By Will Kimball
CEPR, May 14, 2013
McKinsey and Company released a report this week that found 42 percent of recent college graduates are currently in jobs that do not require four-year degrees. This finding was comparable to those estimates of previous studies that I mentioned in this blog post. McKinsey surveyed more than 4,900 recent graduates (2009-2012) using the learning platform, Chegg. Almost 45 percent of graduates of public universities reported that their current job requires less than a four-year degree compared with only 34 percent of those from private universities.
Almost half of recent college graduates did not get jobs in their field of choice. The majority of these underemployed appear to work in the retail or restaurant industries. Among those working in the retail industry, 78 percent had desired to enter a different industry prior to graduating. Similarly, 81 percent of those graduates working in the restaurant industry had wanted to enter a different industry. This study once again showed that many of our recent graduates are currently underutilized.