When I asked new college graduates last month to tell me about their job searches, I got back a ton of heartache. Unanswered applications. Lowered expectations. For some, a sense that college was a waste of time and money.
John York wrote that he was about to earn a master’s degree in mathematics from New York University. “I have submitted close to 400 applications. I have heard back from less than 40, all rejections,” he wrote. “I essentially cannot get any job, because there are no entry-level positions anywhere at all.” He has a patent, he passed the first-level exam for Chartered Financial Analysts and he’s getting his Series 3 license, another financial credential. Nevertheless, he wrote, “It is just so silent, it feels like I am screaming into the void with each application I am filling out.”
Mauricio Naranjo, who is seeking work as a graphic designer, wrote, “Over the past year, I have submitted more than 400 applications and consistently receive a response that appears to be A.I.-generated, stating that unfortunately, they have moved forward with another candidate who better fits their expectations. This is the exact phrasing every time. Very few respond, as most do not reply at all.”
“Exhausting. Utterly demoralizing,” wrote Beth Donnelly, who is graduating this month with a major in linguistics and minors in German and teaching English as a second language. “I’ve been searching since early August for full-time, part-time or internship positions after I graduate. I’ve started putting my ‘desired salary’ at $35,000 in hope that just one person will think, ‘Oh, I won’t have to pay this person a large wage, so they get a leg up in the hiring process.’”
I got some positive responses, too. Lucinda Warnke, who landed a job in journalism as a general assignment reporter, wrote: “I am optimistic and excited! I feel confident in my career trajectory and my ability to build a stable, satisfying career. The job I got out of school comes with a livable wage and benefits, so I can build savings in the event that I am laid off or have some other financially demanding emergency. I feel like I made a good investment in my education because I went to a school that was affordable and studied subjects that balanced my interests with my professional needs.”
A majority of responses were grim, though. That’s not too surprising, given that half of college graduates are underemployed a year after graduation, meaning that they are working in jobs that don’t require the degrees they earned, as I wrote in my April 29 newsletter.
There’s clearly something wrong when young graduates can’t find jobs at the same time that employers complain of not being able to find qualified workers. As of March, there were still fewer unemployed people than job openings, according to the Bureau of Labor Statistics. In April the unemployment rate remained below average at 3.9 percent.
The responses I got aren’t a representative sample of all college graduates. It’s possible that unhappy people were more likely to write in. (I had to leave out some of the angriest and most dejected people because they didn’t want their names to appear.) Separately, my informal impression is that the people who wrote — happy or sad — were more likely to have attended a highly ranked school and to have graduated without student loans than the general student population.
Many students wrote that the jobs they were seeking or secured didn’t draw on what they learned in the classroom. “I will be using the skills I picked up in my data science minor, but nothing from my major (international relations),” Rain Orsi, a 2024 graduate, wrote. “A lot of the educational stuff could’ve been condensed to a 20-page PDF and I probably would be at the same knowledge level,” another student wrote. Jackeline Arcara wrote that if she had it to do over again, “I wouldn’t go to a four-year, fancy-pants school. I would take classes at a local college part-time and see where that takes me.”
Some students said that classroom learning was only part of what made college worthwhile to them. “College gives you four years to grow up — I have the maturity now to handle a full-time job. Before college, not so much,” wrote Caroline Lidz, who got a job in public relations after graduating in December with a degree in media studies and communications and a minor in art history.
Several said internships matter, a lot. “I wish I interned for a company outside of the school instead of being a research/lab assistant,” wrote Roger Vitek, who is graduating in June with a degree in product design and is still job hunting.
Economists have found that what you study in college is at least as important as where you study. As I wrote in my April 29 piece, there’s relatively strong demand for computer science, engineering, mathematics and math-intensive business fields such as finance and accounting.
But as I found out from the people who wrote in, that’s not always the case. Robert Vermeulen, a computer science major, wrote, “Out of the ~155 applications I haven’t had a reference on, I have gotten zero interviews.” Morgan Steckler wrote that he is looking for a software engineering or I.T. administration role paying at least $70,000 a year, but has had no luck so far. He said he’s thinking of bartending while continuing to send out applications. On the positive side, there are people like Warnke, who got a job as a reporter — not exactly a fast-growing profession.
As I read students’ responses, I had to remind myself that this is actually a relatively good year for finding a job. To a lot of members of the class of ’24, it doesn’t feel that way. Julia Brukx, who is graduating with a degree in history and art history, wrote, “I think I hit a new low just this morning when asked to write a cover letter for a retail position.”
Donnelly, the woman who described her job search as demoralizing, wrote: “I was told that if I was involved, active, kind, ready to learn, driven and intelligent, I would end up with a job out of college. This is evidently not true, and few older people seem to understand this.” She added, “I don’t have a backup plan besides working in the service industry.”
Elsewhere: Caps, Not Bans, for Short-Term Rentals
New York City’s Local Law 18, which was passed with the support of the hotel industry, tightens the rules on renting out rooms for less than 30 days. Supporters say renting rooms to tourists raises rents for New Yorkers. But an article published in Harvard Business Review by three scholars — one of whom used to work for Airbnb — calculates that Airbnb caused only about 1 percent of the aggregate increase in rents over the past decade or so. Hosts, guests and the businesses that serve them benefit. To keep certain neighborhoods from being overwhelmed by tourists, the authors recommend caps on how many nights per year a place may be rented out.
Quote of the Day
“The hedonistic conception of man is that of a lightning calculator of pleasures and pains who oscillates like a homogeneous globule of desire of happiness under the impulse of stimuli that shift him about the area, but leave him intact. He has neither antecedent nor consequent.”
— Thorstein Veblen, “Why Is Economics Not an Evolutionary Science?” (1898)