Moving Toward a Better Understanding of what Employers 'Want' from College Graduates
TODAY’S GRADUATES ARE BETTER OFF · TODAY’S GRADUATES ARE BETTER OFF ... Things are looking...
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5 5 5 TODAY’S GRADUATES ARE BETTER OFF THEY ARE NOT WAYS Things are looking much better for the Class of 2015 at graduation than matriculation. But they still don’t have it all. Read A Perspective On The First And Last Lesson Every Student Should Learn to see how easy it can be to give your students the missing piece—an education on how to pay for one—and help them take full advantage of the degree they work so hard to get. Download the full white paper at asa.org/2015 1. Carnevale, Anthony P., Stephen Rose, and Ban Cheah, 2011, “The College Payoff: Education, Occupations and Lifetime Earnings,” Georgetown University Center on Education and the Workforce, Washington, DC, Web. Oct. 2013. 2. Davis, Joseph. “No bubble to burst: U.S. student debt is not housing.” Vanguard. July 2014. Web. 3. Hymowitz, Kay, Jason S. Carroll, W. Bradford Wilcox, and Kelleen Kaye. “Knot Yet. The Benefits and Costs of Delayed Marriage In America.” The National Marriage Project at the University of Virginia, The National Campaign to Prevent Teen and Unplanned Pregnancy, and The Relate Institute. 2013. Web. 4. Bureau of Labor Statistics: Earnings and Unemployment Rates by Educational Attainment. Web. 2015. 5. Rampell, Catherine. “It Takes a B.A. to Find a Job as a File Clerk.” The New York Times. Web. 2013 6. “Consumption Growth Investing In Today’s Emerging Markets” Mirae Asset Global Investments whitepaper, 2014 7. Kessler, Glenn. “Do 10,000 baby boomers retire every day?” The Washington Post. Web. July 2014. 8. “Forecast: The Internet of Things, Worldwide, 2013.” Gartner, Inc. 9. “INFORMED Index: The Student Loan Landscape.” Citizens Financial Group, Inc. Web. Oct. 2014. American Student Assistance, ASA, SALT, Money Knowledge for College—and Beyond, and corresponding logos are trademarks or registered trademarks of American Student Assistance. ©2015 American Student Assistance. All rights reserved. Tech: The new frontier As everything from electricity to thermostats to healthcare gets reimagined in new, tech-ified ways, graduates are looking at a potential goldmine in entrepreneurship—and employment. 8 Baby boomers are retiring Speaking of Baby Boomers, they’re starting to exit the workforce, which is opening up a lot of opportunity for younger generations—as many as 4,000,000 jobs a year. 7 Loan Education Is Still Lacking The Class of 2015 may be looking at a much better situation than other recent graduates, but they’re still no better off in the critical area of financial knowledge and how to confidently pay for college. Perhaps that’s why a recent Citizens Financial Poll found that 90% of students thought their school should do more to help them understand how to manage their loans. 9 26 Billion CONNECTED DEVICES $300 Billion INCREMENTAL REVENUE 90% of students feel their school should help them undertand their debt. = 1,000 retiring per day 10,000 BOOMERS ARE RETIRING EVERY DAY The Class of 2015 has reason to celebrate: The economy is up. Hiring is up. And the demand for college graduates is up. But not everything is as it should be. Today’s graduates are still lacking one important ingredient to help ensure a successful future. You’re hired! How many ways does a college degree improve life? Lifetime income 1 , home ownership 2 , marriage rates 3 … and here’s one more: Unemployment rates are significantly lower than for high school graduates. And the gap seems to be widening in 2015. 4 The global middle class is booming If 77 million Baby Boomers could drive the world economy for close to 50 years, just imagine what nearly 2 billion new middle class consumers can do. 6 Degrees matter more than ever Economists are watching a phenomenon known as “degree inflation,” a trend showing entry-level positions that may not have historically required higher education now requiring a college degree. 5 x 1.98 Billion BY 2020 37% 28% DOCTORAL DEGREE PROFESSIONAL DEGREE MASTER’S DEGREE BACHELOR’S DEGREE ASSOCIATES DEGREE SOME COLLEGE, NO DEGREE HIGH SCHOOL DIPLOMA LESS THAN A HIGH SCHOOL DIPLOMA 2.1% 1.9% 2.8% 3.5% 4.5% 6.0% 6.0% 9.0% ALL WORKERS 5.0% 2014 Unemployment rates by educational attainment Degree Inflation: Higher levels of education now required by employers for the same job HIGH SCHOOL DIPLOMA BACHELOR’S DEGREE MASTER’S DEGREE
Transcript of TODAY’S GRADUATES ARE BETTER OFF · TODAY’S GRADUATES ARE BETTER OFF ... Things are looking...
