06.02.09 | Rejection is Certain for Grad Students
You know the market is tough when Harvard University is holding seminars on how to handle rejection. Yep, I’m afraid the days of the red carpet being rolled out for freshly minted college grad students are gone – or at least temporarily suspended.
Many experts advised while the job market was slumping it would be prudent to go back to school, beef up your skill set, get your MBA, and resurface ready to market yourself and land that high paying job. But those dreams appear to be just that – dreams.
What graduate students find awaiting them now is a heap of student loan debt and an even more competition job market than when they entered grad school. In April of ‘07 the unemployment rate was at 4.5%, opposed to the staggering 8.9% we currently see today (the highest it’s been since September ‘83). As good as your alumni network is you’re asking a lot to land a high paying job right now. More polished candidates with years of experience are scooping up those jobs, and doing so for thousands less than their degree would have garnered them a few years ago.
Things will turn around as Warren Buffet said earlier this year. “Amid this bad news never forget that our country has faced far worse travails in the past…and we’ve overcome them.” Buffet was referring to the two World Wars and Great Depression that has plagued our nation. But those words ring hollow to those who don’t have a billion in the bank. For them the future can’t get here soon enough.
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Five most recent graduate financial aid blog posts:
