statistics phd job market

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Resources for Students
Preparing for graduate school

Understanding the job market

Most graduating PhDs seeking jobs in academia, government, or industry will participate in the job market for economists and may interview for positions at the ASSA Annual Meeting in early January.

The job market process

The AEA provides a guide to the job market process created by John Cawley. It details the following:

Job openings for economists

The American Economic Association provides the JOE Network (Job Openings for Economists Network) for employers and job-seekers who are participating in the annual economics job market cycle.

AEA Committee on the Job Market

The AEA's Committee on the Job Market posts information and updates in various reports and webinars on the economics job market.

Current salary and job market information

There are several sources of current salary and job market information for economists:

The Fed describes potential career opportunities for economics PhDs
The Fed describes research assistant opportunities for those without PhDs in economics
The Center for Business and Economic Research at the University of Arkansas conducts an annual " Survey of the Labor Market for New Ph.D. Hires in Economics ."
The American Economic Association publishes results of its Universal Academic Questionnaire in each May issue of AEA Papers and Proceedings .
The Bureau of Labor Statistics publishes information on economists in the Occupational Outlook Handbook .

Career earnings

The economics profession, universal academic questionnaire (uaq).

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Dissertation Areas and Joint PhD Programs
PhD Career Outcomes
PhD Proposals and Defenses

PhD Job Market Candidates

PhD Research Community
100 Years of Pioneering Research
Rising Scholars Conference
Yiran Fan Memorial Conference
Frequently Asked Questions

This page contains a list of the Stevens Doctoral Program's current job market candidates for the 2023-24 academic year.

For our Economics candidates, please email Malaina Brown , Eric Budish , and Matt Notowidigdo . For our Finance and Joint Program in Financial Economics candidates, please email Zhiguo He . Please contact Malaina Brown for all other job market candidates. You can find candidates by area: Accounting , Behavioral Science , Econometrics and Statistics , Economics , Finance , Joint Program in Financial Economics , Management Science and Operations Management , and Marketing .

We also invite you to review job market candidates at the University of Chicago’s Kenneth C. Griffin Department of Economics . You can find full details about current and past PhD student Career Outcomes here.

Roope Keloharju

Job Market Paper: Hidden Ownership: Money Laundering Enforcement and Its Impact on Tax Haven Firms' Ownership Disclosures Dissertation Chairs: Hans Christensen Research Interests: Financial crime, nonprofit sector, foreign investment disclosure Roope's Website Roope's Email Roope's CV

Maria Khrakovsky

Job Market Paper: Disrupting Consistency in Accounting Dissertation Chair: Philip Berger Research Interests: Regulation, accounting standards, incentives and contracting, disclosure Email Maria Maria's Website Maria's CV

Fabian Nagel

Job Market Paper: Consumer Bankruptcy Audits Dissertation Chair: Christian Leuz Research Interests: Banking, Auditing, Consumer Credit Email Fabian Fabian's Website Fabian's CV

Hristiana Vidinova

Job Market Paper: Forward-Looking Loan Loss Provisioning Under Imperfect Forecasts Dissertation Chairs: Haresh Sapra Research Interests: Accounting Theory, Banking, Behavioral Studies, CSR Hristiana's Email Hristiana's Website Hristiana's Linkedin Hristiana's CV

Behavioral Science

Check back next year for candidates in Behavioral Science.

Econometrics and Statistics

Shuo-chieh huang.

Job Market Paper: Model Selection for Unit-root Time Series with Many Predictors Dissertation Chair: Ruey S. Tsay Research Interests: Distributed learning, Time series analysis, Optimal transport, Econometrics Email Shuo-Chieh Shuo-Chieh's Website Shuo-Chieh's CV

Olivia Bordeu

Job Market Paper: Commuting Infrastructure in Fragmented Cities Dissertation Chairs : Erik Hurst and Esteban Rossi-Hansberg Research Interests: Trade, Spatial Economics, Urban Economics, Public Finance Email Olivia Olivia's Website Olivia's Linkedin Olivia's CV

William Cockriel

Job Market Paper: Machines Eating Men: Shoemakers and their Children After the McKay Stitcher Dissertation Chairs: Richard Hornbeck Research Interests: Economic History, Labor Economics Email William William's Website William's CV

Benedict Guttman-Kenney

Job Market Paper: Unraveling Information Sharing in Consumer Credit Markets Dissertation Chairs: Matthew Notowidigdo and Neale Mahoney Research Interests: Household Finance, Behavioral Email Benedict Benedict's Website Benedict's CV

Pauline Mourot

Job Market Paper: Sorting and Complementarities in Healthcare: Hospitals and Surgeons Dissertation Chairs: Neale Mahoney (co-chair), Joshua D. Gottlieb (co-chair) Research Interests: Health Economics, Labor Economics, Industrial Organization, Organizational Economics, and Public Economics Email Pauline Pauline's Website Pauline's Linkedin Pauline's CV

Lillian Rusk

Job Market Paper: The Origins of Parenting Dissertation Chair: Magne Mogstad and Matthew Notowidigdo Research Interests: Applied microeconomics, labor economics Lillian's Email Lillian's Website Lillian's Linkedin Lillian's CV

Christoph Schlom

Job Market Paper: Price Distribution Regulation Dissertation Chairs: Phil Reny Research Interests: Economic Theory, Industrial Organization Christoph's Email Christoph's Website Christoph's CV

Karthik Srinivasan

Job Market Paper: Paying Attention Dissertation Chairs: Alexander Frankel and Devin Pope Research Interests: Applied Microeconomics, Behavioral Economics, Labor Economics Karthik's Email Karthik's Website Karthik's CV

Young Soo Jang

Job Market Paper : Are Direct Lenders More Like Banks or Arm’s-Length Investors? Evidence from Loan Agreements and COVID-Related Distress Dissertation Chairs: Steven Kaplan and Amir Sufi Research Interests: Corporate Finance, Entrepreneurial Finance Email Young-Soo Young-Soo's Website Young-Soo's Linkedin Young-Soo's CV

Joint Program in Financial Economics

Job Market Paper: Flighty Capital Flows and the Making of Risky Currency Dissertation Chairs: Ralph Koijen and Greg Kaplan Research Interests: Asset pricing and international macro finance Email Zhiyu Zhiyu's Website Zhiyu's CV

Sangmin (Simon) Oh

Job Market Paper: Social Inflation Dissertation Chair: Ralph Koijen Research Interests: Asset pricing, Insurance, Household Finance, Macroeconomics Email Simon Simon's Website Simon's CV

Michael Varley

Job Market Paper: Contractual Lock-in: Prepayment Penalties and Mobility Dissertation Chairs: Amir Sufi Research Interests: Real Estate, Banking, Household Finance, Corporate Finance Email Michael Michael's Website Michael's CV

Jingtao Zheng

Job Market Paper: Dividend Flows and the Foreign Exchange Rate Dissertation Chairs: Raghuram Rajan and Wenxin Du Research Interests: International finance, asset pricing, commercial real estate, FinTech. Email Jingtao Jingtao's Website Jingtao's Linkedin Jingtao's CV

Management Science and Operations Management

Job Market Paper: Stochastic Modeling and Control in Ridesharing and Online Systems Dissertation Committee Members: Baris Ata, Rene Caldentey, Amy Ward, Yuan Zhong, and Yuwei Zhou Research Interests: Stochastic Modeling and Control; Operations/Supply Chain Management; Online Content Moderation; Machine Learning Email Amir Amir's Website Amir's Linkedin Amir's CV

Gulin Tuzcuoglu

Job Market Paper: Studying the Effect of Team Familiarity in Surgical Teams Dissertation Chairs: Dan Adelman Research Interests: Machine Learning, Data Science, Causal Inference, Operations Research, Forecasting Email Gulin Gulin's Website Gulin's Linkedin Gulin's CV

Shweta Desiraju

Job Market Paper: Reason defaults: Presenting defaults with reasons for choosing each option helps decision makers with minority interests Dissertation Chairs: Berkeley Dietvorst & Oleg Urminsky Research Interests: Consumer Well-Being, Defaults, Change over Time, Savings Email Shweta

Minkwang Jang

Job Market Paper: Consumer Time Preferences from Goal-Management Perspective Dissertation Chair: Oleg Urminsky Research Interests: Consumer Decisions over Time, Intertemporal Choice, Social Inferences in the Marketplace, Judgment and Decision Making Minkwang's Website Minkwang's CV Email Minkwang

Daniel Katz

Job Market Paper: How Product Reviews Impact Consumers’ Judgments, Emotions, and Purchase Behaviors Dissertation Chairs: Daniel Bartels & Abigail Sussman Research Interests: Financial Decision Making, Consumer Behavior, Text Analysis Danny's LinkedIn Danny's CV Email Danny

Job Market Paper: Who Brings Home the Bacon? How Individuals Living in the Same Household Shop Dissertation Chair: Pradeep Chintagunta Research Interests: Quantitative Marketing, Empirical IO, Shopping Behavior, Family Economics Email Yuxiao

Walter Zhang

Job Market Paper: Optimal Comprehensible Targeting Dissertation Chair: Sanjog Misra Research Interests: Quantitative Marketing, Personalization, Machine Learning, Econometric Methods Walter's Website Walter's CV Email Walter

What is the profile of leading development economists on the PhD job market?

David mckenzie.

I’m part of our recruitment committee this year, which has meant looking at a lot of CVs and job market papers. In doing so, I thought it might be of interest to put together some statistics on what makes for a competitive job market candidate – which can hopefully be useful for those still in grad school, potentially help provide some relief to those currently on the market who worry about whether they have enough papers and whether they need publications or R&Rs, and help correct some misperceptions of what is needed to be successful as an economics grad student these days.

To do this, I put together two samples. The first consists of 46 candidates (35% female) who listed development as a field and were at one of 15 top U.S. programs for development. The second consists of 31 candidates (51% female) who were selected for first-round interviews with the World Bank’s Development Research Group (I have excluded those who were post-docs, or who are several years post-PhD) – with an overlap of 8 candidates on both lists (61% of our interview list were from those 15 programs, but some were in fields like macro or trade). Of course neither list by any means contains all of the leading development economists, but both seem useful samples for highlighting some patterns I found interesting.

1. Pre-docs are still the minority, but lots of people do a masters before their PhD: There has been a lot of recent talk about an increasing tendency for people to do a “pre-doc” before their PhD, where this is a year or more of research experience as a full-time RA, researcher at the Federal Reserve, consultant at an international organization, or working for an organization like IPA or JPAL. Only 37% of the top school sample, and 23% of the World Bank interview sample had done a pre-doc. However, 74% of the World Bank sample had done a separate Master’s degree before enrolling in their PhD. Doing a Master’s is particularly common for non-U.S. students, but doesn’t seem that much different from when I was applying for PhDs almost 25 years ago.

2. The modal development PhD takes 6 years. I remember one of my advisors, Peter Phillips, sitting me down before classes had even started and telling me I should plan to get out in 4 years, and 5 years being reasonably common back then (and just recently I’ve seen several people tweeting David Romer’s “Out in Five” rules ). But now only 17% of the top school sample and 16% of the World Bank sample finished in 5 years, and 65% (81%) in 6 years. I’m not sure how much the pandemic delayed people, but it could have also meant those planning on finishing in 6 did not get to go on the market this year in some cases.

3. The modal job market candidate has 2 research papers, 0 publications, and 0 revise-and-resubmits. There is a perception of a bit of an arms race, where people tool up on pre-docs and Master’s degrees, then take 6+ years, and go to the market with publications or revise-and-resubmits, leading to the fear that we will become like some other social science fields, where you need to have published multiple papers to get a job. But the modal/median job market candidate in my samples have 2-3 papers on their websites, list another 2 in progress (with at most an abstract), and only 35% of the top school sample and 29% of the World Bank sample have any publications, and only around 10% an R&R.

4. Despite the rise of team production, the job market paper continues to be largely sole-authored: 65% of the top school sample, and 74% of the World Bank sample have a sole-authored job-market paper; most of the rest have only one other co-author, who is usually another graduate student; and fewer than 10% have 3 authors. None of the job market papers were co-authored with advisors.

5. RCTs have far from overtaken development, difference-in-differences is the most popular identification method, yes, people still do IV, and no, no one does PSM on the job market: The pandemic may have reduced the ability of people to do some field experiments, but this year at least, only 20% of the top school sample, and only 6% of the World Bank sample were doing RCTs. More than one quarter in both cases were using difference-in-differences. RDD and IVs were used in about 10% of the papers each, and structural models were common in the World Bank sample (which has more trade and macro papers). None of the papers used propensity score matching.

6. Getting your hands on amazing admin data is behind a lot of the job market papers, field surveys were not common (perhaps due to the pandemic): Over half the job market papers in both samples were using some form of administrative data (e.g., data on students within schools, on personnel in government ministries, on banks’ lending decisions, etc.), while only around 10% collected any type of survey data themselves. The pandemic clearly made conducting surveys difficult, but this rise in the use of large administrative datasets shows a big move away from using publicly available survey datasets.

7. Data from big middle-income countries, and English-speaking Africa were most common, with no papers on the Middle East and North Africa, and very little study of the poorest places: In both samples, India, Brazil, and Colombia (and the U.S.!) were the most common countries studied, with a smattering of papers from East Asia, other South Asian countries, and Latin America, and one from Russia with nothing else on Eastern Europe and Central Asia. Of the World’s 25 poorest countries , only one (Mozambique) was the subject of study; of the five countries that contain half the World’s poor , there were papers on India and Bangladesh, but none on Nigeria, DRC or Ethiopia.

Hopefully this is informative to those on both the supply and demand sides of the market, and good luck to everyone on the market this year!

Lead Economist, Development Research Group, World Bank

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Recommended Guidelines on the Academic Job Market Beginning 2022

Monica Gerhardt

AMA recommends moving the job market from Summer to Fall starting in 2022

Updated statement and list of supporting universities The AMA Academic Council seeks to understand and support the evolving needs relating to the Marketing PhD Job Market. To do so, we have conducted focus groups, interviews, and surveys, in cooperation with other marketing academic organizations. We received feedback from over 250 academics, from both hiring institutions and candidates. Thank you for participating in these initiatives!

The key findings of this research were that (1) both faculty and doctoral students prefer a coordinated job market with schedule guidelines, and (2) while the traditional approach had a number of positives, the faculty, and doctoral student respondents also perceived many challenges (see FAQs). Thus, we believe the Covid pandemic engendered upheaval provides a unique opportunity to reconsider and redesign the guidelines for job market participants.

From the survey data and the AMA Academic Council deliberations, a clear theme emerged. Hence, we propose the following guidelines to job market participants:

First-round interviews through videoconferencing in September–October . We recommend scheduling these interviews in the following time windows: September 8–10 and September 22–24.
Flyouts in October–November.
Job offers in November–December.

The rationale: First, most respondents preferred videoconferencing over in-person interviews for the first-round interviews. Furthermore, in line with the recently updated Code of Ethics, the AMA requests that no interviews take place in hotel rooms as a strict policy; consistent with the theme that came from the survey. Second, moving these interviews later than the pre-pandemic norm gives candidates more time to prepare and employers more time to secure an open position. In particular, we recommend that interviews begin only after Labor Day. Third, videoconferencing provides greater flexibility than condensing interviews to a few days while also enhancing equity and inclusion as traveling to AMA for interviews is a barrier for some candidates. The below FAQ provides more details on these reasons.

The Academic Council recommends the last week of September and the first week of October as the preferred video conferencing interviewing period. It focuses on both the job candidates and recruiting schools to a clear and targeted time period. This leaves the rest of October and November for flyouts. Offers are expected to be made no earlier than mid-November through December.

The Academic Council also considered the issue of so-called “exploding offers,” in which students must make a decision within a very tight timeline. The conclusion was that a minimum of two weeks is the preferred norm to maximize fairness and reduce sub-optimal choices by job candidates. Therefore, we recommend that institutions avoid the exploding offer approach.

How about Summer AMA? We are planning several opportunities for candidates and employers to interact, using the current PhD Project and Doctoral SIG activities as catalysts. For this coming Summer AMA, in addition to excellent research content, there are several special programs already planned. These include the PhD Project Marketing Doctoral Student Association Conference, ten expert workshops, the TCR Impact Festival, the Marketing Meets Wallstreet preconference, opportunities for student/employer networking in-person and within the WHOVA app, and more.

Of course, this vision can’t materialize without your help. We invite you to communicate this proposal to your colleagues. By setting the norms for the job market, both candidates and employers can continue to enjoy the structure that respondents told us benefits all job market participants. The AMA has engaged with other marketing academic organizations, and ACR, ISMS, and SMA support our proposals. Please share with us any questions or feedback. We are encouraging hiring managers to indicate whether their institution will abide by these guidelines by filling out this survey (please click here to see schools that have already indicated their support). With your support, we can make this transition successful.

Thank you very much,

The Academic Council of the American Marketing Association

That is a key question we asked ourselves and the respondents. The answer was an overwhelming ‘Yes’ because “The market is too chaotic post-pandemic”

For students, coordination would provide cohesion and reduce the current stress that comes from uncertainty:

“Coordination makes a more efficient and equitable market. The job market is already hard enough on applicants.”
“It provides clarity on expectations, reducing stress for PhD students.”
“It provides Cohesion and timing. Not accepting an offer because you’re unsure about future offers/interviews. Not stressed about timing as it will be less likely that schools will have large deviations in hiring timelines and motivation.”
“Because the current system is horrible. Super stressful for candidates, schools force good candidates to reject good offers in hopes of getting a “better” one (which may not come).”

The survey was distributed via ELMAR, ISMS, and ACR and saw 206 respondents, of which 52% faculty. Pre-pandemic, most were interviewed at Summer AMA while videoconferencing interviews were most common during the pandemic. Reasons for dissatisfaction with traditional recruiting included:

“That the applicants present their job market paper 20+ times in 3 days is highly inefficient.”

“Too many awkward experiences given space, too much intermingling among schools”

“It is quite stressful and somewhat weird to be interviewed in someone’s hotel room.”

Among job market format options, the highest mean score was for “Zoom interviews to set stability in the market”

As to first-round interview timing, October was preferred over August, which was preferred over January.

As to the overall package ‘virtually in October’ was preferred over the traditional approach and over the virtual directory (no coordination). The majority of respondents wanted a joint statement by key academic marketing organizations about the job market.

AMA embarked on a business review and design sprint for the Academic Placement hiring event. The design sprint featured 12 academics to act as experts on the existing process and provide insight into future innovations. These individuals ranged from current students, recent graduates, and a variety of academics at differing stages of their careers, all at R1 universities.

Dhruv Grewal conducted four focus groups on behalf of the AMA Academic Council. These featured 16 individuals, half department chairs and half early-stage academics.

AMA also conducted a listening session in conjunction with the Doctoral SIG for doctoral students and faculty for 60 attendees.

Finally, AMA conducted separate meetings with concerned individuals and other associations, including ISMS and ACR.

The current proposal has been reviewed and discussed in depth by the AMA Support Center, as well as by leadership at the AMA Board, ISMS, ACR, EMAC, and SMA.

Monica Gerhardt is Director of the Academic Communities and Journals at AMA where she delivers community-driven events, supports volunteer leaders and Special Interest Groups, and continues to foster a “sense of home” for fellowship and camaraderie among marketing academics.

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Youth Program
Wharton Online

Career Placement

Wharton prepares you to become an academic leader. our phd graduates have gone on to excel at leading academic institutions, research centers, and enterprises around the globe..

Working with Wharton’s faculty, you are trained in the practices of rigorous research. You learn how to frame questions from a multi-disciplinary perspective through exposure to the broadest range of business knowledge. This breadth and depth of thinking yields new ideas, and scholars who break new ground in their selected area of research.

You leave Wharton ready to contribute meaningfully to your field, typically having published with your faculty mentors prior to graduation. Most Wharton doctoral graduates take positions at leading academic institutions, and many alumni continue working with their Wharton mentors and colleagues, returning to Wharton for conferences and colloquia throughout their careers.

Student Placements

Here’s a list of placements, by program and year of graduation, over the past 10 years:

Visit here for Accounting PhD placements.

Applied Economics

World bank Post doc at NYU Furman center. Treasury’s Office of Financial Research. UT Dallas National University of Singapore

Brattle Group University of Wisconsin Business, Post Doc at Treasury Brattle Group Cornerstone Research Rutgers Business School Cornerstone Research

OECD Federal Reserve Board NYU, Postdoc and Hong Kong University Princeton, Postdoc

University of North Carolina, Chapel Hill University of Texas, Austin Bank of Canada NBER, Postdoc

Stanford University Cornerstone The Vanguard Group

Michigan State Federal Reserve Bank of New York (Post-doc at Chicago Booth) London School of Economics

Cornell University Microsoft Research NERA Economic Consulting University of Colorado, Boulder

Econ One Harvard Business School National Taiwan University Nuna Health Toulouse School of Economics University of California, Merced

Baruch College Clemson University Northwestern University Putnam Investments Research Affiliates

Consumer Financial Protection Bureau Duke University Indiana University University of Delaware University of Wisconsin, Madison

Berkeley Research Group University of Michigan U.S. Treasury Department Sungkyunkwan University, SKK GSB

Note: The Applied Economics program was created in Fall 2008 and, therefore, has placed students beginning 2013.

Ethics & Legal Studies

Visit here for Ethics & Legal Studies PhD placements.

BlackRock Cornerstone Research Drexel University, LeBow College of Business Harvard Business School Rothschild & Co

BlackRock Boston Consulting Group Columbia Business School Kenan-Flagler Business School of the University of North Carolina McGill University MIT Sloan Universidad Carlos III de Madrid University of Hong Kong

Capital One Stockholm School of Economics

Arizona State University Hong Kong University of Science and Technology University of Florida University of Warwick, Warwick Business School

BI Norwegian Business School INSEAD London Business School (2 placements) Peking University University of Hong Kong (2 placements)

Carnegie Mellon University Cornell University Cornerstone Research Peking University Southern Methodist University University of Wisconsin, Madison

AQR Capital Management Carnegie Mellon University, Tepper School of Business Citadel Tulane University, Freeman School of Business University of Chicago, Booth School of Business University of Southern California, Marshall School of Business

Federal Reserve Bank of New York University of Michigan University of North Carolina, Chapel Hill

Boston College Cornell University Federal Reserve Board Michigan State University Ohio State University University of Houston

Google University of California, Los Angeles University of Delaware University of Minnesota University of Oxford

Google University of Delaware

Mingshi Investment Management Peking University Southern Methodist University

Carnegie Mellon University University of British Columbia University of North Carolina, Chapel Hill University of Rochester University of Wisconsin, Madison

Cornell University Getulio Vargas Foundation Southern Methodist University U.S. Securities and Exchange Commission University of Southern California

New York University University of Florida

Cornerstone Research KAIST (Korea Advanced Institute of Science and Technology) University of Iowa University of Minnesota, Twin Cities

Aalto University School of Economics University of California, San Diego

Federal Reserve Board

Health Care Management & Economics

Charles River Associates Baylor University Cornell University Medical Campus (Weill) University of Miami USAID Emory University Securities and Exchange Commission (SEC)

Harvard Business School New York University University of Pennsylvania, Perelman School of Medicine NYU Langone Medical Center Analysis Group

University of Virginia Northwestern University, Kellogg School of Management RAND Corporation University of Pittsburgh Analysis Group

Indiana University Bloomington John Hopkins Bloomberg School of Public Health University of Pennsylvania, Perelman School of Medicine US Department of Health and Human Services

Asian Development Bank RAND Corporation

RAND Corporation

Cornell Medical School RAND Corporation Thomas Jefferson University University of Pennsylvania, Perelman School of Medicine Urban Institute

RAND-UCLA (Joint Post-Doc) San Diego State University Temple University, Fox Business School

Columbia University Peking University Urban Institute US Army Medical Department Telehealth Office

Bill and Melinda Gates Foundation Brigham and Women’s Hospital University of Pennsylvania, Perelman School of Medicine

Massachusetts General Hospital

University of Missouri University of Porto, Faculty of Economics

Bocconi University Ohio State University University of Southern California, Marshall School of Business Rice University New York University, Stern School of Business Massachusetts Institute of Technology

George Washington University University of Texas, Austin

University of Illinois at Urbana-Champaign University of North Carolina, Chapel Hill Sungkyunkwan University

Cornell University Stanford University

University of Texas, Austin University of Wisconsin, Madison

IESE Business School, Barcelona Campus University of LUISS (Rome)

INSEAD Purdue University University of North Carolina, Chapel Hill University of Pittsburgh University of South Carolina University of Texas, Austin

George Washington University University of North Carolina, Chapel Hill University of Washington, Bothell

Georgia State University Moscow School of Management, SKLOKOVO Institute for Emerging Market Studies Nanyang Business School Rutgers University

George Washington University Harvard University INSEAD University of Maryland, Smith School of Business University of Minnesota, Carlson School Washington University, St. Louis

New York University University of Hartford

Instituto De Empresa University of Michigan

Brigham Young University Florida International University National University of Singapore New York Department of Economics University of Illinois-Urbana Champaign

Visit here for Marketing PhD placements.

Operations, Information and Decisions

Visit here for Operations, Information and Decisions PhD placements.

University of Florida Carnegie Mellon University Columbia University Rutgers University

Massachusetts Institute of Technology The Voleon Group

University of Chicago, Booth School of Business University of California, Berkeley Emory University Rutgers University Citadel Air Liquide

INSEAD Massachusetts Institute of Technology, Sloan School of Management University of Vienna DV01

CLVmetrics IBM Stanford University

Carnegie Mellon University Columbia University Queens College Rice University Walmart Labs

Columbia University New Jersey Institute of Technology Yahoo Labs

The Climate Corporation Credit Suisse Rutgers University University of North Carolina, Chapel Hill

Krossover Intelligence Stanford University

Northwestern University US Census Bureau

Harvard University Princeton University University of Pennsylvania

London School of Economics Massachusetts Institute of Technology

Colombia University, Earth Institute (Post-Doc)

Yale University

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Job Market Candidates

MIT Sloan produces top-notch PhDs in management. Immersed in MIT Sloan's distinctive culture, upcoming graduates are poised to innovate in management research and education.

Jenny Allen

Placement: NYU Stern Research Group: Marketing Previous Degrees: BA, Computer Science and Psychology, Yale University; S.M. Management Research, MIT Research Interests: Computational Social Science, Persuasion, Misinformation, Wisdom of Crowds Advisor: David G. Rand [email protected] Jenny's Website

Maya Bidanda

Research Group: Finance Previous Degrees: B.A. Economics and Music, Smith College; S.M. Management Research, MIT Research Interests: Entrepreneurship, Labor and Finance Advisors: Antoinette Schoar, David Thesmar, Christopher Palmer, Lawrence Schmidt [email protected] Maya's Website

Tim de Silva

Placement: Stanford GSB Research Group: Finance Previous Degrees: B.A. Economics and Applied Mathematics, Claremont Mckenna College; S.M. Management Research, MIT Research Interests: Household Finance, Macro-Finance, Asset Pricing, Behavioral Economics, Public Finance Advisors: Jonathan Parker (co-chair), David Thesmar (co-chair), Taha Choukhmane, Larry Schmidt, Eric So Tim's Website

Research Group: Finance Previous Degrees: B.A. Economics, Princeton University; S.M. Management Research, MIT Research Interests: Corporate Finance, Climate Finance, International Finance Advisors: Deborah J. Lucas, Hui Chen, Catherine Wolfram, Chris Palmer [email protected] Joanne's Website

Raquel Kessinger

Placement: Boston College Previous Degrees: M.S. Management Research, MIT; M.B.A., University of Pennsylvania; B.A. Political Science, Vanderbilt University Research Interests: Employee Voice, Social Movements and Organizations, Employee Activism, Relationships at Work, Organizational Culture, Organizational Change Advisors: Kate Kellogg, Erin Kelly, Mary-Hunter McDonnell [email protected] Raquel's Website

Tatiana Labuzova

Research Group: Economic Sociology Previous Degrees: Diploma Summa cum laude, Lomonosov Moscow State University; M.A. Economics, Industrial Organizations, New Economic School; S.M. Management Research, MIT Research Interests: Organizations, Labor Markets, Gender Equality, Careers, Creativity, and Decision Making Advisor: Roberto Fernandez [email protected]

Placement: University of Notre Dame Research Group: Marketing Previous Degrees: B.A. Economics, Fudan University; M.S. Economics, Tsinghua University Research Interests: Quantitative Marketing Advisors: Duncan Simester, Juanjuan Zhang [email protected] Keyan's Website

James Mellody

Research Group: Organization Studies Previous Degrees: B.A. East Asian Languages and Civilizations, University of Pennsylvania; S.M. Management Research, MIT Research Interests: Cultural Diversity in Organizations and Markets; Digital Platforms and the Attention Economy; Coordination in Knowledge Work Advisors: Ray Reagans, Susan Silbey, Ezra Zuckerman Sivan [email protected] James's Website

Arrow Minster

Placement: San Francisco State University Research Group: Institute for Work and Employment Research Previous Degrees: B.A. Economics, Cornell University; M.A. Economics, New School For Social Research; S.M. Management Research, MIT Research Interests: Employment relations, worker voice, intersectional inequalities, healthcare workforce, qualitative methods Advisors: Susan Silbey, Erin Kelly, Thomas Kochan [email protected]

Alex Moehring

Placement: Purdue University Research Group: Information Technology Previous Degrees: B.S. Business Administration and Economics, University of North Carolina at Chapel Hill; S.M. Management Research, MIT Research Interests: Digital Platforms, Social Media, Human-AI Collaboration Advisors: Catherine Tucker, Nikhil Agarwal, Dean Eckles [email protected] Alex's Website

Zanele Munyikwa

Research Group: Information Technology Previous Degrees: B.S. Computer Science, Duke University; S.M. Management Research, MIT Research Interests: Applied Machine Learning, Computational Social Science, AI and the Future of Work, Economics of Digitization Advisors: Erik Brynjolfsson, John Horton, Daniel Rock [email protected] Zanele's Website

Yury Olshanskiy

Research Group: Finance Previous Degrees: Diploma Mathematics, Moscow State University; M.A. Economics, New Economic School; S.M. Management Research, MIT Research Interests: Asset Pricing, Market Microstructure Advisors: Leonid Kogan (chair), Hui Chen, Jiang Wang [email protected] Yury's Website

Lindsey Raymond

Placement: Microsoft postdoc and then HBS Research Group: Technological Innovation, Entrepreneurship, and Strategic Management Previous Degrees: B.A. Economics, Yale University; S.M. Management Research, MIT Research Interests: Economics of innovation and personnel, strategy Advisors: Erik Brynjolfsson, Danielle Li, Sendhil Mullainathan, Scott Stern [email protected] Lindsey's Website

J. R. Scott

Research Group: Finance Previous Degrees: B.S. Economics & Mathematics, University of Southern California Research Interests: Macro-Finance, Asset Pricing, Public Finance Advisors: Emil Verner, Jonathan Parker, Larry Schmidt, Adrien Verdelhan [email protected] J. R.'s Website

Gabriel Voelcker

Placement: Dartmouth College Research Group: Accounting Previous Degrees: B.A. Economics , UFRGS; M.S. Finance, Unisinos; S.M. Management Research, MIT Research Interests: Financial Disclosure, Capital Markets, Corporate Governance and their intersection with social welfare Advisors: Eric C. So, Rodrigo Verdi [email protected] Gabriel's Website

Placement: University of Pittsburgh Research Group: Marketing Previous Degrees: B.B.A, Accountancy, Shanghai Jiao Tong University; M.S. in Management Research, MIT Research Interests: Privacy, Fairness, Platforms, Search, Marketing Analytics Advisors: Catherine Tucker, Duncan Simester, Birger Wernerfelt [email protected] Yifei's Website

Placement: Columbia University Research Group: Organization Studies Previous Degrees: B.A. Neuroscience and Healthcare Management, Washington University; M.S. Business Analytics, Washington University; S.M. Management Research, MIT Research Interests: Organization and coordination of production work. Ethnographic methods. Advisors: Wanda Orlikowski (Chair), Kate Kellogg, Arvind Karunakaran, William Deringer [email protected] Alan's Website

Questions about placement? Contact our placement officer Robert Townsend or placement administrator Shannon May .

Please see 2024 Placements here

Placement history.

The department plays an active role in assisting graduate students with career placement. In a typical year, every MIT Economics PhD graduate finds a job.

Over the past six years, the department has placed a total of 130 graduates in academic, research, and government jobs. Of these, 90 graduates (69%) chose positions at academic institutions and 36 graduates (28%) chose non-academic positions. Of the 90 academic placements, 35 (39%) were at top-15 US economics departments or top-10 US business schools. The tables below break out these proportions for each cohort and highlight some of our top placements.

All placements, 2018-2023

Placements to top economics departments and business schools, 2018-2023.

136 Irving Street Cambridge, MA 02138

Job Status of Humanities Ph.D.’s at Time of Graduation
K - 12 Education
Higher Education
Funding and Research
Public Life
Humanities-Related Employment
Occupations of Humanities Majors with a Terminal Bachelor’s Degree
Occupations of College Humanities Majors Who Earned an Advanced Degree
The Employment Status of Humanities Majors
Gender and the Occupations of Humanities Majors
Earnings of Humanities Majors with a Terminal Bachelor’s Degree
Earnings of Humanities Majors with an Advanced Degree
Effect of Experience on the Earnings of College Majors
Effect of Gender on the Earnings of Humanities Majors
Job Satisfaction of Humanities Majors
Humanities Majors and the Graduate Management Admission Test (GMAT)
Humanities Majors and the Medical College Admission Test (MCAT)
Humanities Majors and the Law School Admission Test (LSAT)
Humanities Majors in the Professions and Other Occupations
Occupations of Master’s Degree Recipients in the Humanities
Occupations of Humanities Ph.D.'s
Earnings of Humanities Master’s Degree Recipients
Earnings of Humanities Ph.D.’s
Job Satisfaction of Humanities Master’s Degree Recipients
Job Satisfaction of Humanities Ph.D. Recipients
Number of Faculty Members in Humanities and Other Fields
Number of Faculty Members in Humanities Disciplines

The annual Survey of Earned Doctorates (SED) —which gathers data from research doctorate recipients when they complete their degree at a U.S. university—highlights three notable trends in the job status of new humanities Ph.D.’s since 1990: 1) a declining proportion of humanities Ph.D.’s are completing their studies with a job in hand; 2) a growing share are taking postdoctoral study positions; and 3) the share of new Ph.D.’s with jobs in academia has declined in recent years.

The following indicators look at the numbers through two lenses. While most indicators examine the entire cohort of new Ph.D.’s and their destinations, Indicator III-20c looks only at those new doctorate recipients with a definite U.S. job commitment, examining how they are distributed among employment sectors (academia, government, etc.).

( Note: These indicators present data for Ph.D.’s in both the humanities and the arts, which the National Science Foundation’s National Center for Science and Engineering Statistics combine in its public reporting of findings from the SED. But because the humanities produces substantially more Ph.D.’s each year than the fine/performing arts , the SED provides useful insight about the state of doctoral education in the humanities.)

The share of new humanities and arts Ph.D. recipients reporting a firm job (academic or nonacademic) or postdoctoral study commitment 1 at graduation fell from 67% in 1990 to 59% in 2020 ( Indicator III-20a ).
While the share of humanities and arts Ph.D.’s with any sort of commitment at graduation declined over the three decades, the percentage reporting a firm commitment for postdoctoral study actually increased, from 4% in 1990 to 12% in 2020. But this rise did not make up for the decline in job commitments, which fell from 63% to 47% over the same time period.
Compared with graduates from other major academic fields, humanities and arts Ph.D.’s were the least likely to have a definite employment or postdoctoral study commitment when they finished their programs in virtually every year examined here (two exceptions are 1990 and 1995, when the share of engineering Ph.D.’s with a commitment was particularly small; Indicator III-20b ). In 2020, for example, when only 59% of new humanities Ph.D. recipients reported a firm commitment, 70% of doctoral degree recipients from all fields combined had such a commitment. The fields with the largest shares of graduates with a commitment in 2020 were mathematics/computer science and behavioral/social science (76% in both cases).
As was true for graduates from almost every other field, the share of new humanities and arts Ph.D.’s reporting a firm commitment experienced peaks and valleys over the past 30 years, with 1995 and 2015 representing low points for several. The year 2015 was the nadir for humanities and arts, with only 55% of graduates having a job or postdoctoral study commitment at graduation.
The degree to which those commitments were for jobs as opposed to postdoctoral study varied considerably across academic fields. The share of humanities Ph.D.’s with a postdoctoral study commitment was markedly smaller than in STEM fields throughout the 1990–2020 time period. But even within STEM there was a substantial range. In 2020, for instance, less than a quarter of math and computer science graduates reported a postdoctoral commitment, while over 41% of physical and earth sciences graduates were pursuing postgraduate study.
The humanities and arts were similar to most other fields in having experienced an increase in the share of new Ph.D.’s leaving their program with a firm commitment for postdoctoral study. The notable exception was the life sciences, which saw a slow—but fairly steady—decrease in share, from 47% in 1990 to 38% in 2020.

Sector of Employment

New humanities Ph.D.’s with a definite U.S. employment commitment were much more likely to have a commitment for an academic job than their counterparts in the STEM fields ( Indicator III-20c ). 2 ( Note : The data do not reveal what kind of academic jobs these are. The published counts include any employment at a university or college, including full-/part-time faculty, administrative, and other jobs). In 2020, 70% of humanities doctoral degree recipients with an employment commitment in the U.S. indicated they would be taking a job in the academic sector. By comparison, in the behavioral and social sciences (the STEM field with the highest share of new Ph.D.’s with an employment commitment in academia), the share of those with a U.S. job commitment entering academia was 51%. For new engineering Ph.D.’s the share was 10%, the smallest proportion among the fields examined here. When comparing these numbers, it is important to remember that a higher percentage of STEM graduates reported a postdoctoral study commitment (Indicator III-20b), and thus the proportion of new Ph.D.’s who remain in higher education in the short-term may not vary as much by field as this indicator suggests.
Over the 30-year period examined here, the share of new graduates with a definite U.S. job commitment who reported taking a job in academia decreased in almost every field, with the share for all fields considered together contracting from 52% in 1990 to 40% in 2020. Among humanities and arts graduates, the share decreased from 80% to 70% over the same time span.
In 2020, the second- and third-largest employment sectors for humanities and arts Ph.D.’s with a U.S. job commitment at graduation were not-for-profits (excluding academic institutions) at 11% and “other” (mainly elementary and secondary schools) at 9%.
In contrast to the humanities, jobs in business or industry made up at least the plurality of reported employment commitments among new engineering and natural sciences graduates in 2020. Only 7% of new humanities and arts Ph.D.’s with a U.S. job commitment reported a business/industry job, compared to 77% of engineering Ph.D.’s and 69% of graduates from physical/earth sciences. The share for all academic fields combined was 40%.

Humanities Disciplines

Among new humanities and arts Ph.D.’s generally (not just those with a U.S. job commitment, as with Indicator III-20c), the share of graduates with various types of commitment differs among the SED’s broad disciplinary categories ( Indicator III-20d ). Over the 2010–2020 time period, history graduates were less likely to have a firm job commitment in academia than their counterparts in “Letters” or in languages and literatures other than English (LLOTE). 3 History also experienced a greater decline from 2010 to 2020 than other disciplines in the share of graduates with such a commitment. In each year during this time period, however, history graduates were somewhat more likely than other humanities graduates to have a firm nonacademic job commitment. The gap between history graduates and their counterparts in Letters and LLOTE was more prounounced when it came to postdoctoral study. In 2020, more than 18% of history graduates reported such a commitment, while less than 10% of Letters and LLOTE graduates did.
In virtually every year from 2010 to 2020, women were somewhat more likely to leave their doctoral program with a definite job commitment in academia than men ( Indicator III-20e ). 4 In 2020, 36% of women had a job offer of this type, compared to 31% of men. As described above, it is difficult to know what kind of academic jobs these are, as publicly available information from the SED includes any employment at a university or college (including full-/part-time faculty, administrative, and other employment) in the academic job category. Among new Ph.D.’s with a job commitment outside academia, the reverse was true, with men consistently—but only modestly—more likely to graduate with a nonacademic job in hand. Women and men were virtually indistinguishable in the share reporting a definite commitment for postgraduate study ( Indicator III-20f ).
Among the individual humanities disciplines over the 2010–2020 time period, only history had a relatively consistent gender differential in the share of graduates leaving their program with a definite academic job commitment. For most of the decade, women completing a history Ph.D. were modestly more likely than men to graduate with such a commitment, although 2020 saw a larger gap, with 32% of women leaving their doctoral program with an academic job commitment, as compared to 25.5% of men. Across all humanities disciplines, men and women with new doctorates were consistently equal (or nearly so, any differences being negligible) in the percentage having nonacademic job commitments. For postdoctoral study commitments, only in languages and literatures other than English was one gender consistently more likely to graduate with such a commitment in hand. In most years a somewhat greater share of men than women graduated having already secured a postdoctoral study position.
1 In the academic, industrial, government, or not-for-profit sector.
2 Information for all employment commitments (in the U.S. or another nation) is not publicly available for all years, and thus the focus here is on job commitments in the U.S. only. In 2020, approximately 10% of commitments reported by humanities and arts graduates (including both postdoctoral study and employment) were outside the United States.
3 “Letters” encompasses American literature (U.S. and Canada); classics; comparative literature; creative writing; English language; English literature (British & Commonwealth); folklore; rhetoric and composition; and speech and rhetorical studies.
4 These are the only two gender categories employed by the SED.

