Attention seniors: I don't envy you. Soon enough you all will be graduating into one of the worst recessions our country has seen in decades. Finding a job will be difficult, finding your ideal job will be even harder and finding your dream job... forget about it.
Let's assume you avoid moving back home with mom and dad and find a job; it's not your top pick, but hey it's a job. Here's a fun fact for you: just because you graduated into a recession means your salary will lag behind everyone who doesn't graduate into a recession for at least 10 years, but most likely the rest of your life.
According to an article from The New York Times, college graduates who graduate during a recession will have significantly lower salaries than their peers who graduate during good times. The article refers to a study that tracked salaries of Stanford Business School graduates from 1960 to 1997. It found that students who attended graduate school during "expansionary" times were on average going to start out with relatively high salaries, in contrast to graduates during recessions, who on average started out with lower salaries... not really too surprising. The interesting thing is that on average the graduates during a recession NEVER caught up salary wise, specifically the 1988 graduates, who were making less than the 1997 graduates were starting out. Take a minute to think about that. By the way, that article was published in 2006, the height of the "good times." In the coming year or two we'll see a lot more articles about this.
So right now you should be a little mad. You're probably going to graduate and work hard for 10 years in a job you don't necessarily want to do, and some punk hot-shot recent grad will start out making more than you, all because he happened to not graduate during a recession. But what can you really do? You're at the mercy of the market.
Let's look at your options.
1) Go to grad school. The logical thing to do is go to graduate school. "Hey, I'll go to grad school, I'll be insulated from the recession!" That's pretty good logic. Another fun fact is on average despite what master's degree you get (ranging from art history to an MBA) you'll make 10 percent more over your lifetime than someone with just a bachelor's degree. That's pretty significant when you consider you'll make millions of dollars during your lifetime. Yes, even teachers make a million or millions; it just takes 30 to 40 years. Anyway, back to my point, going to grad school is a good idea. The only problem is that everyone has that idea. During recessions applications to grad school go up, meaning there's increased competition so it might be hard to get into the exact program or school of your choice.
2) Study abroad. Going to another country and learning a foreign language is a great idea. You could join the Peace Corps, teach English as a second language, do a mission trip or any number of things. Countries like China and Japan offer excellent compensation to teachers; they provide housing, transportation and a stipend around the equivalent of $50,000. Not a bad deal considering all the skills you'll gain.
3) Become a super senior. You can rationalize staying one more year by getting a double major. But you're in trouble if the recession lasts longer than your new expected graduation date. Also, I think you're better off going to grad school than another year of undergrad.
4) Move home with Mom and Dad to ride out the recession. Something like 50 percent of college graduates move back with their parents. They pay bills and feed you. It could be a short recession.
I'm sure there are many options I failed to mention, but if you don't pick one of the above, it looks like you're pretty much going to have to find a job. There are opportunities out there; you just have to look for them. Go to the Cardinal Job Fair today, because when will it get any easier? You know the companies there are hiring and there are about 100 employers to choose from. So suit up, go shake some hands and find a job.
Write to Derek atdawilson2@bsu.edu
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