Postgraduate Employability in 2024: A Statistical Outlook📈

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According to Statista, the unemployment rate among recent college graduates in the United States stood at approximately 4.2% as of May 2023. This marked a substantial decline compared to September 2020, when the unemployment rate for recent college graduates was as high as 9%.

In this article, you will learn about the current graduate employment rate, the most demanded degrees in the U.S., demographics, technological impact in the labor market, and gender equality trends in leadership roles. Our essay writing service would be the first crucial link that will help you better prepare for what will be waiting for you after graduation.

Key Employment Statistics in 2024

Many college students who are about to graduate wonder what is the unemployment rate. The unemployment rate is a metric that quantifies the proportion of individuals within the labor force who are currently without employment but are actively engaged in job-seeking activities and securing better career outcomes.

In the United States, the primary and widely used national unemployment rate is the U-3, published by the Bureau of Labor Statistics (BLS) as a part of its monthly employment situation report. According to this measure, unemployed individuals are both willing and available to work and have actively pursued employment opportunities within the preceding four weeks. Individuals with temporary, part-time, or full-time positions are categorized as employed. This classification also includes individuals who dedicate a minimum of 15 hours to unpaid work for a family business or farm.

According to the U.S. Bureau of Labor Statistics, the unemployment rate among graduates compared to individuals aged 25 years and older who had completed high school but did not attend college is at 4.5%.

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United States Unemployment Rate

In October, total nonfarm payroll employment saw a rise of 150,000, while the unemployment rate remained relatively stable at 3.9%.
Both the unemployment rate, standing at 3.9%, and the number of unemployed individuals, at 6.5 million, showed little fluctuation during October.
However, in comparison to their recent lows in April, these indicators have increased by 0.5% and 849,000, respectively.
Across major worker groups, the unemployment rates for adult men (3.7%), adult women (3.3%), teenagers (13.2%), Whites (3.5%), Blacks (5.8%), Asians (3.1%), and Hispanics (4.8%) exhibited minimal changes in October.
Among the unemployed, the number of permanent job losers rose by 164,000 during the month, reaching 1.6 million.
The count of persons on temporary layoff remained relatively constant at 873,000.
In October, the number of long-term unemployed individuals (jobless for 27 weeks or more) showed little change at 1.3 million, constituting 19.8% of all unemployed persons.

Average Wage and Salary Data

In the third quarter of 2023, the median weekly earnings for the nation's 122.1 million full-time wage and salary workers reached $1,118.
This figure represented a 4.5% increase compared to the same period the previous year, surpassing the 3.5% gain observed in the Consumer Price Index for All Urban Consumers (CPI-U) during that time frame. Specifically, women's median weekly earnings were $1,005, equivalent to 83.2% of men's median earnings, which stood at $1,208.
The gender-based earnings ratio varied among different racial and ethnic groups. White women earned 82.9% of what their male counterparts earned, while Black women earned 91.5%, Asian women earned 74.7%, and Hispanic women earned 87.3% compared to men.
In terms of major racial and ethnic categories, Blacks ($918) and Hispanics ($885) earned less in median weekly earnings in full-time positions than Whites ($1,137) and Asians ($1,444).
When considering age, the highest median weekly earnings for both men and women were seen in the 35 to 64 age group. For men, this group had median weekly earnings of $1,401 (ages 35 to 44), $1,404 (ages 45 to 54), and $1,395 (ages 55 to 64).
Women aged 35 to 64 had median weekly earnings of $1,111, $1,124, and $1,077 for the respective age brackets. On the other hand, men and women aged 16 to 24 had the lowest median weekly earnings, at $733 and $695, respectively.
Regarding major occupational groups, individuals employed full-time in management, professional, and related occupations earned the highest median weekly earnings, with men at $1,840 and women at $1,350. Conversely, both men ($799) and women ($686) earned the least when working in service occupations.
Considering educational attainment, full-time workers aged 25 and over without a high school diploma had median weekly earnings of $721, while high school graduates (no college) earned $905, and those with a bachelor's degree or higher earned $1,620.
For college graduates with advanced degrees (master's, professional, or doctoral degree), the top 10% of male workers earned $4,528 or more per week, compared to $3,478 or more for their female counterparts.