* Reported percentages were calculated on those Ph.D. completers responding to the pertinent survey items (rates of response were not 100%). Counted as having a postdoctoral study commitment are those respondents who reported plans for a postdoctoral fellowship or research associateship, a traineeship, internship or clinical residency, or other study, and excludes respondents who indicated plans for a full-time degree program. Postdoctoral study is not restricted to positions at colleges and universities but also includes training positions in industry, government, and not-for-profit organizations.

Source: National Science Foundation, National Center for Science and Engineering Statistics, Doctorate Recipients from U.S. Universities (Data Tables, Years 1990–2020), Tables 42 and 44, https://www.nsf.gov/statistics/doctorates/ (accessed 4/21/2022) . Data analyzed and presented by the American Academy of Arts and Sciences’ Humanities Indicators ( www.humanitiesindicators.org ).

The data on which this indicator is based are collected as part of the federal Survey of Earned Doctorates , a national census of recently graduated doctorate recipients.

For information regarding the number and type of humanities Ph.D.’s conferred , see “Advanced Degrees in the Humanities” and “Disciplinary Distribution of Advanced Degrees in the Humanities.”

For trends relating to the challenges facing students pursuing Ph.D.’s in the humanities , see “Years to Attainment of a Humanities Doctorate,” “The Age of New Humanities Ph.D.’s,” “Paying for Doctoral Studies in the Humanities,” and “ Debt and Doctoral Study in the Humanities. ”

For information on the occupational outcomes of humanities Ph.D.’s, see “Occupations of Humanities Ph.D.’s” and “Earnings of Humanities Ph.D.’s.”

III-20c: Employment Sector of Ph.D.’s with a Definite U.S. Job Commitment at Graduation, by Field of Degree, 1990–2020*

* Reported percentages were calculated on those Ph.D. completers responding to the pertinent survey items (rates of response were not 100%). ** “Other” mainly comprises the primary and secondary education sector.

Source: National Science Foundation, National Center for Science and Engineering Statistics, Doctorate Recipients from U.S. Universities: 2020 (Data Tables; Years 1990 2005, and 2020), Table 46, https://ncses.nsf.gov/pubs/nsf22300/data-tables (accessed 4/21/2022) . Data presented by the American Academy of Arts and Sciences’ Humanities Indicators ( www.humanitiesindicators.org ).

III-20d: Share of Ph.D.’s with a Definite Commitment for Employment or Postdoctoral Study at Time of Graduation, by Type of Commitment and Field/Discipline, 2010–2020*

Source: National Science Foundation, National Center for Science and Engineering Statistics, Doctorate Recipients from U.S. Universities (Data Tables; Years 1990–2020), Table 67 (for years 2010–2014) and 69 (for years 2015–2020), https://www.nsf.gov/statistics/doctorates/ (accessed 4/21/2022). Data presented by the American Academy of Arts and Sciences’ Humanities Indicators ( www.humanitiesindicators.org ).

III-20e: Share of Ph.D.’s with a Definite Job Commitment at Graduation, by Job Type, Field/Discipline, and Gender, 2010–2020*

* Reported percentages were calculated on those Ph.D. completers responding to the pertinent survey items (rates of response were not 100%).

III-20f: Share of Ph.D.’s with a Definite Postdoctoral Study Commitment at Graduation, by Field/Discipline, and Gender, 2010–2020*

Source: National Science Foundation, National Center for Science and Engineering Statistics, Doctorate Recipients from U.S. Universities (Data Tables; Years 2010–2020), Table 67 (for years 2010–2014) and 69 (for years 2015–2020), https://www.nsf.gov/statistics/doctorates/ (accessed 4/21/2022). Data presented by the American Academy of Arts and Sciences’ Humanities Indicators ( www.humanitiesindicators.org ).

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Dissertation Areas and Joint PhD Programs
PhD Career Outcomes
PhD Proposals and Defenses

PhD Job Market Candidates

PhD Research Community
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Frequently Asked Questions

This page contains a list of the Stevens Doctoral Program's current job market candidates for the 2023-24 academic year.

Roope Keloharju

Maria Khrakovsky

Fabian Nagel

Job Market Paper: Consumer Bankruptcy Audits Dissertation Chair: Christian Leuz Research Interests: Banking, Auditing, Consumer Credit Email Fabian Fabian's Website Fabian's CV

Hristiana Vidinova

Behavioral Science

Check back next year for candidates in Behavioral Science.

Econometrics and Statistics

Shuo-chieh huang.

Olivia Bordeu

William Cockriel

Benedict Guttman-Kenney

Pauline Mourot

Lillian Rusk

Christoph Schlom

Job Market Paper: Price Distribution Regulation Dissertation Chairs: Phil Reny Research Interests: Economic Theory, Industrial Organization Christoph's Email Christoph's Website Christoph's CV

Karthik Srinivasan

Young Soo Jang

Joint Program in Financial Economics

Sangmin (Simon) Oh

Job Market Paper: Social Inflation Dissertation Chair: Ralph Koijen Research Interests: Asset pricing, Insurance, Household Finance, Macroeconomics Email Simon Simon's Website Simon's CV

Michael Varley

Jingtao Zheng

Management Science and Operations Management

Gulin Tuzcuoglu

Shweta Desiraju

Minkwang Jang

Daniel Katz

Walter Zhang

Graduate Outcomes

First-destination survey: overview and reports.

NACE’s First-Destination Survey captures information regarding how new college graduates fare in their careers within six months of graduation. The annual initiative provides clear, concise, and consistent data on the outcomes associated with a college education on a national scale.

View the latest results and access historical reports:

NACE's First-Destination Survey
First Destinations for the College Class of 2022
First Destinations for the College Class of 2022: Interactive Dashboard

A set of blocks create a bar graph with a graduation cap atop the highest bar.

After two relatively down years connected with the COVID-19 pandemic, the outcomes rate for Class of 2022 bachelor’s degree graduates returned to pre-pandemic levels.

The unusual and uncertain times experienced by the college Class of 2021 in its final year was reflected in its outcomes, which improved from last year, but remained down from pre-pandemic levels, according to NACE’s First Destinations for the College Class of 2021 report.

Binders house the standards and protocols set forth for the First-Destination Survey.

NACE’s First-Destination Survey Standards and Protocols were developed by a task force of practitioners, and reflect feedback provided during a public comment period by more than 100 career services professionals. The standards/protocols are designed to address the needs of individual institutions to track graduate outcomes, and can be used to address growing demand by accrediting bodies and governmental agencies.

An empty college lecture hall is pictured.

The College Scorecard limits post-graduate information to salary for the school as a whole. In this article, NACE's research director looks at how three factors—type of school, demographics, and academic program—affect salary results.

Nearly 60% of Class of 2019 bachelor’s grads were employed in full-time positions with a traditional employer and nearly 19% were going on for an advanced degree by the end of 2019.

Class of 2020 graduates got fewer jobs than any other class since NACE first began reporting on employment trends with the Class of 2014.

As was the case with bachelor’s level outcomes, the employment outcomes for graduates earning master’s degrees declined in 2020 in comparison with 2019.

2024 Intern Co-op Report and Guide Combo

Overall unemployment rate Bureau of Labor Statistics

5.0% (April 2024)/ 4.2% (April 2023)

Unemployment rate, bachelor’s degree grads age 20 – 24 Bureau of Labor Statistics

Overall increase in average starting salary, Class of 2022 over Class of 2021 Summer 2023 Salary Survey

Projected hiring decrease for the Class of 2024 Job Outlook 2024 Spring Update

NACE JOBWIRE

Graduate Statistics for the UK

Graduates make a huge impact in the UK economy, job market and workplace, so we wanted to record all of the facts and figures surrounding graduates in one place.

We’ve scoured a huge amount of UK graduate information sources to provide you with all of the latest graduate statistics.

If you want to know the current number of graduates in the UK, the average graduate salary, or which universities have the lowest drop-out rates, and more… It’s all below.

Key UK Graduate Statistics

As of 2023 , estimates show there will be 36.4 million graduates in the UK .
Undergraduate figures increased by 0.4% from 527,070 in 2021 to 529,360 in 2022.
Recent graduates (2020 onwards) currently face an unemployment rate of 12.7% , which equates to over 96,000 unemployed graduates each academic year.
Universities in the UK awarded 133,995 first-class honours qualifications in 2022 , a 14.1% decrease from the 155,955 awarded in 2021.
Business studies graduates achieved the highest number of qualified degrees, with a total of 175,670 graduates in 2022.
Women made up 57.6% of higher education graduates in 2022, with 530,170 women graduating.
On average, 6 in 100 (6.3%) students in the UK drop out of university, an average of 48,548 students each year since 2014.
Male graduates typically at the age of 25 earn 5% more than the average female graduate
The average student loan debt is £46,150 in England and takes and average of 29 years and 4 months to pay off.

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Get our studies on jobs, salaries, recruitment and more as soon as they are published, number of graduates per year in the uk.

In the UK, there are over 800,000 undergraduates and postgraduates leaving higher education each year. Importantly, this is the number of people graduating and does not include those who do not successfully complete their degree .[1]

“There were an estimated 36.4 million graduates in the UK in 2022”

In 2017 (the latest study of this kind), 42% of adults aged 21 to 64 years held a graduate degree, meaning there were over 34 million graduates then. [2] Using annual graduate figures, estimates would show that the figure in 2021 would be around 36.4 million graduates in the country.

Undergraduate numbers have steadily increased in the 2010s. The following graph shows this increase in the number of graduates per year in the UK.

Chart showing number of graduates and postgraduates in the UK each year

Undergraduate figures increased by 7% from 492,355 in 2019/20 to 527,070 in 2020/21.

However, from 2020/21 to the 2021/22 academic year, undergraduate figures increased by only 0.4% from 527,070 to 529,360.

Similar to undergraduates, postgraduate numbers also increased in 2020/21 by 12%. The sharp increase in both undergraduate and postgraduate figures in 2021 is likely due to the drop seen in the 2019/20 year as a result of the pandemic. Postgraduate numbers saw a similar increase in 2021/22 with a 12.9% increase on the previous year, from 345,700 to 390,585.

