 and 2013. The research aim was to elicit respondents expectations in terms of employment, salary, debt and post-graduation living arrangements.
The highlights of the Survey are listed below:
Recent graduates are underemployed - 46% of recent college graduates who currently work consider themselves underemployed and work in jobs that dont require their college degrees. They also claim they need extra education or training to secure the jobs they want.
The job market remains tough - Only 11% of students graduating this year managed to secure a job until this research was conducted (March 2014) in comparison to 16% of last years graduates. 84% of this years graduates expect they will find a job in their area of specialisation. This compares with 67% of 2012/2013 graduates who are working in their favoured field.
Graduates expect to receive training when they start work, but more than half of employers dont provide training- The overwhelming majority (80%) of students of Class of 2014 expect to get a formal training program from their first employer. However, 52% of students who graduated in 2012 and 2013 said they did not receive training in their first job after graduation.
Financial expectations – 81% of 2014 graduates expect to make an annual turnover of more than $25,000 a year. In reality, though, 41% of 2012 and 2013 graduates earn $25,000 or less.
Graduates financial outlook – Almost a third of the class of 2014 (32%) will graduate without a student loan debt, as opposed to 36% of 2012/2013 graduates. 41% of pending 2014 students will graduate with student loan debt of $30,000 or less, whereas 16% will leave school with loan debt in the range of $30,000 to $50,000. Among those 2014 graduates with student loan debt, 61% plan to repay their loan without using their parents bank.
Depending on Mum and Dad – 62% of 2014 grads plan to live with a friend or on their own while 42% of 2012/2013 grads said they are living at home.
Explore more interesting facts about the reality of the job world and graduates expectations in this infographic provided by Accenture.