Employment-Population Ratio

In September 2023, the employment-population ratio, which signifies the percentage of the population aged 16 and older who were employed, remained steady at 60.4% for the third consecutive month.
This ratio has consistently hovered between 59.9% and 60.4% since March 2022.
In the same month, the employment-population ratio for adult men reached 67.9%, while for adult women, it remained at 57.1% for the second consecutive month. Notably, prior to August 2023, the employment-population ratio for women aged 20 and over had not surpassed 57.0% since February 2020, when it stood at 57.4%.
Teenagers aged 16 to 19 had an employment-population ratio of 32.3% in September 2023, slightly lower than the 32.6% recorded in September 2022.
Regarding different demographic groups, in September 2023, the employment-population ratio was 63.8% for Asians, 60.3% for Whites, and 59.3% for Blacks. Moreover, for individuals of Hispanic or Latino ethnicity, the ratio reached 64.2%.

Graduation Outcomes and Employability

For students who are about to graduate and embark upon a journey of looking for their first job, it's important to remember these five steps that will help you turn graduate outcomes in your favor.

Step 1 - Discover your skillset and delve into your future aspirations. Upon graduating, you'll encounter a multitude of pathways to consider. Taking some time to reflect on your existing skills, experiences, personal preferences, and potential career interests can be a valuable step in this process.
Step 2 - Cultivate your abilities and expertise. Gaining experience and honing your skills can be achieved through online courses, short-term programs, and evening classes that provide flexible opportunities for skill development that don't necessitate a full-time commitment.
Step 3 - Investigate your interests and nurture your professional connections. Internships, which entail a predetermined period of hands-on work experience, and volunteering are both effective ways to gain insights into particular work environments.
Step 4 - Browse job hunting sites. Tailor your search by selecting those that align best with your preferences, and consider utilizing multiple platforms to explore a wider spectrum of job opportunities. Keep in mind that references from individuals who can endorse your abilities and character may be necessary (at least one professional reference and one personal reference).
Step 5 - Prioritize self-care and maintain your mental wellness. The process of job hunting and making decisions about your future path can be quite stressful, and this stress may occasionally have an impact on your overall health and well-being.

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Graduate Employment Rate in the Aftermath of the COVID-19 Pandemic

Overall, graduates demonstrated exceptional resilience and performance, which stands as one of the most noteworthy in recent history.

Most graduates (59.6%) had secured full-time employment 15 months after graduation, with 10.4% opting for part-time positions.
Impressively, 76% of those employed were in professional-level roles, a higher percentage than the previous year's university leavers.
Furthermore, 8.4% of graduates in employment pursued self-employment or actively worked towards this goal, while 7.8% chose to embark on further studies.
Additionally, 10.5% balanced both work and studies simultaneously.
Despite the challenging job market they faced upon graduating, only 5.0% of graduates were unemployed, which includes some individuals preparing to commence their new roles.

Degrees in Demand: Most Employable Majors

According to Research.com, these are the best 32 college majors and top degrees in demand for hundreds of students pursuing a well-earning job after graduation.