555T O D A Y ’ S G R A D U A T E S A R E B E T T E R O F F
T H E Y A R E N O T
W A Y S
Things are looking much better for the Class of 2015 at graduation than matriculation. But they still don’t have it all. Read A Perspective On The First And Last Lesson Every Student Should Learn to see how easy it can be to give your students the missing piece—an education on how to pay for one—and help them take full advantage of the degree they work so hard to get.
Download the full white paper at asa.org/2015
1. Carnevale, Anthony P., Stephen Rose, and Ban Cheah, 2011, “The College Payoff: Education, Occupations and Lifetime Earnings,” Georgetown University Center on Education and the Workforce, Washington, DC, Web. Oct. 2013.
2. Davis, Joseph. “No bubble to burst: U.S. student debt is not housing.” Vanguard. July 2014. Web.
3. Hymowitz, Kay, Jason S. Carroll, W. Bradford Wilcox, and Kelleen Kaye. “Knot Yet. The Benefits and Costs of Delayed Marriage In America.” The National Marriage Project at the University of Virginia, The National Campaign to Prevent Teen and Unplanned Pregnancy, and The Relate Institute. 2013. Web.
4. Bureau of Labor Statistics: Earnings and Unemployment Rates by Educational Attainment. Web. 2015.
5. Rampell, Catherine. “It Takes a B.A. to Find a Job as a File Clerk.” The New York Times. Web. 2013
6. “Consumption Growth Investing In Today’s Emerging Markets” Mirae Asset Global Investments whitepaper, 2014
7. Kessler, Glenn. “Do 10,000 baby boomers retire every day?” The Washington Post. Web. July 2014.
8. “Forecast: The Internet of Things, Worldwide, 2013.” Gartner, Inc.
9. “INFORMED Index: The Student Loan Landscape.” Citizens Financial Group, Inc. Web. Oct. 2014.
American Student Assistance, ASA, SALT, Money Knowledge for College—and Beyond, and corresponding logos are trademarks or registered trademarks of American Student Assistance.
©2015 American Student Assistance. All rights reserved.
Tech: The new frontierAs everything from electricity to thermostats to healthcare gets reimagined in new, tech-ified ways, graduates are looking at a potential goldmine in entrepreneurship—and employment.8
Baby boomers are retiringSpeaking of Baby Boomers, they’re starting to exit the workforce, which is opening up a lot of opportunity for younger generations—as many as 4,000,000 jobs a year.7
Loan Education Is Still LackingThe Class of 2015 may be looking at a much better situation than other recent graduates, but they’re still no better off in the critical area of financial knowledge and how to confidently pay for college. Perhaps that’s why a recent Citizens Financial Poll found that 90% of students thought their school should do more to help them understand how to manage their loans.9
26 BillionCONNECTED DEVICES
$300 BillionINCREMENTAL REVENUE
90% of students feel their school should help them undertand their debt.
= 1,000 retiring per day
10,000 BOOMERS ARE RETIRING EVERY DAY
The Class of 2015 has reason to celebrate: The economy is up. Hiring is up. And the demand for college graduates is up. But not everything is as it should be. Today’s
graduates are still lacking one important ingredient to help ensure a successful future.
You’re hired!How many ways does a college degree improve life? Lifetime income1, home ownership2, marriage rates3… and here’s one more: Unemployment rates are significantly lower than for high school graduates. And the gap seems to be widening in 2015.4
The global middle class is boomingIf 77 million Baby Boomers could drive the world economy for close to 50 years, just imagine what nearly 2 billion new middle class consumers can do.6
Degrees matter more than everEconomists are watching a phenomenon known as “degree inflation,” a trend showing entry-level positions that may not have historically required higher education now requiring a college degree.5
x 1.98 BillionB Y 2 0 2 0
37% 28%
DOCTORAL DEGREE
PROFESSIONAL DEGREE
MASTER’S DEGREE
BACHELOR’S DEGREE
ASSOCIATES DEGREE
SOME COLLEGE, NO DEGREE
HIGH SCHOOL DIPLOMA
LESS THAN A HIGH SCHOOL DIPLOMA
2.1%
1.9%
2.8%
3.5%
4.5%
6.0%
6.0%
9.0%
ALL WORKERS 5.0%
2014 Unemployment rates by educational attainment
Degree Inflation: Higher levels of education now required by employers for the same job
HIGH SCHOOL DIPLOMA
BACHELOR’S DEGREE
MASTER’S DEGREE
