Competition in the job market is extremely tough. There are more students attending university than previous years but the availability of jobs is disproportionably low. Furthermore, the cost of their education is comparable to a decent year’s salary.
A four year undergraduate engineering degree can cost at least $32,000, a commerce degree $35,000 and an arts degree $20,000. Most students require loans to finance their education and graduate with depressing debt. Moreover, this exuberant cost of an undergraduate education does not always result in employment.
Many universities boast high employment rates among their new graduates but do these rates reflect the truth? New graduates are being hired but are they working in their respective professions? Do all of the jobs require a post secondary education?
The Certified General Accounts Association of Canada states in its report Youth Unemployment in Canada: Challenging Conventional Thinking? that in 2005, 24.6% of youth with a university degree who were employed full time were working in professions that did not require a university degree. Moreover in 2011, 57.4% of unemployed youth had recently completed school. In addition to that, youth were not unemployed due to jobs held by baby boomers.
It is evident that new graduates are forced to accept low paying jobs for which they are over qualified. One of the reasons is that the Canadian economy is not producing high quality jobs that require higher education since it has shifted from a manufacturing economy to a service oriented economy. However, there is hope. For example, one of the Certified General Accounts Association of Canada’s recommendations is that investment should be made in information and communications technology such as research and development. This, along with several other recommendations, are aimed at improving the competitiveness of Canadian businesses, which will result in a stronger economy and ultimately produce the necessary jobs.
For more information on the Certified General Accounts Associate of Canada and its report Youth Unemployment in Canada: Challenging Conventional Thinking? :