Computer Engineering (Average salary: $93,000; growth potential by 2030: 5%)
Computer Science (Average salary: $90,000; growth potential by 2030: 22%)
Actuarial Science (Average salary: $72,000; growth potential by 2030: 24%)
Management (Average salary: $68,000; growth potential by 2030: 9%)
Electronics Engineering (Average salary: $90,000; growth potential by 2030: 7%)
Healthcare Administration (Average salary: $66,000; growth potential by 2030: 32%)
Health Informatics (Average salary: $67,000; growth potential by 2030: 8%)
Construction Management (Average salary: $75,000; growth potential by 2030: 11%)
Management Information System (Average salary: $86,000; growth potential by 2030: 7%)
Mathematics (Average salary: $93,170; growth potential by 2030: 28%)
Biomedical Engineering (Average salary: $79,000; growth potential by 2030: 6%)
Information Technology (Average salary: $91,250; growth potential by 2030: 13%)
Mechanical Engineering (Average salary: $84,000; growth potential by 2030: 7%)
Statistics (Average salary: $75,000; growth potential by 2030: 33%)
Industrial Engineering (Average salary: $71,707; growth potential by 2030: 14%)
Civil Engineering (Average salary: $70,919; growth potential by 2030: 8%)
Economics (Average salary: $80,000; growth potential by 2030: 6%)
Chemistry (Average salary: $78,000; growth potential by 2030: 6%)
Public Administration (Average salary: $70,000; growth potential by 2030: 5%)
Computer Graphics - Game Design (Average salary: $71,000; growth potential by 2030: 16%)
Logistics and Supply Chain Management (Average salary: $69,000; growth potential by 2030: 30%)
Nursing (Average salary: $91,000; growth potential by 2030: 9%)
Accounting (Average salary: $53,000; growth potential by 2030: 7%)
Physics (Average salary: $73,230; growth potential by 2030: 8%)
Business Administration (Average salary: $76,000; growth potential by 2030: 8%)
Finance (Average salary: $73,000; growth potential by 2030: 8%)
Social Science (Average salary: $68,000; growth potential by 2030: 8%)
Marketing (Average salary: $68,000; growth potential by 2030: 22%)
Human Resources (Average salary: $65,000; growth potential by 2030: 10%)
Public Relations (Average salary: $59,000; growth potential by 2030: 11%)
Communications (Average salary: $66,000; growth potential by 2030: 14%)
Education (Average salary: $58,000; growth potential by 2030: 10%)

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Post-Graduation Earnings by Degree Level

The median lifetime earnings for individuals with a bachelor's degree amount to $2.8 million, according to Forbes. Generally, the correlation between education level and earning potential is evident, with a notable salary boost for those completing a bachelor's degree compared to an associate degree. Specifically, individuals in the 25- to 34-year-old age group can anticipate an average annual increase of $15,500.

Employability by Demographics

The rapid advancements in technology have profoundly affected the relevance of acquired knowledge in our fast-paced era. This has led to substantial shifts in job structures and skill requirements, with organizations now seeking college graduates capable of navigating complexity in the workplace.

A report on employment statistics from Statista, which is based on the most recent data from 2022, states that the employment rate within the Asian community stands at approximately 62.7%. Among different ethnic groups, Mexican-Americans exhibited the highest employment rate at 63.6%, while Puerto Ricans reported the lowest rate at 55.3%.

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Employment Rates by Age Group

In May 2023, the labor force participation rate for individuals aged 16 and above stood at 62.6%, marking a 0.7% decrease in postgraduate employability from its pre-COVID-19 level in February 2020.
For those in the age bracket of 25 to 54, the labor force participation rate had rebounded to its pre-pandemic level, registering at 83.4% in May 2023. This marked the highest point since January 2007.
During the same period, women aged 25 to 54 recorded a labor force participation rate of 77.6%, which was 0.6% higher than the February 2020 figure.
Meanwhile, men aged 25 to 54 exhibited a labor force participation rate of 89.1% in May 2023, successfully returning to pre-pandemic levels in April 2023.
Furthermore, the labor force participation rate for individuals aged 16 to 24 recovered to its pre-pandemic level in February 2023.

Ethnicity and Employment Opportunities

During the second quarter of 2023, the national unemployment by race and ethnicity held steady, with a slight increase of 3.6% compared to the first quarter.
Notably, only Nevada (5.4%) and Washington, D.C. (5.1%) recorded unemployment rates exceeding 5%. Conversely, Nebraska, New Hampshire, and South Dakota maintained unemployment rates below 2%, each standing at 1.9%.
In the same period, the unemployment rate for white individuals remained below 4% in all states except for Nevada, where it reached 4.6%. In six states and Washington, D.C., the white unemployment rate dropped below 2%, with South Dakota at 1.3% and Nebraska at 1.5%, boasting the lowest rates.
The historical Black unemployment rates, which had been notably high in the first quarter of 2023, showed a slight improvement during the second quarter.
Nevada (11.3%), Washington, D.C. (10.8%), and Illinois (9.5%) continued to report the highest Black unemployment rates in the nation, with Washington, D.C., once again exceeding 10%.
The national Black unemployment rate inched up slightly to 5.8%, compared to 5.7% in the previous quarter.
Pennsylvania (7.0%) retained the highest Hispanic unemployment rate.
Twenty-three states recorded Hispanic unemployment rates at or above 4%, while ten states reported rates below 3%.
Throughout the second quarter of 2023, the nationwide Hispanic-white unemployment ratio remained at 1.5-to-1, indicating that Hispanic workers were 50% more likely to be unemployed than their white counterparts.