Gender split of graduates in the UK

The table below shows comparisons of UK graduates by gender from 2019 to 2022: [34]

Female graduates made the largest contribution to the total number of graduates over the previous five years. In fact, females made up 57.6% of higher education students in 2021/22, totalling 530,170. The number of females studying in higher education has increased by 13.5% since 2019/20.

Male numbers have also steadily increased from 332,925 in 2019/20 to 387,690 in 2021/22, a 16.4% increase in male graduates. Graduates who identify as other genders have also increased since 2019/20 from 1,000 to 2,080 in total. A large increase of around 108%. [34]

Chart showing number of men and women graduating in the UK

Which course has the highest number of graduates?

In the UK, typically business studies is the course with the highest number of graduates at a total of 141,125 graduates achieving a degree in this selected field in 2020. In second place, science subjects allied to medicine and biological sciences awarded 159,520 students with a degree in that same year. [1]

At the other end of the scale, veterinary science courses typically have the fewest number of graduates in the UK with just 2,480 graduates entering the market in 2022.

Undergraduate enrolment by ethnicity

The vast majority (71.5%) of undergraduates are white, while Asian students account for the second-largest demographic at 12.9%. The third-largest ethnicity demographic in 2022 was Black students (8.5%), followed by just under 1 in 20 (4.8%) who were from mixed ethnic backgrounds, as well as 2.3% who were from other minority ethnic groups.

first year entrants to undergraduate courses by ethnicity uk

Over a six-year period prior to 2022, the percentage of Asian, Black, Mixed and other ethnic groups beginning an undergraduate course has increased from 24% to 28.5%. [3]

Black students have seen the biggest increase in postgraduate study as figures rose from 5.8% in 2010/11 to 8.3% in 2019/20. Postgraduate entrants who were Asian rose by 2.4% from 9.4% over the same period.[4]

Graduate achievements by ethnicity

A higher proportion of white graduates (36.1%) complete their degree with a first-class qualification than any other ethnicity, closely followed by those with mixed ethnicity (31.3%).

The data below breaks down degree achievement by ethnicity:

According to the UK government, the percentage gap decreased from 26.3% to 20.0% between white and Black graduates getting a first-class or upper second degree from 2015 to 2022. The data suggests the trend is shifting but could take many more years to get to similar levels. [5]

Student dropout rates in the UK

On average, 6 in 100 (6.3%) students in the UK drop out of university. Since 2007/08, dropout rates have decreased by 1.1%, from 7.3% in 2008, to 6.2% a decade later. [6] This would mean an average of 48,548 students each year drop out.

Universities with the highest dropout rates in the UK

The graph below shows the universities with the highest dropout rates:

The university with the highest dropout rate as of the 2019/20 year is Arden University with a dropout rate of 32.3%. This is followed by Point Blank Music School at 19.2% [7]

Universities with the lowest dropout rates

The universities with the lowest dropout rates in the country as of 2019/20 are the Royal Veterinary College (0.4%), the University of Cambridge (0.6%), and the University of St Andrews (0.6%). [7]

Studies show that the majority of universities with the lowest dropout rates can be found in the top 20 on the Complete University Guide’s league table. St George’s and the University of London are just two universities that have one of the lowest dropout scores and don’t sit in the top 20 league table.

Undergraduate courses with the highest dropout rates

IT and computing degrees, such as computer science, have the highest dropout rates with 9.2% not making it.

Undergraduate courses with the highest dropout rates were as follows: [7]

In 2020, 29,360 students in the UK deferred their studies for a gap year due to the pandemic, a 9.4% increase compared to 2019. [8]

Which universities have the best grades in the UK?

Overall, universities in the UK awarded 133,995 first-class honours qualifications in 2022, a 14.1% decrease from the previous year where 155,955 were awarded.

We ranked data based on which universities awarded the most first class honours awards in 2022 below, with the University of Manchester coming out on top with 2,855 given. [9]

Universities with the most first-class degrees in the UK

The University of Leeds ranked second awarding 2,750 first-class honours classifications.

Overall, 197,345 upper second class honours qualifications were awarded in 2020/2021, a 4.1% increase compared to the year before.

UK universities with top employment figures

The University of Cambridge has the highest employability ranking for the 2022 academic year, with the University of Oxford coming in second.

The table below shows the UK universities with the highest employability rank in the 2022 academic year. [32]

Which universities have the best career prospects?

Five institutions based in London ranked in the top ten for the best career prospects in the UK. Imperial College London scored the highest (95%) based on the success of graduates after leaving university with the London School of Economics and Political Science (LSE) scoring slightly lower at 91%. [10]

The graph below shows the top ten universities in the UK ranked by their career prospects:

Best UK universities for business founders

Whilst many graduates full of ambition go on to secure a full-time role, many also opt for a different path and become business founders. The best UK university for the proportion of business founders was found to be the University of the Arts London (15.83%), followed by LSE (14.03%).[11]

The table below shows the top ten universities for producing business founders ranked by the percentage of founders that came from there:

The percentage of business founders is made from the number of graduates from that institution who go on to become business founders.

Graduate schemes: what are they?

Graduate schemes are designed to help someone gain industry experience whilst earning a competitive salary. The aim of the scheme is to allow new candidates to explore various areas of a business in order to broaden their knowledge whilst following a structured program, leading to a successful career for many.

Companies such as Google, KMPG, NHS, and the UK Civil Service are just a few of many large corporations offering graduate schemes on a yearly basis in Britain.

Who is eligible for a graduate scheme?

Graduate schemes require a minimum grade in order to be considered for the role. In most cases, a 2.1 or higher is the grade most companies will look for when recruiting new candidates .

How many graduate schemes do students apply for?

Recent reports show that students on average were applying up to 29 graduates schemes with different employers.

“The NHS receives an average of 85 applications for every graduate position”

In terms of NHS graduate schemes, reports show the public health service receives around 85 applications for each graduate position; they have 17,000 applications for just 200 spaces. [12]

On average, reports show that overall graduate job applications have increased by 41% from 2020 to 2021. [13]

What is the average graduate scheme salary?

The average graduate scheme salary is £30,362 and ranges between £25,000 and £32,000 according to Glassdoor [14] .

If you require more information on this topic, our research team has also compiled a complete analysis of graduate salaries in the UK including a comparison to non-graduates and a variety of job-specific data.

How much do graduate jobs pay by region?

As you would expect, London pays the highest starting salary for graduates at £31,423, with the East of England following at £26,216. In the UK, Northern Ireland pays the least at an average of £22,143 to start. [15]

The table below shows the average starting salary for graduates around the UK:

Graduate starting salaries can clearly vary with a clear financial divide between the North and South of the UK. The total average salary in the UK is £29,669 as of 2023, therefore, only London graduates meet and exceed this.

Which graduate schemes pay the highest?

The highest-paid graduate scheme in the UK is a private finance role for Rothschilds, with a salary of £65,000 followed by investment banking positions with J.P. Morgan, who will pay graduates £58,000 a year. [16]

Most commonly, the highest-paid graduate schemes sit within finance and banking and often exceed the average amount by tens of thousands of pounds.

How many undergraduates gain work experience?

Studies show that the majority (64%) of undergraduates undertake some period of unpaid work experience, with 41% of this group doing so for at least one month. [17]

In 2020, that would mean around 512,227 (64%) students did some period of work experience before entering the job market as graduates, and 210,014 did so unpaid.

“Over 210,000 students work unpaid during their degrees each year”

A separate study from 1995 showed that 82% of undergraduates had some work experience during their degree, comparatively this could indicate modern students are less likely to do work experience. [18]

In terms of employability, most (94%) interns are offered job roles once they have completed work experience, therefore, it is a valuable decision for students to add to their CV. [17]

How long does it take graduates to secure a job?

Securing a job role is a process many students start prior to graduating with many beginning applications in an attempt to begin full-time work as soon as possible once qualified.

Studies show the time it takes for graduates to secure a job varies anywhere between three to 18 months.

Graduate outcomes and employment figures

In 2023, 82% of UK graduates from 2021 were in full-time or part-time employment. That’s around 314,450 graduates employed from that year. [33]

“A typical graduate cohort will see around 82% enter into employment or further studies within a year”

Below is an example of typical graduate outcomes showing the many different paths students choose once they have completed their degrees. The data refers to the graduates who graduating in 2020 and what they were doing when data was analysed in 2022.

Graduate outcomes and employment 2020-2021

Using 2021 graduates the data shows a typical outcome for a year’s cohort of students: the majority 89% are in some form of education or employment, a further 5% go into caring for loved ones and/or travel, while the remaining 5% are unemployed, or unknown.

Degrees with the highest employment in the UK

Degrees related to professional services, tech , and science, had the highest percentage of high-skilled graduates employed in the UK at 93%, closely followed by information and communication professionals (90%).[19] Therefore, the degrees with the highest employment in the UK, are likely those in I.T., tech, and science related fields.

Below is a table which displays the percentage of graduates and/or postgraduates working in various professional industries by the level of skill, giving some indication of employment by degree subject:

9 in 10 (90%) postgraduates who completed their course in 2018/2019 were in high-skilled jobs in 2021. In comparison to this, undergraduates equated to 69% suggesting that postgraduate study makes a prospective employee more likely to be hired.

How many graduates are self-employed?

In 2021, 13,275 graduates (from 2018 onwards) were self-employed , using graduate figures, that would mean only 0.42% of graduates from four academic years became self-employed after graduating.[19]

The table below demonstrates graduate numbers (from two academic years) for self-employment, and those running their own business, or working on creating projects.

What is the average graduate salary?

The average graduate salary in the UK is £30,000 and has been this way since 2015. As we’ve discussed, this varies per region, and graduate schemes often inflate the average when compared to an entry-level role outside of such schemes.

Data from the UK government states that as of 2022, the median nominal graduate salary in the UK is £38,500, however, when adjusted for inflation, the median real-terms salary for graduates is £26,500. [30]

UK graduate salaries per subject area

Science-based subjects such as medicine, dentistry, subjects allied to medicine, biological science, and veterinary sciences pay the highest salary to graduates who achieve a first-class degree and are highly skilled with starting salaries ranging between £31,000 to £35,000. [19]

A medium skilled dentistry role could be a dental assistant, while the high-skilled role in the field could be a dentist. This designation is not a choice we have made in the analysis and comes from the various data sources.

