For many people, earning a college diploma is one of the biggest accomplishments they achieve. But after they hang their caps and gowns in the closet, college graduates must bravely enter the financial world of today.
Unfortunately, the real world isn’t as friendly to graduates as it once was. Today’s young people entering the workplace and run down economy face enormous challenges.
Lack of Good Paying Jobs
If you’ve looked at recent unemployment rates, you might have gotten a false sense of this country’s economic condition. While unemployment rates have fallen over the last few years, the number of jobs created has been relatively stagnant.
Part of the rationale for the drop in unemployment stems from the mass exodus of people leaving the job force. Today’s college graduates must compete vigorously with their peers for jobs. If college graduates do obtain jobs, they might be low wage ones or level entry. Obviously, the choice of a college major affects the amount of money college students earn upon graduation and how qualified they are for the position.
High Student Loan Debt
Nowadays college graduates are leaving school with massive amounts of student loans and debt. The rising cost of college in this country is staggering. Sadly, many of these former students will have to delay buying a car, purchasing a home, and starting a family due to the necessity of paying off student loans. Smart students may use resources online to get head start on a structured settlements, but staring at thousands of dollars of college debt can be overwhelming and depressing for anyone. Getting through this period often means accepting a low wage job in a field separate from their study.
Unpreparedness for the Real World
Another issue facing some college graduates is a lack of preparedness for the real world. During their college studies, students don’t learn real world applications.
Professors focus on teaching theories and facts but won’t get to real world applications for a career until graduate studies. For example, an accounting student may be required to memorize a list of definitions relating to accounting theories but might graduate without having ever leaning to prepare a tax return. When college graduates aren’t prepared for the real world, their employers must spend extra money training them how to do their new jobs or accept internships to get the hang of their career.
Discrimination in the Workplace
Some college graduates will have difficulty getting a job due to discrimination in the workplace or hiring process. While others might obtain a job, discrimination might keep them from advancing at their companies. Age is a big deterrent here for students. Older people with more experience will get jobs ahead of them, making it harder than ever for young graduates to find their footing and gain experience for a career.
College graduates face a myriad of challenges in today’s marketplace. By understanding these issues before beginning a job search, they will be better prepared to overcome them.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most her time hiking, biking and gardening. For more information about loans or funding for college contact myLumpsum or Brooke via Twitter @BrookeChaplan.