When I was a college president, I was surprised that so few prospective students and parents were concerned with employment outcomes (or learning outcomes, for that matter). Rarely did anyone ask me about the job-placement record of the college as a whole or of a particular program. It seems the prospects were so concerned with finding the “right” college that their attention seldom turned to their post-baccalaureate futures. Apparently, “right” was a narrow concept that encompassed only the college experience. That’s changing.
Many of today’s college-bound students (and their parents) are very concerned with colleges’ job-placement records. Three factors are at work:
- a stagnant labor market (number and type of jobs as well as salaries);
- the rising cost of college relative to family incomes and consequent rapid increase in student-debt levels; and
- unprecedented levels of competition and transparency within and surrounding higher ed.
Few colleges are truly transparent about the job prospects of their newly minted graduates. In the latter half of the 20th century, I suppose they didn’t need to be. The pool of college students expanded considerably. All but the most poorly run institutions had no trouble filling their beds. Most grew, albeit not necessarily because of merit; rather, demographics, the loss of blue-collar jobs and increased governmental subsidies made growth inevitable for colleges.
But it’s no longer the 20th century, although I think it’s fair to say that quite a few colleges don’t seem to know that (as judged by their curricula and enrollment strategies). As noted labor economist Anthony Carnevale (who runs the Georgetown University’s Center on Education and the Workforce) recently was quoted as saying, “Education has finally been invaded by 20th and 21st-century management practices.” Most are still playing catchup.
If you’re a prospective student or parent of one and aren’t concerned about the employment prospects of a graduates of the college or major you or your child is considering, you’re taking a big chance. All you have to do is remind yourself that nearly half of newly minted college graduates are underemployed. And that the value of most bachelor’s degrees is falling (which is why so many more graduates are pursing advanced degrees).
In brief, the labor market cannot absorb nearly all of the college graduates produced each year, at least not in good-paying positions that require a college education. So every new college student begins his or her college journey knowing that many won’t land the job they’re expecting upon graduation. It should be obvious, then, that it’s really important to choose your college and major well.
Not long ago, it was hard to take institution and major-specific employment prospects into consideration. There simply wasn’t much information available. Moreover, colleges weren’t keen on shining light on the subject. Many colleges and programs knew they were vulnerable if anyone tried to assess them by employment metrics, so they dragged their heels and stonewalled whenever possible. Many are still stonewalling. They’re the ones that will be most at risk as the current restructuring of higher education continues to unfold.
Fortunately, the stonewallers can’t control what others are doing. In states like Virginia, Texas and Colorado, information is being published by concerned state agencies or outside private enterprises (including Payscale.com).
None of these resources is perfect. And none suggests the only consideration in choosing a college or major is its job-placement record. But the information they provide is helpful to those who want to take job prospects into consideration, which is the prudent thing to do.
Colleges and academic programs that prioritize employment outcomes also provide meaningful data and information to prospective students (see, e.g., Rose-Hulman and Washington & Lee). But, sadly, many others pretend to provide meaningful data when what they’re really providing is misleading at best. Read their claims carefully.
Web Resources
For those who want to explore the available data further, here are some links to data and articles to supplement whatever you might be able to learn from the colleges themselves (courtesy of my son David):
https://www.studentloan.com/plan/roi-college-major/
http://www.salary.com/category/education/
https://www.discover.com/student-loans/majors/index.html
https://www.discover.com/student-loans/college-planning/majors.html
http://online.wsj.com/public/resources/documents/paths-to-professions-ROI.html
http://online.wsj.com/article/BT-CO-20141031-712857.html?mod=wsj_share_twitter
http://www.bestcolleges.com/features/best-roi-colleges/
http://www.collegefactual.com/
http://www.bestvalueschools.com/physics-degrees-best-roi/
http://collegeroi.emilydee.com/
http://www.bankrate.com/finance/college-finance/roi-college-degree.aspx
http://poetsandquantsforundergrads.com/2014/06/27/the-roi-on-a-college-business-major/
Personally, I wouldn’t consider attending a college or academic program that fails to provide meaningful employment data (assuming I had the luxury of having the opportunity to attend the college of my choice). And if they tried to be cute by misleading me, I’d strike them from my list, knowing that the actual data must be pretty bad. Moreover, any college that thinks it’s alright to mislead their students doesn’t deserve to have any.
I realize, however, that being able to choose a college is a luxury for many people. Many students don’t have any real choice. Many simply have to attend the nearest, least expensive college. But even if that’s the case, you should choose your major carefully. Even less costly colleges can be poor values. Price is not the same as value.
Conclusion
The savvy student should be looking for, among other things, a college where he or she can obtain a valuable, marketable credential and access to the labor market. The more you pay attention to these objectives, the better your prospects will be upon graduation.
Finding My College 