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Hot jobs for tomorrow's grad
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April 30, 1999: 10:31 a.m. ET
Computer-related degrees will rule, thousands of other grads will be left out
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NEW YORK (CNNfn) - There's little in the way of bad news emanating out of college recruiting offices these days.
Seniors are getting job offers before the ink dries on their diplomas. Starting salaries are higher than ever and the economy is still powering ahead in a low-unemployment, low-inflationary environment.
Those tracking the "complex" labor market, however, say it is important for current college students, and those bound for the halls of academia, to keep in mind that record-low jobless rates do not necessarily guarantee them the job of their dreams.
"The job market is excellent for many college grads, for the majority even, but I think a lot of the articles out there, that say how great the market is, tend to concentrate on a select number of fields or [job offers to students at] top universities," said Mark Mittelhauser, an economist with the Office of Employment Projections at the Bureau of Labor Statistics.
That does not tell the whole story, he said.
The statistics
BLS reports that one in five college graduates this year will enter this economy and not immediately find a job that utilizes his or her college degree - a statistic that has remained unchanged for the last 10 years.
The bureau also reports that 250,000 more college graduates will enter the labor force each year between now and 2006 than there will be new college-level jobs created. That means 18 percent of new college graduates may not be able to find college-level jobs.
"There are a substantial number of grads with degrees that are not as sought after, and also those who go to universities that aren't quite as prestigious, or highly ranked, who end up in jobs that don't make use of their degree," Mittelhauser said. "Not every college degree is created equal."
He emphasized that does not mean graduates are not finding jobs. On the contrary, the unemployment rate among college graduates has hovered around 2.6 percent since 1996 -- far lower than the roughly 4.6 percent national average. In the last year or so, the rate for graduates has dipped even lower.
Mittelhauser said thousands of graduates begin their career in retail- and production-related jobs that do not require a bachelor's degree.
"You don't really hear these kids complaining about being out of work because they are finding jobs," he said. "It's just that they are in jobs that don't make full use of their college education."
The market today
Before you toss your diploma in the trash though, Mittelhauser noted the labor market as a whole "remains very strong." For those with the "right" diplomas, in fact, their bargaining power is at an all time high.
The most heavily recruited grads this year hold degrees in engineering, software design and development, computer programming and information systems, the National Association of Colleges and Employers reports. Many other majors, though, are also getting their fair share of job offers.
Camille Luckenbaugh, employment information manager for NACE, said this suggests the job market is broadening out.
"There's really a mix out there, where we are seeing a lot of offers being extended in the fields of public and private accounting, management positions, consulting and sales," she said. "It's nice because it really does offer an array of things and I think it mirrors what we've seen in the economy as a whole. Overall, it seems like there's a little bit out there for everyone."
NACE's 1999 survey of the job market shows that 54.9 percent of employers plan to hire more workers this year, 36.7 percent expect no change, and 8.4 percent plan to cut back on their hiring plans (though they still plan to hire).
The greatest losses are in the manufacturing sector, where opportunities for new degree holders are expected to fall by 6 percent.
Looking ahead
In the years ahead, the BLS said computer-related degrees will reign. Systems analysts, computer engineers, database administrators, computer support specialists, and other computer scientists are projected to be the fastest growing jobs in the economy from now until 2006.
The U.S. economy is projected to generate 1.13 million college-level jobs each year between 1996 and 2006, more than 8 percent more than the 1.05 million job openings created over the prior decade, BLS reports.
The study reveals that the major occupational groups providing college-level jobs are expected to grow more rapidly than the 14-percent increase in employment of the overall economy, all of which bodes well for the college graduate.
Professional specialty jobs, the largest source of college-level jobs, are projected to be the fastest growing. These positions will account for more than half of all college level openings due to growth between 1996 and 2006 - about 400,000 jobs each year.
In that category, computer engineers, computer scientists and systems analysts will claim the bulk of the jobs - their numbers are expected to double from the 1996 to 2006 period. Elsewhere in the professional specialty group, engineers, teachers, registered nurses, therapists, physicians and social workers will reap the benefits of numerous job openings.
(Click here for the Bureau of Labor Statistics' job growth projections)
By contrast, jobs in the occupational category -- including agricultural, craft, production and administrative support - will grow the slowest.
Prepare ahead of time
In today's go-go job market, Mittelhauser said it is tough for new degree recipients to imagine any difficulty landing that perfect job. But statistics show that thousands of grads with low-demand degrees will have to start their career in a more service-oriented setting.
If you are just starting out in your pursuit of higher education, you might want to take a closer look at the types of degrees that will get you hired at the outset. Mittelhauser said you would be wise to research your career path, and take the steps necessary - before graduation - to make yourself more marketable.
"More than ever, job seekers need to become familiar with the job market in their chosen fields and tailor their skills to the requirements of employers," he wrote in the latest BLS report. 
-- by staff writer Shelly K. Schwartz
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