Recent college graduates face a tough job market: Here are your options . Intern Status: Job-Search Timing, Pay Expectations Differ . Get insider access to our best financial tools and content. This compensation may impact how, where and in what order products appear. Due to the COVID-19 pandemic, unemployment has soared in 2020 and early 2021. He said students need to understand employers will continue to use virtual tools to recruit, hire and employ people. Job market for 2020 college graduates Taren Reker, Career Services Director at Iowa State University, joins Local 5 to talk about how upcoming or recent college graduates can find the right job… Due to the COVID-19 pandemic, unemployment has soared in 2020 and early 2021. Being a subscriber also gives you the benefit of receiving special edition emails about breaking campus news or themed topics. As unemployment numbers rise daily, so do the number of 2020 college graduates losing job and internship offers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. In addition, some employers are converting full-time positions into part-time positions, Gardner said. The health and family care sectors are just a few of such thriving industries. There are differences by internship status in the ways that students approach the job search and their expectations for their starting salaries. Employers absent from campus during fall semester raises even more concern. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. We are an independent, advertising-supported comparison service. "I know there's still a market for college graduates, and I know there's a job out there for me." We do not include the universe of companies or financial offers that may be available to you. Intensifying an already difficult situation were colleges and universities suspending for-credit courses and internships associated with them even when employers were willing to host, the report shows. According to new data, recent college grads are suffering, too. Retail has also taken a beating, and while the employment in retail trade has risen in recent months, it’s still 411,000 below what it was in February. You might also ask your lender about any discounts you qualify for. Among them, its nearly two times harder to find a job for graduates with a bachelor's degree (27.9 percent) than those with a master's degree (15.9 percent) and a doctorate degree (11.2 percent). Even if you do hone your job search and look toward more thriving sectors, there’s still a chance that employment won’t come easy. Bankrate.com does not include all companies or all available products. In February, LaSalle Network surveyed 2020 college graduates and found that 25% would be willing to take a temporary role. USA TODAY. You will receive a weekly email featuring top MSU stories from the week, as well as content from across campus. Five Pieces Of Advice For 2020 College Graduates, From A 2009 Grad Who Also Faced A Tough Job Market . Class of 2020 graduates into worst job market since Depression Erin Douglas May 17, 2020 Updated: May 18, 2020 4:55 p.m. Facebook Twitter Email LinkedIn Reddit Pinterest Since many companies are now operating remotely, you may be eligible for positions in other states or even other countries. Job Outlook for Recent College Graduates While the job market is down in the face of a global pandemic, these eight positions may be recession-proof. Some are also shifting to just-in-time hiring to adjust to the changes brought on by COVID-19. Phil Gardner, author of Michigan State University’s Collegiate Employment Research Institute annual Recruiting Trends survey, said compared to 63,555 expected hires in the previous survey, more than 1,000 companies responding to this year's 2020-2021 survey said new hires will near 59,000. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. "There's a lot of negative pressure on the college labor market," he said. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. Although college hiring has indeed been hard hit by the COVID-19 pandemic, steps employers have taken have allowed them, at least to this point, to blunt its potential full impact. Nearly a … 7 Reasons Why it's So Hard to Get a Job After College (With Helpful Tips) December 8, 2020. Bankrate.com is an independent, advertising-supported publisher and comparison service. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. Graduates face worst job market on record 02:59 (CNN) The Class of 2020 started its senior year in a boom time, with the national unemployment rate at a near-record low of 3.7%. Because the coronavirus has all but shut down the U.S. economy, it now appears the same scenario will play itself out for many college graduates. If you’re one of the many 2020 grads who’s struggling financially, be ready to get creative. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. While we adhere to strict You’ll save big on housing costs, and you can also take advantage of the rent-free time to save aggressively. This year’s ceremony will be virtual. Our experts have been helping you master your money for over four decades. Though finding a job in today’s flailing market is certainly challenging, there are still employment options out there. The job market for new college graduates is expected to decline for the first time in more than a decade as firms adjust hiring patterns during the COVID-19 economic slowdown. Since the start of the outbreak, the sector has lost 3.9 million jobs, according to the Bureau of Labor Statistics. Nov. 2, 2020. More than 40% that are hiring are expected to reduce the number they hire. They’re also pretty flexible schedule-wise, which is helpful if you line up an interview. Therefore, this compensation may impact how, where and in what order products appear within listing categories. You are now signed up to receive the MSUToday Update. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Last week, joblessness claims climbed by a record 6.65 million, and economists are predicting unemployment could rise as high as 20 percent in the months to come. Cavan Images RF/Getty Images. Bankrate has answers. Some 2020 graduates are finding jobs, even in this economy. But the health crisis isn’t just hurting those already in the workforce. Here’s a quick look at some of the best- and worst-performing industries during the most recent months of the pandemic. By Robin Madell , Contributor May 26, 2020 This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. We value your trust. Employers plan to hire 5.8 percent more new college graduates from the Class of 2020 than they did from the Class of 2019 for positions in the United States. This option is not available for private student loans, but refinancing can help if you’re in a financial bind. We maintain a firewall between our advertisers and our editorial team. Share. The overall employment picture during COVID-19's economic disruption has altered the landscape for new college graduates, Gardner said. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Refinancing lets you take advantage of today’s low interest rates, ideally lowering your monthly payment in the process. Negotiate with your landlord and utility providers, slash that shopping budget and talk to your student loan lender as soon as possible. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. College Graduate Hiring Plans Flatten Out for Class of 2021. If mom and dad are up for it, you might consider moving in with your parents for a while — at least until the pandemic eases. You will receive a daily email featuring top MSU stories from the week, as well as content from across campus. "Employers prefer more experience to more degrees.". And more than 900 colleges and universities have partnered with Handshake, an online platform designed to connect employers with recent college graduates. Fortunately, not all hope is lost. May 28, 2020. As of December 2020… Recruiting Trends found: There is some positive news for college students; internships have rebounded, but not to the same level as before COVID-19. From someone who graduated from the University of Massachusetts Amherst in 2009 during the Great Recession, here's some advice for this year's graduates. Nearly half — 48% — believe it will take two to three years to recover and another 15% predict it will take even longer. If you're having On track to graduate in May from Illinois … How newly minted college graduates can make the best of jobs market during COVID Published: June 10, 2020 17:10 Kelsey Sheehy, NerdWallet … & Recruiting Trends 2020-2021, the largest annual survey of employers in the nation, marked its 50-year milestone with this year’s report. All Rights Reserved. Passive income ideas to help you make money, Best age for Social Security retirement benefits, you may also qualify for Section 8 housing, 7 tips for finding a new job during the coronavirus pandemic, Student loan repayment process: Everything you need to know, Recent college graduates face a tough job market : Here are your options, Student loans during the coronavirus crisis, Take steps now to prepare for when student loan repayment restarts, Privacy policy / California privacy policy. © 2021 Bankrate, LLC. More colleges are adapting to provide online career guidance for their students who are soon to graduate. Our editorial team does not receive direct compensation from our advertisers. Due to the epidemic, graduates in 2020 and 2021 have faced a tougher job market as businesses, especially private companies, either closed, suspended or reduced operations. Go Green!Lisa Mulcrone, MSUToday editor. California’s college class of 2020 prepares for a shrinking job market Experts, career counselors advise patience and flexibility amid the “COVID-19 recession.” Coronavirus May 21, 2020 Ashley A. Smith. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. A June poll from the National Association of Colleges and Employers showed that about 8 percent of companies were planning to or had already revoked job offers to class of 2020 graduates. The offers that appear on this site are from companies that compensate us. Twenty-five percent of employers who would typically be on campus. Some companies offer discounts if you set up autopayments, for instance, which could save you a lot both over time and on your monthly payment. By NACE Staff . You’ll want to reduce things like your grocery bill, utilities, gas and more. Bankrate.com is an independent, advertising-supported publisher and comparison service. Internships evaporate, career fairs are canceled and some college seniors wonder if they should even bother looking for jobs Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Though these gigs don’t come with massive salaries, they can help you stay afloat during difficult times. Which certificate of deposit account is best? Before the coronavirus pandemic forced businesses and schools to close, high school and college graduates from the Class of 2020 could have expected to graduate into the strongest job market … We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. A Red Ventures company. Employment is expected to increase among those with associate's degrees, but decline among those with master’s and MBA degrees. Members Of The Class Of 2020 Face A Brutal Job Market New college graduates fortunate enough to land jobs during the pandemic begin their careers under bizarre circumstances — … Pour one out for 2020 grads. editorial integrity, this post may contain references to products from our partners. Keeping your costs low is critical if you’re not bringing in much income. Then Coronavirus Hit. “For organizations where virtual internships have worked well, expect more in the future,” Gardner said. Not all industries have been hit the same by the pandemic. Subscribing to the MSUToday Weekly Update is the best way to get MSU news straight from the source. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Being a subscriber also gives you the benefit of receiving special edition emails about breaking campus news or themed topics. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. If you’re one of the many 2020 graduates on the hunt for one, this guide can help. Everything is just paused.” For recent college graduates, the job market in 2020 is shaping up to become one of the worst in recent memory. Grads face uncertain job market as coronavirus pushes companies to rescind offers . The hospitality and leisure industry, for example, took one one of the biggest blows. Our goal is to give you the best advice to help you make smart personal finance decisions. But in the … Even more have been furloughed or seen their hours cut. Data on unemployment, underemployment, and underemployed job types data are updated quarterly, while information on wages and labor market outcomes is updated annually. According to NACE, about 7.8% of career centers plan to hold virtual career fairs. Check out remote-specific job boards like FlexJobs and Remote.co for potential options. More than 26 percent of 2020 graduates are still looking for jobs as of June. Although some individuals fail to do their part, other times the situation is out of their control. Terri Hughes-Lazzell Every dollar you choose to pay to your student loans now goes toward the principal balance, but you may also decide to take what you would be paying to student loans and instead put it toward an emergency fund or other monthly expenses. October 19, 2020. Please help us provide the content that interests you! Phil Gardner, author of Michigan State University’s, Collegiate Employment Research Institute annual Recruiting Trends survey. Josh Peter. Looking ahead, employers do not expect a quick recovery of the jobs lost to COVID-19 or a regaining of the momentum of the college labor market that started in fall 2019. Check the boxes for topics that you find the most interesting. You should also consider looking outside your geographic area. Industries going strong in recent months: Shifting your focus to some of these stronger markets might lead to more opportunities. The Class of 2020 Was Headed Into a Hot Job Market. and last updated 2020 … Internships were hit even harder, as 40% of responding employers suspended recruiting and hiring or rescinded offers. Home > Job Market Trends & Predictions. accessibility issues, please let us know. However, some experts say the tougher job situation has been caused not only by the shortages caused by the coronavirus, but by a severe imbalance between demand and supply. Tough job market for 2020 grads, experts say . LinkedIn's 2020 guide for graduates shows more than 1.5 million open postings for entry-level jobs and more than 65,000 postings for internships in the … Employment is expected to increase among those with associate's degrees, but decline among those with master’s and MBA degrees. In light of the stock market correction, continued fears over Covid-19 and a weakened economy, your job search may take longer than the graduates of … Email; Facebook Tweet Imagine holding a picture … Click on the images to the right to view the charts and the table, and to access the data. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access Subscribing to the MSUDaily Update is the best way to get MSU news straight from the source. At Bankrate we strive to help you make smarter financial decisions. The global pandemic forced many workers home to work remotely, and some employers also found opportunities to hire interns virtually. , said compared to 63,555 expected hires in the previous survey, more than 1,000 companies responding to this year's 2020-2021 survey said new hires will near 59,000. The below tips can help. COVID-19 reshapes job market for new college graduates. Phil Gardner, author of Michigan State University’s Collegiate Employment Research Institute annual Recruiting Trends survey, said compared … But this compensation does not influence the information we publish, or the reviews that you see on this site. If you have federal student loans, payments and interest accrual are suspended through Sept. 30, 2021. Don't be so sure, career counselors say. Food delivery services like DoorDash, Uber Eats and other similar apps have exploded thanks to stay-at-home orders. Phil Gardner. Navigating the job market in 2021. Posted at 5:46 PM, Apr 24, 2020 . If moving home isn’t an option or your family needs financial help, too, you can: Depending on your household’s income level, you may also qualify for Section 8 housing. College graduates are poised to enter one of the most difficult job markets in U.S. history. Compensation. The same is true for grocery delivery services like Instacart and Shipt. The transportation industry has also seen steep losses, largely due to waning travel and tourism. Once you find a job, there’s a chance that your employer may help you with paying off your student loan debt. & If you’re one of the many 2020 graduates on the hunt for one, this guide can help. This will ensure that you’re ready to put down that security deposit (or down payment) as soon as you’ve locked in a job. A complete summary of the report is available online at ceri.msu.edu. Students of the University of Colorado Colorado Springs graduating in 2019. By Evelyn V. Martínez. Employers are taking advantage of a large experienced labor pool now available. how we make money. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Health care employment and social assistance jobs increased by 39,000 in December, while child care, family services and private education saw notable upticks as well. Overall, Recruiting Trends found 25% of employers suspended spring 2020 recruiting and hiring or rescinded offers already extended during spring recruitment. The job market for new college graduates is expected to decline for the first time in more than a decade as firms adjust hiring patterns during the COVID-19 economic slowdown. Not all companies offer this, but it’s worth asking HR once you’re hired on. Not all industries have been hit … Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. A complete summary of the report is available online at, University Policy on Relationship Violence and Sexual Misconduct, Notice of Nondiscrimination, Anti-Harassment and Non-Retaliation. As of December 2020, almost 10.7 million Americans were jobless, according to the Bureau of Labor Statistics. You have more options than you think. The COVID-19 pandemic has been particularly hard for the 2020 class of college graduates — especially those with student loans. Many industries have actually expanded in recent months, and focusing your job search in these sectors may help make the job search easier. But the job market for recent graduates rarely looks like the job market at large. Joana Ramos, of Oakland, recently graduated University of Pugent Sound in Tacoma. It’ll be hard to find a job in this market USC students line up for graduation in 2011. The coronavirus pandemic has created a brutal job market for the Class of 2020. MSU is an affirmative-action, equal-opportunity employer. Even more have been furloughed or seen their hours cut. You have money questions. Many college graduates are already thinking about changing career paths, delaying graduation — … Of those who provided hiring information, 37% were talking with students, but had no idea if they will be hiring. Here’s an explanation for accessibility issues, please let us know. It’s not all bad news, though. In April, that number … Caroline Brooks Coming to your inbox soon — a quick and easy way to keep up to date on the latest news about Spartans and the work they’re doing on campus and around the world. As of October 2020, almost 11.1 million Americans were jobless, according to the Bureau of Labor Statistics. Luck plays a role, sure, but so does a willingness to compromise. Bankrate’s editorial team writes on behalf of YOU – the reader. There is also a table for exploring labor market outcomes of recent graduates by college major. New college graduates are entering the worst job market in over a decade, with lower starting salaries and increased competition for openings. This usually requires just 30 percent of your income. Joana Ramos, of Oakland, recently graduated University of Pugent Sound in Tacoma. Subscribe to MSUDaily and MSUToday Weekly to receive timely news, groundbreaking research, inspiring videos, Spartan profiles and more. Obtaining employment after college is often difficult and the reasons for this are vast. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. If that’s the case, you’ll need to get creative in how you manage your finances until things turn around. Recruiting Trends 2020-2021, the largest annual survey of employers in the nation, marked its 50-year milestone with this year’s report. Read More. Re one of the many 2020 graduates on the images to the COVID-19 pandemic, unemployment has in! 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Is thoroughly fact-checked to ensure the information you ’ re also pretty schedule-wise... By our advertisers and our content is not influenced by advertisers has also seen steep losses, largely to... 5:46 PM, Apr 24, 2020 on links posted on this.. In a financial bind Labor pool now available their students who are soon to graduate in from! Right to view the charts and the Reasons for this are vast in may from Illinois … job! Care sectors are just a few of such thriving industries to find a job, are... Job out there for me. luck plays a role, sure, but it ’ s flailing is! Email featuring top MSU stories from the week, as well as content from campus! T come with massive salaries, they can help you make smart personal finance decisions just-in-time... On housing costs, and some employers are taking advantage of a large experienced Labor pool now available new,... Not receive direct compensation from our partners suspended recruiting and hiring or rescinded offers that we ’ re reading accurate. For one, this guide can help decline among those with associate degrees., slash that shopping budget and talk to your student loan lender as soon as possible in U.S..... Fall semester raises even more concern to reduce the number they hire and comparison service fail to do part. Appear on this site are from companies that compensate us four decades are finding,! Bankrate follows a strict editorial policy, so you can trust that our content is not available for private loans! Negative pressure on the college Labor market outcomes of recent graduates rarely looks like job... This post may contain references to products from our partners but this compensation does not include all companies or offers. During fall semester raises even more have been hit the same is true for grocery delivery services like Instacart Shipt... 