According to a Georgetown report released Wednesday, May 29, unemployment rates for college graduates with work experience averages around 4.6-4.7%, but the overall unemployment rate for recent college graduates ranks at 7.9%. That’s not exactly what hard working grads need to pay off those student loans or to start their professional life.
College major and unemployment
According to the report published by Georgetown, not all majors are equal when it comes to unemployment. For example, recent college graduates with a nursing major experienced an unemployment rate of 4.8% while graduates in information systems were faced with an unemployment rate of 14.7%. Architecture and Information Systems majors have the highest unemployment rates.
Majors that offer best employment opportunities and earnings
In the past a college degree almost assured college grads a job with high earnings. Today, according to the Georgetown report, the following list of majors typically off the best opportunities for employment.
According to the Occupational Outlook Handbook put out by the Bureau of Labor Statistics Registered nurses (RNs) can expect to make around $64,690. RNs provide and coordinate patient care, and play a role in educating patients and about various health conditions along with other responsibilities. Registered nurses have three options for education: a bachelor’s degree in nursing, an associate’s degree in nursing, or a diploma from an approved nursing program.
Kindergarten and elementary school teachers with a Bachelor’s degree can expect to make around $51,380 according the Bureau of Labor Statistics. Employment of elementary school teachers is expected to grow by 17% percent from 2010 to 2020, but employment growth will vary by region.
Those who majored in mathematics experienced a low 5.9% unemployment rate. Employment of actuaries is expected to grow by 27% between 2010 and 2020. Students who have internship experience and who have passed at least one actuarial exam while in school should have the best prospects for entry-level positions.
Statistics show unemployment in information systems at 14.7 % compared with computer science with an 8.7% unemployment rate. The Georgetown report pointed to hiring being slower for users of information rather than for those who write programs and create software applications. Information security analysts, web developers, and computer network architects all use information technology (IT). The Bureau of Labor Statistics projects grow in these jobs of 22% from 2010 to 2020.
Choose a major that fits
Anthony Carnevale, director of the Georgetown University Center on Education and the Workforce and co-author of the report says, “In general, it’s a good idea to choose a major that teaches specific skills, such as nursing.” However he also cautions about majoring in something you don’t like. “If they’re not interested or suited (to) the major that they choose – and ultimately, even more so, the job that they choose – they won’t be any good at it.”