University Degree and Unemployment


It's obvious now that this recession is getting close to the scale of Great Depression of 1930s. Unemployment rate is extremely high; the official statistics don't include those people who gave up their job search because they don't believe that there is job out there waiting for them. The amount of people who suffer from depression, anxiety and extreme stress continues to rise, so as the number of antidepressants being sold by major pharmaceutical companies.

In such economic climate is it still viable to get your university degree? Does it guarantee a job of your dream?

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Graduates' unemployment has been steadily rising for the last 17 years.

It takes a year on average for a recent graduate to find a job. Nearly six out of ten graduated in the last two years are not working in the field they were specialising for in the university.

They either can not find a suitable job or don't have necessary skills and experience required for the job. Some decide to start a different career and others postpone a search for a suitable position until the market gets better.

To get a university degree you need to take a huge loan. Some establishments charge minimum of $40,000- 50,000 a year not including living expenses. You come out of the university with a great burden to start your life with. Your starting salary even if you manage to get a job in your field of study is less than your loan per year. How long do you think it will take to pay it off? How much stress and anxiety it will cost you?

The reality is in U.S. now there are more than 18,000 parking lot attendants, 317,000 waters/waitresses and 365,000 cashiers with college degree. To me it says that in current economic situation getting a degree with the entire financial burden that comes with it is simply not worth it.

However, there are some degrees which fare better than the others.

IT graduates, graduates in engineering, media, design, physics, biology or architecture have much less chances to get employed than those in geography and psychology.

There are still jobs in government, renewable energy and sustainable agriculture. There is always a shortage of nurses. Pharmaceutical companies are doing really well.

However, a huge amount of jobs in the financial sector or commercial private estate simply disappeared. According to Mike Shedlock, unless you're specializing in bankruptcy you won't get far pursuing a career there.

Recent graduates shouldn't give up looking for jobs but have to be ready to take on unpaid internship and go abroad if they want to stay and work in their field of study.

What is your opinion? Do you think it's still worth getting a degree or should we pursue cheaper ways of educating ourselves? Please, share it with us here.

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