Employability by Educational Background

In a job market that's continually in flux, it can be challenging to decide on the right field of study and sector to pursue. Here's a list of degrees that have high employment rates by college major and offer abundant job opportunities in 2023.

Computer Science - Ranking among the most sought-after in the job market, computer science degrees are expected to increase in value in the foreseeable future.
Medicine And Dentistry - While admission to medical programs can be highly competitive, those who successfully earn a medical degree typically secure employment within six months of graduation. Medical and dentistry programs boast an impressive 99.4% employment rate within half a year of completing their studies.
Finance - The demand for positions in the finance sector, such as financial analysts and financial managers, is substantial and continually on the rise.
Engineering - Offer a variety of opportunities and encompass a broad spectrum of disciplines. Engineering programs open doors to diverse career paths, including electrical, civil, software, mechanical, and various other fields, within both the private and public sectors.
Psychology - Degrees in industrial psychology, school psychology, and clinical psychology are recognized as some of the most sought-after and employable qualifications to start with in psychology.
Architecture - Education statistics indicate that, within six months of completing their studies, 90% of architecture graduates have either obtained employment or established their own architectural businesses.
Veterinary Sciences - Much like medicine, veterinary is a very competitive major. 95.9% of graduates are employed within six months of graduating.
Law - Numerous people opt to further their legal education beyond their undergraduate studies. Delving into specialized areas at the graduate level and beyond, they improve their chances of employment.

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Technological Impact on Employment Statistics

As younger generations enter the workforce trying to turn the odds of postgraduate employability in their favor, a new set of wellness pillars, including financial stability, mental health, and social connectedness, are reshaping the concept of workplace support. In 2024, a fundamental requirement for both job candidates and existing employees will be the flexibility to explore career advancement options as the job market undergoes transformation.

According to a collaborative study conducted by Boston Consulting Group (BCG) and The Network, a global consortium of over 60 prominent recruitment websites, 65% of workers are dedicating more of their personal time than ever to acquire skills that can be applied across various job opportunities.

Furthermore, as per LinkedIn's Workplace Learning Report, a staggering 94% of employees expressed a desire to stay longer with their employers if there was an emphasis on prioritizing career development. Granting employees a sense of agency over their career paths empowers them to foster personal and professional growth, ultimately enhancing their productivity and engagement.

As organizations assess the most suitable learning options for their workforce, upskilling emerges as the simplest and most frequently adopted approach.

Upskilling empowers employees to bolster their current skill sets or acquire new ones to progress in their careers. For instance, an IT professional aiming to enhance their programming abilities might opt for a coding workshop or a virtual conference. According to the World Economic Forum, it is anticipated that by 2025, approximately 85 million jobs currently performed by humans will be replaced by positions operated by machines, underscoring the growing demand for upskilling opportunities within the workplace.

In addition to enhancing their current skills for career progression, employees have the option to expand their professional growth by acquiring entirely new skills for roles in different fields or departments.

Reskilling equips employees with the capabilities necessary to take on fresh responsibilities within their organizations. For instance, if an accounting specialist wishes to acquire the essential skills for a sales role, managers can facilitate the transition by offering opportunities for shadowing, training sessions, and skills courses. According to the survey conducted by BCG and The Network, nearly seven out of ten employees express willingness to embrace reskilling, particularly in a dynamic work environment where job requirements continue to evolve.

