For the first time, the unemployment rate for recent college graduates has exceeded the national average, reaching 6.6% over the past year. This trend challenges the long-held belief that higher education guarantees superior employment opportunities.
Economists, including Matthew Martin from Oxford Economics, suggest that the rise of artificial intelligence (AI) is a key factor, with companies increasingly utilizing AI to fill roles traditionally held by entry-level workers. Nariman Farvardan, president of Stevens Institute of Technology, anticipates that the disruption caused by AI will be more profound and enduring than that brought by the internet, potentially lasting up to 15 years. He explains that AI has the capacity to either augment or entirely replace jobs involving repetitive physical or cognitive tasks, impacting not only new graduates but also seasoned professionals engaged in such tasks.
Despite this challenging environment, some graduates are successfully navigating the new landscape. Kaylee Totten, a computer science graduate from Stevens, secured a position with Verizon following an internship. She highlights the critical role of networking and the valuable opportunities that entry-level positions can provide.
Farvardan advises students to prioritize an education that cultivates continuous learning over a narrow focus on specific skills. He believes that individuals who can innovate alongside AI will be better positioned to thrive in the evolving job market.