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85% of college grads return home

Discussion in 'Economics and Financials' started by padre31, Oct 15, 2010.

  1. padre31

    padre31 Premium Member Luxury Box

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    http://money.cnn.com/2010/10/14/pf/...gn=Feed:+rss/money_mostpopular+(Most+Popular)

    Hmm, I'm not certain that this is happening do to pooling costs, or a tight labor market, but with the debt loads they are carrying those Grads could be in ffor quite stretch of hard times.
     
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  2. Jimmy James

    Jimmy James Ron Swanson

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    I was the only applicant for two different vacancies when I started my job in January 2007.

    My boss just got through interviewing two dozen applicants for one job. The last time he had to hire, he picked from among 5 applicants for two positions. The time before that, the one guy who applied got the one position we had.

    I really feel badly for the kids getting crushed by this wave of crap. I know there are Washington & Lee law grads who are taking Magistrate jobs and feeling lucky to have them. Until recently, I don't think you even had to have a degree to get those jobs. Now, you have to have a four year degree.
     
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  3. Eshlemon

    Eshlemon Well-Known Member

    Seems pragmatic during difficult economic times.

    Just hope government does not take take up the Italian approach concerning this, start giving out $1500 a year to pay for rent and get these kids out of the house.
     
  4. azfinfanmang

    azfinfanmang Premium Member Luxury Box

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    Its bad in every single industry.
    I know that we hired on MUCH less summer interns than years past. Can't bring these college kids in when your busy laying people off in the first place.
    Trouble is, I don't think we will be out of this for a long, long, long, long time.
     
  5. MikeHoncho

    MikeHoncho -=| Censored |=- Club Member

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    Quit college when I heard the news. Pimping people's cars now.
     
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  6. padre31

    padre31 Premium Member Luxury Box

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    I think you are right az, if anything these grads should take this time to learn entrepeneurship and how to see opportunities.

    Sadly the debt load that they accrued in college, even if payments are suspended, will hang like a sword over their heads for a looong time.
     
  7. Stitches

    Stitches ThePhin's Biggest Killjoy Luxury Box

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    Hooray for being a minority for once.
     
  8. xDOLPHINSx

    xDOLPHINSx Season Ticket Holder Club Member

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    im part of this... it sux
     
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  9. texasPHINSfan

    texasPHINSfan New Member

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    I'll make a bold claim that it won't ever improve. The number of jobs out there are not growing faster than the number of people.

    Like an evolution of sorts in the employment world, you have first-hand experience of how competitive the job market has gotten, and Jimmy James' personal account rings so true.

    When I was in high school, you were hot **** if you had a 4-year degree. I had never even heard of anyone that had a college degree that was unemployed. At the time, a college degree was the competitive edge you got to bolster your future.

    Fast forward to now, where a college degree won't get you in the door at some places. Now you have people with MBA's "settling" for jobs that previously only a 4-year degree was required for. You have people with 4-year degrees working as baristas at Starbucks. This was unheard of 10-15 years ago. It's the sign of the times, and it won't get better.

    I'm going to advise my kids that they don't stop at a 4-year degree if they wish to be competitive in the job market. I predict when my kids are a working age, an MBA will be what a 4-year degree was now: bare minimum for premium white-collar employment. PhD's will be the new MBA.

    Think about it - how many of your grandparents even went to college? Yet they did well and provided for their families. Today you can't really do that. It's supply and demand, 100%. The supply of labor is shooting nearly straight up, but the demand is stagnant. It certainly doesn't help that job growth is a laggard to recovering markets either...
     
  10. Stitches

    Stitches ThePhin's Biggest Killjoy Luxury Box

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    I agree that it is supply and demand as the main issue, but some college degrees simply aren't useful (or specific) enough to get you in the door at many jobs. Some (settling) likely has to do with some people's unwillingness to move to a different area of the country, and some people's unwillingness to work at certain professions (for example, my fiance was an English major but has 0 interest in teaching despite having all the ability to do so).

    I disagree with the PhD's becoming the new MBA though. At least not all PhD's will be viewed as Master's degrees.
     
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  11. Stringer Bell

    Stringer Bell Post Hard, Post Often Club Member

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    College is one of the biggest problems in this country. I learned more running my own business for a month, than I did in 4 years of college.

    People going to college just to go is a waste of time and money. You'd be better served taking out loans to start a business after a year or two of experience.
     
  12. King Felix

    King Felix Season Ticket Holder Club Member

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    Well that's not very encouraging
     
  13. Stitches

    Stitches ThePhin's Biggest Killjoy Luxury Box

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    Agreed.
     
  14. SeanP

    SeanP Season Ticket Holder Club Member

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    I'm a mid 20s IT person, and the problem is this: Experience.

    You've got a saturation in the market right now of people with 10, 15, 20 yrs of experience who have been laid off, and are looking for employment. For my career, you have to have that experience, and certifications ($2000 a pop in most cases) to just be able to get a leg in for an interview on some of these positions.

    Thankfully I'm lucky. I lucked into a position at the office I interned at, after the buffoon before me got fired for incompetence.

    The morale of the story though is that it's going to be very hard for a lot of this new batch of college grads out there to get a job in their profession. No one wants to hire someone who doesn't have any experience, and ultimately there is no way to get experience if you don't get hired.

    There's positions out there, but right now its all a matter of knowing people, networking, and crossing your fingers. If you're looking for a job in your career right now, my best suggestion to you is to find organizations for your profession, and go to as many free or pay seminars as you can, and network like a fiend.
     
  15. daphins

    daphins A-Style

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    Lots of blanket statements here. While some people go to college for a "useless" degree (there are a large number of them) other degrees absolutely require a college education. My experience in college was priceless, and even though I'm not currently working in my field (Architecture's a bit of a ***** right now) I still left with a skillset that has allowed me to excel in a small company during a brutal recession.

    People who i went to college with are hurting right now, but less so it seems than those who didn't finish school. Many had to settle for less than their dream jobs, but at least thay have jobs paying 40K+
     
  16. Dol-Fan Dupree

    Dol-Fan Dupree Tank? Who is Tank? I am Guy Incognito. Club Member

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    I would have been much better off going into the ITT institute or some other technical college.
     
  17. NJFINSFAN1

    NJFINSFAN1 Premium Member Luxury Box

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    I'm looking for teaching jobs in NJ, last interview the guy had 518 applicants

    Out of the 83 kids I graduated with in my field (me being the old man) 2 got teaching jobs from this past spring.
     
  18. padre31

    padre31 Premium Member Luxury Box

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    Depends, the thing with College, Technical or Academic, is the variableness of people's interests, some may really want to be History Teachers and have an aptitude for the work, others HVAC technicians.
     
  19. padre31

    padre31 Premium Member Luxury Box

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    Sounds about correct NJ1, even states like NC, with the majority of new teaching hires not lasting 5 yrs, the job market is frozen.
     

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