Showing posts with label college majors. Show all posts
Showing posts with label college majors. Show all posts

Thursday, June 2, 2011

Art history graduate unable to find job moves back home

Days after I read it, my mind kept returning to this story about an art history major still unable to find a "decent" job three years after graduating from college.  2009 was a very tough year, especially if your major was art history.
Alone in the darkness, a sense of defeat courses through her body -- disappointment about her past and uncertainty about what lies ahead. This, she thinks to herself, is surely what failure feels like.
Six years ago, Malik fled this town for Syracuse University. Since graduating in 2009 with a bachelor's degree in art history, she has yet to find a decent job.
She hadn't planned on moving back home and, at the age of 23, never expected to return to her mother's house for an extended and open-ended period of time....
"At times, it really feels very personal, it really feels like I've failed," says Malik, standing in the kitchen of her mother's two-story stone house and recalling the eight weeks since she returned home....
After graduating from college, Malik moved to Boston. There, she worked as a nanny, sold books, and waited tables -- a series of dead-end jobs that didn't pay more than the minimum wage, didn't require a college degree, and weren't remotely related to what she wanted to do for the rest of her life.
Two months ago, she ran out of money and drove home from Boston to Lansdale, a middle-class suburb north of Philadelphia, her car brimming with the contents of post-college life: canned food, twinkle lights, potted plants. 
In the video accompanying the story, Sabrina sheds some light on how she arrived at her predicament:
"I imagined I would graduate with my degree, and how hard I worked and the contacts I had, I imagined I would end up in a museum or a gallery.  That has definitely been adjusted as it becomes clear that there are people who have masters above me who are looking for that same job and I have to adjust those expectations because of it."
Why this naivete?  Were art history majors finding good any jobs in their field before the 2009 recession hit?
She's hardly alone. Malik is part of a generation of 20-somethings that's experiencing what it's like to graduate from college, move back in with your parents, and then get stuck there. Though estimates vary, a recent study by Twentysomething Inc., a consulting firm specializing in marketing to young adults, predicted that of the 2 million graduates in the class of 2011, 85 percent will return home because they can't secure jobs that might give them more choices and more control over their lives....
According to the U.S. Bureau of Labor Statistics, the jobless rate for younger workers with a college degree has more than doubled since the recession began four years ago -- from 3.5 percent in April of 2007 to 6.4 percent in April of this year.
For college graduates under the age of 25, finding stable work is a particular challenge. According to Andrew Sum, an economist at Northeastern University, about half, or 3.2 million, are "underutilized"  -- meaning they're unemployed, working part-time, or working a job outside of the college labor market, such as bartending or waiting tables.
Sabrina's mother paid $100,000 from savings and $20,000 from a loan to to send her daughter to Syracuse University.  Today, it's the mother who is making the loan payments while Sabrina struggles to pay on her $2,000 credit card debt.
Parents exert a powerful shaping force on their children's decisions to go to college, as well as which college to attend. In addition, they are often caught up in the emotional rush that a college education entails, further complicating an issue that has already become a financial minefield for the middle class.
"All along, I was going to make it work," explains Marilyn. "If I had to take out loans, I was going to do that."
Once Sabrina and Omar were admitted into the colleges of their dreams, Marilyn saw it as her personal responsibility to make sure they could attend -- even when it meant taking out additional loans in order to finance it. And while Marilyn says she doesn't regret her investment, she assumed that a $120,000 degree would at least translate into a decent-paying job for her daughter.
"One thing that terrifies parents more than budget deficits or a weak economy is job security for their kids. They're afraid they won't be able to pass along their middle class status to the next generation," says Anthony P. Carnevale, who directs Georgetown University's Center on Education and the Workforce. "In raising a child in America, the fear of failing is just enormous. Sending your kid to college used to pretty much guarantee their future success. It no longer necessarily works that way."
From a recent post: 
The vast majority of parents expect that their children will pursue a college education. Among those with one or more children under age 18, 94% expect at least one of their children will go to college.

Thursday, May 12, 2011

If my children were seriously considering business as a college major . . .

Some questions have been raised here recently about the value of a business degree.  However, if my children were seriously considering business majors for their undergraduate studies, I would look at the Bloomberg Businessweek rankings for help in selecting a college.  It looks as if it offers helpful information.
As part of Bloomberg Businessweek's annual ranking of the top undergraduate business programs, senior business students from the 139 participating schools were asked to assign letter grades—from A to F—indicating how well their business programs teach 14 specialty areas: quantitative methods, operations management, ethics, sustainability, calculus, microeconomics, macroeconomics, accounting, financial management, marketing management, business law, and corporate strategy, as well as entrepreneurship and international business, which were added this year. Based on those grades, scores were calculated for each of the ranked schools in each specialty area. 

Friday, May 6, 2011

How valuable will a business degree be in the future economy?


In a piece titled The Plight of the MBA Generation, Doug French writes about the predicament of college-educated, unemployed (mostly) men who have lost the mojo that used to be associated with a business degree.  The author's treatment is a bit harsh.
A generation born at the tail end of the baby boom did what mom and dad told them they should: Get off the farm, don't be a barber, forget about being a mechanic. Go to college and then go be a doctor or lawyer or such. However, high barriers to entry and lack of mental horsepower kept most out of medical or law school. But a business degree means you will still be able to wear a shirt and tie to work, not get dirty, and push paper for a living. An MBA will make you unstoppable.
What's known as the FIRE economy ("Finance, Insurance, and Real Estate") fired up in 1980 and headed for the sky until 2006. Now there are 50-years-olds who may never work again. In an April 25 cover story, Newsweek described these out-of-work boomers as "Dead Suits Walking."...
Perversely, while the market tries to clear away malinvestments and the jobs that supported them, colleges continue to turn out more business majors than any other discipline. In 2007 and 2008 there were more than 335,000 business degrees granted — 100,000 more than a decade before, according to the National Center for Education Statistics....
The Federal Reserve's zero-interest-rate policy attempts to resuscitate jobs that are considered "professional" but are really just a mirage, much like the redundant shopping centers, housing tracts, and casinos built during the boom. In a bubble, there is a market for hail-fellows-well-met who look good in a suit and have connections from their frat days at State U.
Ouch!  But really, isn't propping up failing enterprises lacking in intrinsic merit usually the wrong course of action?  (I'm thinking of the educational world.)
Propping up Wall Street and the FIRE economy only fuels denial. Murray Rothbard wrote in Economic Depressions: Their Cause and Cure that government must never bail out businesses in trouble or prop up wages. "It will cause indefinite and prolonged depression and mass unemployment in the vital capital goods industries."
Related:  Why some employers value a solid liberal arts education  &  A liberal arts education need not be a "a waste of time and money"

Tuesday, May 3, 2011

The gender divide for PhDs

The gender divide in geography and history was the subject of this post, with middle school boys trouncing girls in the National Geographic Bee.  Now I learn that women obtained 42% of the PhDs in history in 2009.  That compares to 34% in 1989 and 40% in 1999. For all disciplines combined, women earned 43% of all doctorates in 1999 and 47% in 2009.  This trend is consistent with the relative decline of men in most measures of academic achievement.

Percentage of Ph.Ds awarded in the U.S. to Women in 2009, Selected Disciplines


Found at Ann Althouse

More at Survey of Earned Doctorates (SED)