More and more good jobs are opening up to people who are qualified and experienced but don’t have a college degree. That’s great news. But at the same time, new data released by the Federal Reserve Bank of New York shows that new college graduates are struggling with unemployment.
The unemployment rate for all college graduates across the country is very low at 2.5%, which is low compared to the national unemployment rate of 4%, according to New York Federal Reserve Bank data. But the unemployment rate for “new college grads” (defined as ages 22-27 with a college degree or higher) is actually higher than both of those numbers at 5.3%.
Things are better in California though, where research shows that 9 out of 10 college programs improved California graduates’ earnings, allowing them to pay back their tuition in five years or less. They will likely get better still, with Governor Gavin Newsom recently announcing a new statewide plan for career education that includes greater access to college. But, nationwide, there’s no other way to look at it: New college grads are struggling more than most people.
What’s going on?
There’s no clear answer, but there are educated guesses. As we’ve noted before, businesses are increasingly more interested in the skills and experience that a prospective employee has and less so in the degrees they’ve earned. That’s going to impact young workers, who have far less workplace experience and far less time to develop the skills employers are looking for.
Maybe this is one reason why, while Calbright’s programs are specifically designed for working adults without college degrees, so many college graduates are also taking advantage of our free programs to demonstrate that they have the skills and experience employers want. Our curriculums are aligned to industry standards and specifically designed with industry partners to boost the employability of our graduates. We also consult with successful employees at thriving companies to see what skills they say are most useful to people entering the industry –- and to make sure we teach those as part of our courses.
Calbright’s certificates in in-demand fields like IT Support, Data Analysis, Cybersecurity, CRM Platform Administration, and Project Management, can all be completed in less than a year – and on the student’s own schedule – making them strong options for someone looking to enter the labor market quickly and stand out. Calbright’s Career Services team also helps give job seekers an edge with expert resume building, networking opportunities, and practice interviews.
Calbright is designed for working adults, but its programs may also be the boost that younger graduates need in a job market that is increasingly looking beyond degrees.