For most roles, if graduates possess a lower range of skills when starting out, the average salary earned is £18,000 with the potential to progress as skillsets are improved.

Best universities for high salaries in the UK

The best university for high salaries is the University College of Estate Management (UCEM), as 29% of its graduates receive a salary of £51,000 or more. This is a remote learning institution specialising in construction and real estate graduates, leading to roles that have higher salaries.

London School of Economics (LSE) is the next highest university with 12% of its graduates hitting the £51,000+ salary mark. [13] In 2021, LSE was offering 41 undergraduate courses therefore not having a specialised pool of undergraduates like UCEM.

The following is a list of the top ten universities ranked by the percentage of graduates earning above £51,000:

The highest published graduate starting salaries for 2021 include law firms White & Case (£50,000), Clifford Chance (£48,000), Baker McKenzie (£48,000), Linklaters (£47,000), technology company TPP (£45,000) and retailer Aldi (£44,000.) [13]

Other studies [31] on universities with the highest graduate salaries have shown:

Graduates of Bayes Business School (formerly Cass) earn an average of £52,167 five years after graduating.
Students leaving the University of Oxford can expect an average salary of £47,618 after five years.
Imperial College graduates earn an average of £45,741 per year after five years.
The average salary five years after graduation for students from the University of Cambridge is £44,190.
University College London graduates achieve an average salary of £40,855 five years after graduation.

Gender pay gap for graduates

Male full-time high-skilled graduates who obtained first-class degree qualifications and entered full-time paid employment in the UK in 2019 were paid on average £26,000 compared to high skilled females who were paid £24,500. [19]

On average, male graduates at the age of 25 earn 5% more than the average female graduate. By age 30, the gender pay gap in annual earnings stands at 25%. [20]

The graph below demonstrates the portion of graduates and their earnings for men and women. [19] Studies do not offer comparative information for anyone identifying as other than male or female.

Lower salary bands on average have a higher percentage of women earning more than men. Whilst an average of 6% more women than men earned more in the salary bracket £24,000 – £26,999, it seems that the gender pay gap widens as the salary band increases. In particular, 7% of males earn £51,000+ compared to just 3% of females.

How many unemployed graduates in the UK?

The graduate unemployment rate is 12.7% for graduates who obtained a degree in recent years (2020 onwards). In 2021, the graduate unemployment rate was 12%, meaning the rate has decreased by 0.7 percentage points.[30]

With the rate of 12%, this would mean, in recent years, there are approximately 96,041 unemployed graduates each year in the UK, based off 2021’s academic year.

When looking at the data regionally, we can see that England, Wales, and Scotland have an average graduate unemployment rate of 5%, while Northern Ireland has just 3%. [2]

How many jobs do graduates apply for?

Most graduates who apply for graduate schemes and job roles will never receive a response from the majority of their applications. With most graduates applying on average to around 25 job roles, they find that the ratio of receiving an invitation to an interview to job applications is just over twenty to one .

Degrees with the highest unemployment in the UK

There are some degree subjects that are more likely to land you a job when you graduate than others. One study analysed the employability of different degrees by asking students to give a rating on the job prospects available to them after graduating.

Media and cultural studies came out as the worst degree subject for employment with students rating it a 2.5/5 on average. As a broad degree, students found that jobs in media were highly competitive and applicants with more specific skills generally fared better.

The degree subject with the second lowest employability rating was European studies (2.8/5). Similar to international relations (3/5), graduates in this sector are often competing for a small number of roles in global organisations, making it a tough job market.

Other subjects that students rated poorly for job prospects were Psychology (2.9/5), which often requires further study to obtain a job, and civil engineering (3.1/5) which saw a 50% decrease in new apprentices in 50% as the sector has struggled to offer new jobs.[28]

UK graduates and Covid-19

The pandemic had a detrimental impact on the opportunities available and career prospects for everyone, but especially graduates who entered the market at the time.

As many were ordered to stay indoors, 75% of graduates noticed a fall in the number of available opportunities in 2020 and 2021, with many (72.6%) graduates feeling less confident about their future. [38] According to the University of Southampton, 83% said that the pandemic had a detrimental impact on graduates’ employment prospects with most graduates saying they had to rethink their future (79.4%). [21]

Furthermore, the ONS found that UK graduates reported a lower life satisfaction score (6.7) than people of their typical age (6.9) and average adults (7.0) during that time. [22]

The pandemic also saw many more graduates in roles that aren’t typically filled by people with degrees. In the UK in 2020, 25.5% of graduates were in a role that was requiring skills less than they had gained in their degree, referred to as a ‘skills mismatch’, this was 5% more in 2019 during the pandemic. [2]

Student finance statistics in UK

Fees to study at university were first introduced in 1998. In 2006, a new system was introduced which would make studying for a degree more accessible. The cost to study was raised to £3,000 in England which would be classed as a tuition loan. As fees gradually increased, the Government raised fees further to £9,000 per year in 2012.

Whilst the pandemic caused record unemployment, graduates were also unable to make repayments. [40] In fact, 201,900 graduates (From various academic years) failed to make repayments through their salary in 2020-21.

How much is the average student loan debt in the UK?

As students in England pay £9,000 a year to study for their chosen degree, they will incur an average of over £46,150 of student loan debt in the 2021/22 year.

In comparison, the average student loan debt varies in other regions, for example, Wales has an average of £33,830, and Northern Ireland has £24,360. Scotland has the lowest average student loan debt at £14,840, this is due to Scottish students not having to pay tuition fees. [23]

When does a student debt have to be paid off?

Whilst the new system implemented in 2012 allows students to defer their student loans during their study, these debts still have to be repaid within 30 years.

The table below shows a graduates minimum earnings (before tax) to have to pay back their student debts:

As you can see, England has the highest repayment threshold allowing graduates to earn up to £27,295 a year before having to start making repayments. In comparison, Northern Ireland has the lowest threshold with graduates beginning repayments once earning £19,895.

The average annual repayment via HMRC per region in order was England (£930), Northern Ireland (£840), Wales (£800), and finally, Scotland (£660.)

How long on average does it take a graduate to pay off their student loan?

As students start making repayment at different thresholds, the average time to pay off a student loan may vary per person. A study revealed that a student loan takes an average of 29 years and 4 months to pay off with the average debt being just under £48k in England. [25]

According to the UK Government, it is expected that just 25% of current full-time undergraduates will repay their full student loan. [26]

Outstanding student debt

The Students Loan Company states that as of 2021, outstanding student loan debt in the United Kingdom reached over 177 billion British pounds starting from 2013/14 when student debts were increased to £9,000 a year.

“Estimates say by 2050, there will be £560 billion of student loan debt in the UK”

England owes the majority of this debt standing at £160 billion with Scotland totalling £6.5 billion, Wales £6.2 billion, and Northern Ireland £4.1 billion. By the middle of the century, the Government predicts that the value of outstanding loans will be around £560 billion. [27]

In 2021, 1,117,000 students took a student loan. The value of student loans equalled £15,908 million.

[1] HESA: Higher Education Student Statistics: UK https://www.hesa.ac.uk/data-and-analysis/students

[2] ONS: Graduates’ labour market outcomes during the coronavirus (COVID-19) pandemic https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/graduateslabourmarketoutcomesduringthecoronaviruscovid19pandemicoccupationalswitchesandskillmismatch/2021-03-08

[3] Gov: First year entrants onto undergraduate study

https://www.ethnicity-facts-figures.service.gov.uk/education-skills-and-training/higher-education/first-year-entrants-onto-undergraduate-and-postgraduate-degrees/latest/

Accessed February 2024

[4] Office for Students: Equality, diversity, and student characteristics data.

https://www.officeforstudents.org.uk/data-and-analysis/equality-diversity-and-student-characteristics-data/

[5] UK Gov: Undergraduate degree results

https://www.ethnicity-facts-figures.service.gov.uk/education-skills-and-training/higher-education/undergraduate-degree-results/latest

[6] Debut: Degree Dropouts

https://debut.careers/degree-dropouts/

[7] HESA: UK Higher Education Performance Indicators –

https://www.hesa.ac.uk/data-and-analysis/performance-indicators/non-continuation

[8] Teaching Abroad Direct: Gap Year Statistics UK

https://www.teachingabroaddirect.co.uk/blog/gap-year-statistics-uk

[9] HESA: HE qualifiers by HE provider and level of qualification obtained 2014/15 to 2021/22

https://www.hesa.ac.uk/data-and-analysis/students/table-16

[10] Complete University Guide: University League Tables 2022

https://www.thecompleteuniversityguide.co.uk/league-tables/rankings?sortby=graduate-prospects

[11] Hitachi Capital Invoice Finance: Which university produces the most CEOs? Via

https://www.businessleader.co.uk/which-university-produces-the-most-ceos/#

[12] NHS: Multi-award winning Graduate Management Training Scheme doubles its intake

https://www.hee.nhs.uk/news-blogs-events/news/multi-award-winning-graduate-management-training-scheme-doubles-its-intake

[13] Highfliers: The Graduate Market in 2021

https://www.highfliers.co.uk/download/2021/graduate_market/GM21-Report.pdf

[14] Glassdoor: Graduate Scheme Salaries in the UK

https://www.glassdoor.co.uk/Salaries/graduate-scheme-salary-SRCH_KO0,15.htm

[15] Prospects Luminate: Graduate Salaries in the UK

https://luminate.prospects.ac.uk/graduate-salaries-in-the-uk

[16] Glide: Highest Paid Graduate Schemes

https://glide.co.uk/guides/highest-paid-graduate-schemes/

[17] Prospects: Students urged to focus on longer work experience for employability boost

https://www.prospects.ac.uk/prospects-press-office/students-urged-to-focus-on-longer-work-experience-for-employability-boost

[18] HEFCE: Nature and extent of undergraduates’ work experience

https://dera.ioe.ac.uk/5159/1/rd19_02.pdf

[19] HESA: Graduates’ salaries

https://www.hesa.ac.uk/data-and-analysis/graduates/salaries

[20] IFS: Gender differences in subject choice lead to gender pay gap immediately after graduation

https://ifs.org.uk/publications/15657#:~:text=At%20age%2025%2C%20the%20average,annual%20earnings%20stands%20at%2025%25 .

