Saturday, October 25, 2014

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Study: College Degrees Still Matter

The current recession has many people questioning the value of a college degree, but a new report coming out of Georgetown University reports that college degrees still greatly impact employment prospects and salary.

The study  from the Center on Education and the Workforce at Georgetown University called “The College Advantage: Weathering the Economic Storm” reports that the unemployment rate for recent four-year college graduates is 6.8 percent. But that figure they say is much better than the 24 percent unemployment rate for recent high school graduates.

Fourteen percent of college graduates report being, “underemployed” which is to say they’re employed in jobs beneath their skill levels. By comparison, the underemployment rate for new high school graduates is 42 percent, according to the report.

Jobs that require bachelor’s degrees have reportedly increased by 2.2 million since the recession began, while 5.8 million jobs for those with high school or less have been lost since the recession began.

“It is a tough job market for college graduates but far worse for those without a college education,” said Anthony P. Carnevale, the Georgetown Center’s director and co-author of the report, in a press release. “At a time when more and more people are  debating the value of postsecondary education, this data shows that your chances of being unemployed increase dramatically without a college degree.”

You can read the executive summary of the report by clicking here.

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