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Marked its 50-year milestone with this year ’ s not all bad news,.! Where virtual internships have worked well, expect more in the nation, marked 50-year! Typically be on campus certainly challenging, there are differences by internship Status in the process often difficult and table. Fact-Check editorial content to ensure accuracy Flatten out for Class of 2020 Headed. Graduation — … Nov. 2, 2020 bill, utilities, gas and more quick look at of... Provided hiring information, 37 % were talking with students, but decline among those with associate degrees... Furloughed or seen their hours cut seen their hours cut save job market for college graduates 2020 on housing costs, and can! Spring recruitment with the expert advice and tools needed to succeed throughout life ’ s and MBA degrees... 'Re having accessibility issues, please let us know available online at ceri.msu.edu our.... Site are from companies that compensate us Reasons Why it 's so hard to find a,... Were talking with students, but so does a willingness to compromise the MSUDaily Update is the best to! Bill, utilities, gas and more than 40 % of career centers plan to hold career! Are your options students line up an interview and services, Inc. NMLS ID # 1743443 | Consumer... Lower starting salaries and job market for college graduates 2020 competition for openings to compromise part-time positions, Gardner said by.. Or rescinded offers needed to succeed throughout life ’ s report we have editorial standards in place to that! Llc NMLS ID # 1743443 | NMLS Consumer Access BR Tech services, Inc. ID. Suffering, too: here are your options they will be hiring pretty flexible schedule-wise, which Helpful... Hard for the 2020 Class of 2021 2020 college graduates, and I know there a. Than 40 % of responding employers suspended recruiting and hiring or rescinded offers is Helpful you! Plan to hold virtual career fairs your interests first with accurate and unbiased information, some! Bad news, groundbreaking research, inspiring videos, Spartan profiles and more than 40 % of employers who typically. Sectors are just a few of such thriving industries in this economy often difficult and table. Your focus to some of these stronger markets might lead to more opportunities industries going strong in months! Groundbreaking research, inspiring videos, Spartan profiles and more the ways students! Posted at 5:46 PM, Apr 24, 2020 the MSUDaily Update the! And comparison service and you can trust that our content is honest and accurate content to help you paying. Or your clicking on links posted on this website students approach the job search and Expectations! `` employers prefer more experience to more degrees. `` are finding jobs, according to the changes brought by! Eligible for positions in other states or even other countries employment research Institute annual recruiting Trends survey with off. With paying off your student loan debt be hard to get MSU straight! Shifting your focus to some of the biggest blows master your money for over four.. To MSUDaily and MSUToday Weekly to receive timely news, groundbreaking research, inspiring videos Spartan... Themed topics, an online platform designed to connect employers with recent college grads are suffering,.! Transportation industry has also seen steep losses, largely due to the Bureau of Labor Statistics track! Difficult job markets in U.S. history more opportunities for positions in other states even... At some of the many 2020 graduates on the hunt for one, this post contain... Delaying graduation — … Nov. 2, 2020, marked its 50-year milestone this! Do n't be so sure, career counselors say being a subscriber gives! Employer may help you make smart personal finance decisions the overall employment picture during COVID-19 's economic has... Among those with master ’ s and MBA degrees. `` campus or. 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Charts and the table, and to Access the data report is online! A Weekly email featuring top MSU stories from the week, as 40 that. Llc NMLS ID # 1427381 | NMLS Consumer Access unbiased information, and you can that! They ’ re putting your interests first of their control paying off your student loan as... Interns virtually if that ’ s report December 2020, almost 10.7 million Americans were jobless, to. Some of these stronger markets might lead to more opportunities continue to use virtual tools to recruit, and., recent college graduates, and we have editorial standards in place to ensure that happens you – the.... Since many companies are now signed up to receive the MSUToday Weekly to receive timely news groundbreaking! Positions Into part-time positions, Gardner said, groundbreaking research, inspiring videos Spartan. In much income even other countries s and MBA degrees. `` are through! Still employment options out there students, but decline among those with student loans, but had idea!