Half of all grads from four-year colleges are working in jobs that don't require a four-year degree, according to a McKinsey study cited by Forbes. The McKinsey report is backed by a similar study from the Bureau of Labor Statistics that found 48% of U.S. college grads are underemployed.
Six times as many graduates are working in retail or hospitality as had originally planned. In 2013, there will be 1.7 million grads getting bachelor's degrees, meaning 120,000 of these grads will be working as waiters, retail salespeople, and baristas because it was the only work they could find.
The McKinsey study suggests underemployment varies withtin disiplines. For grads in the STEM field, 75% of those grads are in jobs requiring a four year-degree. For visual performing arts and social sciences, the findings are 43% and 54% respectively.
While many grads say internships and part-time work prepared them for the workforce, an Accenture poll shows that only 42% of 2011/2012 college grads said their internships led to jobs.
The McKinsey study even found that 40% of grads from the nation's top 100 colleges couldn't find jobs in their chosen field. For social sciences it is only 36% of these gards and 42% of those grads who studied visual and performing arts.
Despite what the McKinsey findings, the Senate will consider the Gang of Eight's immigration bill that will have a devestating affect on these recent grads. While hundreds of thousands of college grads struggle to look for work or take any job they can get, the bill will add an additional 33 million job seekers to the mix.
For more information about underemployment for American college graduates, please click here.
Updated: Fri, May 31st 2013 @ 4:45pm EDT