Graduating from college is an exciting, and simultaneously scary, time in one’s life. The future feels open and vast, and the opportunities seem endless yet somehow also slightly out of reach. It’s a great time to look to others for advice and guidance in order to make good decisions and move toward a positive next step.
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Recently Bloomberg Business asked economists to weigh in with career advice for the newest group of millennials to enter the workforce – recent college graduates. Here’s a look at what they had to say.
1. Be glad you’re graduating now.
Economists point out that jobs are currently increasing at a rate not seen since 1999. The unemployment rate for 20- to 24-year-olds spiked 17.2 percent in 2010, but that rate is almost half that level now. Things are turning around. Be grateful that you’re graduating now rather than a few years ago.
2. Consider moving.
Unemployment rates vary significantly region to region and state to state. Consider relocating to an area that has more opportunities in your field if you can manage it. It could make a big difference in your immediate job prospects and the long-term future of your career. The PayScale Index track trends in compensation across the U.S. and by metro area; PayScale’s Cost of Living Calculator tells you if the potential change in pay adds up.
3. Get more education.
So many factors go into job success; depending on your field, education may be one of them. Check out PayScale’s College ROI Report to learn more about which schools and degrees could make the biggest difference. Acquiring an advanced degree opens the door to more professional opportunities and options, and it can lead to a bigger paycheck as well.
4. Don’t do something that’s routine.
So called routine jobs (work that is steady and largely predictable) have been on the decline since 1982. This kind of work is more easily accomplished through the use of technology, and these positions are being absorbed within other job descriptions as a result, or they’re being eliminated altogether because computers are able to do them more cheaply. Do something exciting, dynamic, and shifting. This ensures your job security, and it will also help you stay stimulated and invested in what you do.
5. Consider STEM.
Jobs in science, technology, engineering, and mathematics are on the rise, and there is a skill shortage when it comes to filling them. The practical move would be to consider pursuing one of these fields if this kind of work interests you. There could be fantastic far-reaching career implications as a result.
Be sure to check out all of the tips offered by economists in the full report for more information.
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What economic factors do you think that graduates should keep in mind? We want to hear from you! Leave a comment or join the discussion on Twitter.