Half of College Grads Are Working Jobs That Don’t Use Their Degrees

Link: https://www.wsj.com/lifestyle/careers/college-degree-jobs-unused-440b2abd

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Excerpt:

Of the graduates in non-college-level jobs a year after leaving college, the vast majority remained underemployed a decade later, according to researchers at labor analytics firm Burning Glass Institute and nonprofit Strada Education Foundation, which analyzed the résumés of workers who graduated between 2012 and 2021. 

More than any other factor analyzed—including race, gender and choice of university—what a person studies determines their odds of getting on a college-level career track. Internships are also critical.

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Bachelor’s degree holders in college-level jobs earn nearly 90% more than people with just a high-school diploma in their 20s, according to a Burning Glass analysis of 2022 U.S. Census Bureau data. 

By comparison, underemployed college graduates earn 25% more than high-school graduates.

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Contrary to conventional wisdom, not all degrees in science, technology, engineering and math, or STEM, disciplines are a sure bet to landing a job that reflects a college education, the study found. 

Nearly half of people who majored in biology and biomedical sciences—47%—remained underemployed five years after graduating. Likewise, business majors less focused on quantitative skills, such as marketing and human resources, were twice as likely to be underemployed than those with math-intensive business degrees, such as accounting or finance. The data cover graduates who didn’t get master’s or other advanced degrees after college.

Author(s): Vanessa Fuhrmans and Lindsay Ellis

Publication Date: 22 Feb 2024

Publication Site: WSJ

Why So Many Accountants Are Quitting

Link: https://www.wsj.com/articles/why-so-many-accountants-are-quitting-11672236016?st=c72oscxvc5a7nzk&reflink=share_mobilewebshare

Excerpt:

More than 300,000 U.S. accountants and auditors have left their jobs in the past two years, a 17% decline, and the dwindling number of college students coming into the field can’t fill the gap. 

The exodus is driven by deeper workplace shifts than baby-boomer retirements. Young professionals in the 25- to 34-year-old range and midcareer professionals between the ages of 45 and 54 also departed in high numbers starting in 2019, according to the Bureau of Labor Statistics. Recruiters who have been luring experienced accountants into new roles say they are often moving into jobs in finance and technology.

The huge gap between companies that need accountants and trained professionals has led to salary bumps and more temporary workers joining the sector. Still, neither development will fix the fundamental talent pipeline problem: Many college students don’t want to work in accounting. Even those who majored in it.

Author(s): Lindsay Ellis

Publication Date: 28 Dec 2022

Publication Site: WSJ