Jansing and Co | February 21, 2013
>>> that expensive degree is becoming the new high school diploma . "new york times" reports that a four-year degree is an increasing requirement for jobs that don't use college-level skills. receptionists, dental hygienists, clerks, claims adjusters. i'm joined by catherine rample. good to see you.
>> good to be here.
>> there's a trillion in student loans right now, and a college degree isn't getting you what it used to. you call this degree inflation. what exact is that?
>> it means that employers are requires bachelor's degrees for jobs they didn't used to. it's sort of inflating the credential from one level to the other?
>> i think it's for a few different reasons. in some occupations, the job duties have actually changed, gotten more technical, things like lo jestics or supply chain management , you may need different skills today than you used to, but for most of these occupations, it seems, a, there are so many people going to college that if you don't go to college, it's assumed there's something wrong with you, you must be unambitious or alternates slow or something along those lines, that the norms have changed. and b, there's such a huge glut of workers out there, employers know they can be picky, basically.
>> the norm used to be you didn't want to hire somebody who was overqualified, because the minute something else comes up, they're going to leave.
>> that's changed, because employers know through so few opportunities. they know they can hold on to these people who are overqualified, because they're grateful to get any job they can.
>> let's talk about the good news, especially for folks out there with big student loans or parents who spent a lot of money trying to help their kids get a better job. sometimes there's an up side.
>> absolutely. if you're talking about, well, is college worth it or isn't it worth it? it's worth it compared to what? you think about the people who didn't put in the four years, they're getting shut out of from these opportunities all together. at least if you have the college degree , you're getting a job. if you look at the unemployment rates for college graduates versus people who just went to high school , they're about twice as high for people who went to high school . at least ugetting a job if you have a degree, and even if the economy picks up, you know, there will be opportunities for growth.
>> you talk about one young woman who was a fashion and retail management graduate, $100,000 in students loans, work fog $37,000 a year as a receptionist, but she seems happy.
>> the previous opportunities had been working at a retail cash register , works at a makeup store, at a bridal boutique, working at an office that's much nic nicer, she is has benefits, a steady paycheck, she knows her hours. she has a lot of debt, but she's better off than she would have been had she not had it.
>> where does this leave people without a four-year college degree ?
>> absolutely. a lot of people are prized out of the market altogether.
>> is great article. thank you for coming in.