30% of Employees Worldwide Fear That AI Might Take Their Jobs

The forecast by SEO.AI suggests that AI can potentially replace approximately 800 million jobs across the globe by 2030, it's no surprise that the world is filled with anticipation. The economic outlook is equally remarkable, with the projected economic influence of AI soaring to an enormous $15.7 trillion by the same year.

Approximately 14% of workers have experienced job losses due to automation or robots.
In May 2023, around 3,900 job losses in the United States were directly tied to AI.
British Telecom has set a goal to replace 10,000 staff members with AI within the next 7 years.
The advent of early AI and automation has already led to a decrease in wages by as much as 70% since 1980.
It is expected that educated, white-collar professionals will be the most significantly impacted by automation.
A noteworthy 81% of office workers believe that AI has a positive impact on their job performance.
About 30% of workers express concerns about the possibility of their jobs being replaced by technology in the near future.
More than half of individuals aged 18 to 24 are anxious about the potential job displacement caused by AI.
A substantial 81.6% of digital marketers foresee that content writers may lose their jobs due to AI.

Gender Disparities in Employment: The Numbers

According to the International Labour Organization, securing employment poses a significantly more formidable challenge for women than men. When women do secure jobs, they often find themselves in low-quality positions with precarious working conditions, and the prospects for improvement in the foreseeable future appear bleak.

Presently, the global labor force participation rate for women hovers just below 47%, in stark contrast to the 72% rate for men.
This represents a considerable gap of 25%, with certain regions experiencing disparities exceeding 5%.
Women's difficulty in finding employment is particularly pronounced in Northern Africa and the Arab States, where female unemployment rates surpass the 20% mark.
Many countries stand against gender discrimination employment, which is confirmed by their ongoing effort to eliminate any form of workplace unfairness.
From an economic standpoint, narrowing the gender gaps in labor force participation could have a substantial positive impact on the global GDP.

Representation of Women in Leadership Roles

According to the Global Gender Gap report, no nation has attained complete gender parity. The leading nine countries have made significant progress in narrowing their gender gaps, with closure rates of at least 80%. These top performers include Norway, Finland, New Zealand, Sweden, Germany, and Lithuania.

Notably, Iceland stands out as the sole country to reach a remarkable 90% closure rate, specifically 91.2%.
Additionally, Namibia, at 80.2%, and Nicaragua, at 81.1%, are two unexpected countries that have secured spots in the top ten rankings.
Ireland (79.5%) and Rwanda (79.4%) have fallen out of the top 10 countries in the gender parity rankings.
In previous reports, North America consistently held the lead in the Index. However, this year, with a ranking of 75%, the region has moved to the second position, while Europe has taken the lead with a score of 76.3%.
Women have re-entered the labor market at a slightly higher rate than men, but overall participation numbers remain relatively low. In 2023, the labor force participation rate increased from 63% to 64%, although it still falls short of the peak at 69% in 2009.
Despite these improvements, a significant portion of women are engaged in informal employment, constituting 80% of employment opportunities for women as opposed to 67% for men.
As of 2023, women comprise 41.9% of the workforce.
However, the proportion of women in senior leadership positions (Vice-President, Director, or C-suite) has witnessed a decline of 10%, reducing it to 32.2%.
In sectors such as consumer services, retail, and education, the ratio of women in C-suite positions compared to entry-level roles falls within the range of 64% to 68%.

