Graduating in 2010 – Be Sure to Research All Options Early

The job data for the class of 2009 was very sobering. At commencement time last May, a survey by the National Association of Colleges and Employers indicated just 19.7 percent of those graduates who applied for a job actually had one.

Though extremely troubling, given the state of the economy and the number of jobs being cut, most experts were not surprised to see such a low number. But the Class of 2010 needs to be forewarned: the employment numbers from 2009 could well have a cascading effect, creating yet another difficult market come May.

2008 Magnified 2009

To get a sense of why 2009 was such a tough market for grads, one actually needs to look back at 2007 and 2008. First, to get a baseline, in 2007, 51 percent of those graduating that spring actually had a job in hand at the time they graduated.

However, in 2008, the numbers were nearly halved. Just 26 percent of those graduating who had applied for a job had one in hand by the time of graduation.

So one of the major issues facing 2009 graduates was the large number of 2008 graduates who were still searching for a job in their field. That rolling competition certainly added to the 2009 challenge and played a significant role in the placement numbers dropping further.

Which brings us to those for whom 2010 is commencement time. Right now, you probably feel there is some hope. It is clear our economy is turning around, albeit very slowly. That signifies the potential for a more positive outlook come next May.

But students need to beware. The backlog of unemployed folks is long and there are now two consecutive years of poor placement records for graduating seniors.

If the economy does continue to improve, the backlog will begin to be addressed over the next several months. The question is: to what effect will it be addressed by next May?

The answer of course is no one really knows.

But economists are not forecasting a rosy future. Their belief is our recovery will be slow and job creation slower still.

Research Options Now

Given such a scenario, college seniors need to begin researching all options for next summer this fall. Waiting for spring will simply be too late.

Without a doubt, creating a plan that includes a fall back is critical. You may ultimately want to take your sheepskin and head directly into the world of work. That may be your first choice and you certainly can pursue that hard.

Just realize it might not be possible.

So have a back up plan ready. Community service or volunteer type experiences might be something to consider? Or perhaps the Peace Corps or AmeriCorps? Line up or create your own internship? Maybe Teach for America? Even graduate school might be a decent option?

The bottom line is the Class of 2010 may well face as tough a job market as the last two graduating classes. Given such a scenario, now is the time to start thinking about your options.

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