As college graduates enter the workforce, they are faced with the challenge of securing their first job. Data shows that hiring for freshly minted college graduates is forecasted to decline by 6% from the previous year. Despite this decline, the job market for new grads is relatively stable, with the hiring rate remaining steady at around 6%. However, approximately 40% of recent college graduates are currently underemployed, meaning they are working in jobs that do not require a college degree. The first job out of college is crucial in setting the course for a person’s career, yet not every graduate has the luxury of being selective in today’s job market.
The industries currently hiring the most new college graduates include legal, nonprofits, arts and entertainment, health care, social assistance, and construction. While some industries like computer and electronics manufacturing and financial firms are projected to decrease hiring, those with AI skills may have an advantage as businesses are seeking these skills from younger workers. Employers mention that the pullback in hiring comes after a tight labor market post-pandemic, making it easier now than it was in the previous years. Advice for new grads looking for work includes hustling and perseverance, as landing that first job can be challenging.
In terms of job preferences, new graduates are seeking hybrid roles with a mix of in-person and remote work. They are also very focused on discussing salary during job interviews to avoid ending up underemployed. Some high-cost cities like New York are top metro areas for hiring the class of 2024, with the average starting salary in New York being $64,134. However, it is essential for graduates to also consider the affordability of living in these cities. Wilke advised individuals to consider the cities they see themselves ending up in and evaluate the job opportunities they offer.
Overall, the job market for new college graduates is facing some challenges, but there are still opportunities available in various industries. Graduates with in-demand skills, such as AI knowledge, may have an advantage in today’s job market. New graduates are advised to be proactive in their job search, discuss salary expectations during interviews, and consider the affordability of living in cities where they are seeking job opportunities. Despite the competitive job market, with determination and strategy, college graduates can successfully navigate their transition to the workforce.
