Class of 2012: Finding a Job
Class of 2012, some 2 million strong, will soon be hitting the pavement in search of a job.
First step is you have to figure out your a game plan, whether that’s diving into the job search or applying to graduate school. Or, if you are applying to graduate school will you have a part-time job in the meantime? Will you live at home with mom and dad, as most graduates do, for at least a bit? Figure out your course of action, create a time line and stick to it.
Having a degree works in your favor. Employers are reporting a more than 10% gain in new-grad hiring compared to last year. Graduates also have the potential to earn more money than those with just a high school degree. According to Catalyst, the average weekly earnings in 2011 for an employee with a bachelor’s degree was $1,053, about $400 more than workers with just a high school diploma. That said, don’t get caught up on what your degree is. Just because you studied finance doesn’t mean you have to go work at a bank? I studied finance, but now I work in media.
That leads us to the importance of being flexible. Don’t limit yourself. Consider jobs that may not necessarily be exactly what you studied to do, but still allow you to practice some of the skills you have and learn new ones along the way (oh, and make money.) So, maybe you studied art history. You may not end up working for the Guggenheim right away, but you still know how to write, research, you’re organized, have great technical skills. You might speak a foreign language. You can really apply yourself to many companies. Being flexible also means being willing to relocate or perhaps start out as a temp and work your way into a full-time position.
Social networking can also help you advance to a new job. Twitter — more than Facebook — offers a lot of potential for effective public networking. By identifying some of the leaders and influencers in the industry you’re interested in and followng them and retweeting their ideas, you can catch their eye. From there, they may start following you. It’s really important to be active and engaged online. Maintain an interesting Twitter feed, which doesn’t just mention what you ate for breakfast, but what you’re reading, where you’re traveling, etc. People will start to notice.
Next, think about relocation. If you’re open to relocating, your options will expand. I remember when I graduated from the Journalism School at Columbia. We all wanted to get jobs in New York – the media capital of the country. But our professors urged us to spread out. They said the quickest way to New York is to first leave New York. Get your experience in another market. Be a big fish in a small pond where there isn’t as much competition or saturation, and then later come back to the big city if you want.
Finally, don’t ignore your college debt. If you have loads of credit card debt out of college, you need to stat making money as soon as possible. That may mean not doing your dream job at first or even a job that fits what you studied in school.
If you’re struggling to pay down your student loans, speak with your loan officer about payment plans and options as soon as possible. If you have federal loans, you may be able to qualify for income-based repayment (Check out IBRINFO.org). For all borrowers, you may be able to qualify for a deferment program. If you’re having any economic hardship, such as difficulty finding work or making adequate income upon graduation, you can qualify to postpone your federal student loans for a period of time, assuming your loan is in good standing and you haven’t fallen behind on any payments yet. You might qualify to defer your student loan repayment if you’ve entered a graduate program, a fellowship program, rehabilitation training, or service in the military, as well. Interest will not accrue on subsidized federal loans during deferment. There’s also forbearance, which suspends payment for a period of time and interest does accrue.