Statistics on Women in Non-Traditional Fields

According to the World Economic Forum, the Healthcare and Care Services sector remains predominantly female-driven, with women's employment rates making up 64.7% of the workforce.
In Education and Consumer Services, women also outnumber men, though to a lesser extent, with figures of 54.0% and 51.8%.
The Government and Public sector is the only industry demonstrating a relatively balanced gender distribution, with women comprising nearly half (49.7%) of the workforce in 2023.
Industries where women are underrepresented but still constitute more than 40% of the workforce, surpassing the global average of 41.9% and the median of 42.4%, include Retail (48.7%), Entertainment Providers (48.4%), Administrative and Support Services (46.5%), Real Estate (44.7%), Accommodation and Food (43.3%), and Financial Services (42.4%).
In contrast, women's representation is notably low in sectors like Oil, Gas, and Mining (22.7%) and Infrastructure (22.3%), accounting for less than a quarter of the workforce.
Industries that have seen an upward trend in women's representation from 2016 to 2022 include Government and Public Sector (+1.8%), Agriculture (+1.24%), Infrastructure (+1.16%), Consumer Services (+1.1%), Professional Services (+0.95%), and Technology, Information, and Media (+0.94%).
Women continue to face underrepresentation in senior leadership positions across all industries, notably in fields like Manufacturing (24.6%), Agriculture (23.3%), Supply Chain and Transportation (23.0%), Oil, Gas, and Mining (18.6%), and Infrastructure (16.1%).
In the C-suite roles, women account for 25% on average, which is just over half of the representation in entry-level positions at 46%. Sectors like Construction, Financial Services, and Real Estate present particularly challenging conditions for aspiring female leaders, with C-suite representation falling below 50%.
A notable gap exists between the share of women in highest-level contributor positions (44.0%) compared to women in Manager (35.5%) or Director roles (36.8%).
This gender disparity becomes even more pronounced in higher-ranking positions, with men occupying 71.7% of Vice-President (VP) roles and 74.6% of C-suite positions on average.

Women pursuing a career in science, technology, engineering, and math will find this article about women in STEM most useful.

The Future of Employability

Predictions and trends for postgraduate employability are subject to various factors, including the evolving job market, technological advancements, and economic conditions. Here are some key insights and potential impacts, including the influence of Artificial Intelligence (AI) on job numbers:

Skills Alignment: As industries continue to transform, there's a growing emphasis on aligning one's skill set with industry demands. Graduates who possess relevant, up-to-date skills are more likely to find employment opportunities.
AI and Automation: The impact of AI and automation on job numbers is a critical consideration. While these technologies may replace certain routine tasks, they also create opportunities in the fields of AI development, data science, and robotics. Job seekers with skills in AI and tech-related fields are likely to benefit from these trends.
Remote Work: The COVID-19 pandemic accelerated the adoption of remote work. Even post-pandemic, many companies are embracing hybrid or fully remote work models. Graduates who can adapt to these new work environments and leverage digital tools will have a competitive edge.
Sustainable Careers: Sustainability and environmental concerns are driving job opportunities in green and renewable energy, environmental conservation, and sustainability roles.
Healthcare and Aging Populations: With aging populations in many countries, healthcare and related fields are expected to experience growth. This includes opportunities for healthcare professionals, caregivers, and medical researchers.
Tech and Cybersecurity: The increasing importance of technology in daily life has created a strong demand for professionals in cybersecurity, software development, and IT, being areas that are always in high demand.
Soft Skills: Soft skills such as communication, flexibility, and problem-solving are increasingly valued by employers. Graduates who can effectively combine technical skills with good soft skills will have the upper hand.
Global Markets: The global nature of business means that graduates with cross-cultural competencies and foreign language skills are valuable in international companies.
Diversity and Inclusion: Many companies are actively working toward diversity and inclusion. Graduates with a commitment to these principles and an understanding of diverse perspectives may have a competitive edge in the job market.
Entrepreneurship: Some graduates may opt for entrepreneurial ventures, leveraging their education and innovative ideas to create their own opportunities.

In conclusion, the job market for post-graduation employment is multifaceted and influenced by various factors. While AI and automation may affect certain industries, they also create new opportunities. Flexibility, adaptability, and continuous learning will be crucial for graduates to thrive in a rapidly evolving job market.

Final Thoughts

While a degree opens doors, it's your skills, experiences, and mindset that determine your success in a dynamic job market. The key takeaways underscore the importance of self-improvement, networking, and resilience in building a fulfilling and lasting career.

As you embark on your post-graduation path, keep in mind that employability is not just about finding a job; it's about shaping a meaningful and prosperous future for yourself. So, invest in your skills, stay open to new opportunities, and maintain a healthy work-life balance as you navigate the exciting world of post-graduation employment.

Employability is not solely about finding a job but also about building a fulfilling and successful career. It's a journey that requires continuous self-improvement and resilience if you want to correspond to the constantly evolving job market.

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