[21] AGCAS : The Impact of Covid-19 On Recent Graduates’ Career Decisions And Outcomes

https://www.agcas.org.uk/write/MediaUploads/Resources/Research%20and%20knowledge/826_The_impact_of_Covid-19_on_recent_graduates_career_decisions_and_outcomes_-_July_2021.pdf

[22] ONS: Coronavirus and higher education students. November 2021 https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandwellbeing/bulletins/coronavirusandhighereducationstudents/5to15november2021

[23] UK Gov: Average Loan Balance on entry into repayment

https://assets.publishing.service.gov.uk/media/62a9a6c8d3bf7f03744c7c90/Average_loan_balance_on_entry_into_repayment.pdf

[24] STS: Student Loan repayment guide 2021

https://www.savethestudent.org/student-finance/student-loan-repayments.html#plan2

[25] Cosmopolitan: It takes a depressingly long time to pay off your student loan

https://www.cosmopolitan.com/uk/worklife/campus/a12443209/how-long-uni-students-pay-student-loans/

[26] UK Parliament: House of Commons Library: Student loan statistics https://commonslibrary.parliament.uk/research-briefings/sn01079/

[27] Statista: Outstanding debt of student loans in the UK 2013-2021

https://www.statista.com/statistics/376411/uk-outstanding-student-loan-debt/

[28] Ice: Is COVID-19 a friend or foe of civil engineering? – https://www.ice.org.uk/news-and-insight/ice-community-blog/august-2021/covid-19-friend-or-foe-civil-engineering

[29] Edu Opinions: Student reviews of the best degrees for job prospects – https://www.eduopinions.com/blog/what-to-study/eduopinions-student-reviews-guide-best-degrees-for-job-prospects/

[30] UK Gov: Graduate Labour Markets 2022 – https://explore-education-statistics.service.gov.uk/find-statistics/graduate-labour-markets

[31] Adzuna: Which Universities Produce the Highest Earning Graduates? – https://www.adzuna.co.uk/blog/which-universities-produce-the-highest-earning-graduates/

[32] Times Higher Education: Graduate Employability – https://www.timeshighereducation.com/student/best-universities/graduate-employability-top-universities-uk-ranked-employers

[33] HESA: Higher Education Graduate Outcomes – https://www.hesa.ac.uk/news/16-06-2022/sb263-higher-education-graduate-outcomes-statistics/activities

[34] HESA: Higher Education Student Statistics: UK, 2021/22 – Qualifications achieved – https://www.hesa.ac.uk/news/19-01-2023/sb265-higher-education-student-statistics/qualifications

[35] HESA: Higher Education Student Statistics: What are HE students’ progression rates and qualifications?- https://www.hesa.ac.uk/data-and-analysis/students/outcomes

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Class of 2024, It’s Not in Your Head: The Job Market Is Tough

By Peter Coy

Opinion Writer

Here is a brutal fact for the college class of 2024: There aren’t enough college-level jobs out there for all of you. Some of you will snag them. Others will have to settle for jobs that don’t require a college education. And history shows that many of those who start out in a job that doesn’t require a college education are still toiling in that kind of job a decade later.

One mystery is why college grads’ lifetime earnings are so much higher than those of people with just a high school degree or less, if indeed so many college grads don’t do college-graduate-level work. I’ll get to that in a minute. I’ll also finish on a slightly hopeful note.

I invite college seniors to tell me about your job searches and how you feel about what you learned or wish you had learned in college by filling out the form below. Parents and employers are also welcome to write in. (And forward it to others who you think would be interested in contributing by using the gift link in the article’s share tools.) I hope to feature some of your responses in a future newsletter.

Fifty-two percent of college grads are underemployed a year after graduation, meaning they are working in jobs that don’t require the degrees they earned, according to a February report by the Burning Glass Institute, which analyzes the job market, and the Strada Institute for the Future of Work.

Five years out from school, about 88 percent of those who are underemployed are “severely” underemployed, the report said. These are the top five jobs they’re doing: information and record clerk, supervisor of sales, retail sales worker, sales representative in services, and secretary and administrative assistant.

“Even a decade after graduation, 45 percent of graduates are underemployed,” the report said.

The best way to avoid underemployment is to pick a major that employers want and to complete an internship, Burning Glass found. If you didn’t do those things and you’re a few weeks from commencement without a job lined up … um, potentially not good.

I dug a little deeper into this rather depressing report by interviewing the president of the Burning Glass Institute, Matt Sigelman, along with other labor market experts.

The first thing I asked Sigelman is whether the United States is generating too many college graduates, oversupplying the market and setting up a lot of graduates for disappointment.

“In the immediate term, it’s hard to conclude otherwise,” he said. He added that the supply-demand imbalance has gotten worse in the past four years because the strongest growth has been in jobs that have lower educational qualifications.

In the longer term, Sigelman said, “I do believe that America benefits from having a highly educated work force.” He added: “Demand for talent is not fixed. The center of gravity of our economy is increasingly in the knowledge economy. Jobs follow talent.”

That makes sense. Over time, employers should seize the opportunity to profit by reconfiguring jobs to make full use of the talent that’s currently being underused. They’ve been finding ways to put brains to work since the start of the Industrial Revolution, a time when even a high school diploma was rare and special.

In the here and now, you’re in pretty good shape if you studied computer science, engineering, mathematics or math-intensive business fields such as finance and accounting, according to Burning Glass’s research. Education and health majors are also sought after.

Not so in demand: graduates in public safety and security, recreation and wellness studies and general business fields such as marketing.

Employers are desperate to hire accounting majors, Michael Steinitz, the senior executive director of professional talent solutions at Robert Half International, a human resources consulting firm, told me.

New college grads in general are attractive to employers because they tend to be tech savvy, they cost less and they can be trained for whatever needs employers have, Steinitz said.

Underemployment of college grads is not a new problem. If anything, grads’ prospects are better than usual because of the low overall unemployment rate (3.8 percent in March). In an informal survey by the National Association of Colleges and Employers, 83 percent of employers expected to increase or maintain the rate of hiring of new grads this spring, roughly the same as last year but down from 2022, when employers were hiring aggressively coming out of the pandemic.

I want to come back to the paradox that pay for college grads is relatively high even though they appear to be in surplus. I think the biggest reason is that the average numbers for college grads are pulled up a lot by those who make it big.

There are some blue-collar jobs, such as truck driver and plumber, that pay well but have a flat lifetime earnings profile — that is, a 55-year-old truck driver doesn’t make a lot more than a 25-year-old one. In contrast, white-collar jobs that require college degrees tend to have more growth potential in know-how and thus in earnings.

“College acts as a gateway to professional occupations, which offer more opportunity for wage growth through on-the-job learning,” David Deming, an economist at Harvard’s Kennedy School, writes in the abstract of a new working paper.

The classes of ’25, ’26 and beyond could have it rougher because artificial intelligence could come to perform some of the functions of new hires, knocking out the lowest rungs on the career ladder.

The (partial) solution is to develop a mix of skills that’s hard for A.I. to duplicate. The most successful grads have a combination of technical skills and what might be broadly called people skills, including the ability to communicate in print and in person, motivate and work in teams. Examples from Sigelman: data scientists who are good at writing and humanities majors in marketing who learn structured query language.

“If you were to design universities from scratch” with employers’ needs in mind, Deming told me, they would focus a lot more on teaching teamwork and the broad range of skills that are needed in the workplace.

Such ideas are of little use to today’s jobless seniors, of course. Then again, there will be many opportunities to overcome a poor start. Deming is guardedly optimistic, despite Burning Glass’s warnings. Life is long. He did a quick calculation for me, based on the National Longitudinal Survey of Youth, that about 60 percent of the college grads who start in a non-college-level job find their way into a managerial or professional occupation eventually.

“It’s definitely better to get a good first job than not to get a good first job,” Deming said. But “the jury is out on this idea that if you don’t get a good job right out of college, all is lost.”

2024 college grads, how’s that job market looking?

If you expect to graduate from college this spring or winter, Times Opinion wants to hear from you.

Outlook: Consumers Are Hurting

“The savings rate is falling, and interest paid on mounting debt is spiraling higher, suggesting consumers may be nearing the breaking point,” Dana Peterson, the chief economist of the Conference Board, a business-supported research group, wrote on Friday. She added, “Our call for slower real G.D.P. growth over the second and third quarters still makes sense.” Higher-than-expected inflation has made interest rate cuts by the Federal Reserve to buoy the economy less likely, Peterson wrote.

Quote of the Day

“Complex adaptive systems have the property that if you run them — by just letting the mathematical variable of ‘time’ go forward — they’ll naturally progress from chaotic, disorganized, undifferentiated, independent states to organized, highly differentiated and highly interdependent states.”

— J. Doyne Farmer in “The Third Culture: Beyond the Scientific Revolution,” edited by John Brockman (1995)

Peter Coy is a writer for the Opinion section of The Times, covering economics and business. Email him at [email protected] . @ petercoy

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Seniors: Please Complete the First Destination Survey

Survey takes approximately five minutes and is a required task for all may 2024 graduates in order to receive their diplomas..

Every year we ask graduating seniors for information about their post-graduation plans. The information we collect is part of the First Destination Survey (FDS) , which is organized by the National Association of Colleges and Employers (NACE).

The First Destination Survey data is used to support IC students. For students who have decided on their post-graduation plans, the survey provides us with a means to highlight and celebrate that success to the IC community and those interested in IC. For students who are still searching for what’s next, the survey serves as a powerful tool for advisement and further support. No matter what a student’s situation, the data gathered by the First Destination Survey empowers us all to be advocates for students’ success.

Take the Survey Now To complete the survey, start by logging into your Handshake account with your IC Netpass credentials. Once you’ve logged in, click on “Career Center” in the left menu. From there, click the “First Destination” button located under the page header. Complete the survey and click the "Submit" button. More information and a link to the survey can also be found at Ithaca.edu/careers/fds .

Not Yet Sure of Your Next Steps? You need to complete the First Destination Survey even if you haven’t yet finalized your post-graduation plans. You can go back in at any time and update your responses when your plans solidify. Throughout the remainder of the semester and even after graduation, the Center for Career Exploration and Development’s services remain available to you as you search for your ideal post-graduation outcome. Schedule an appointment with a Career Engagement Specialist for assistance in navigating your next steps.

We hope you’ll take a few minutes (less than five!) to provide us with details that will help us better understand changes in the job market, the graduate degrees our alumni pursue, and where alumni go after graduation. Please remember that you must complete this survey, or your diploma will not be mailed to you . Should you have any questions or challenges with accessing the survey, please contact [email protected] .

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Labour market perspectives for PhD graduates in Europe
This reflects different levels of demand for this highly skilled population in the non-academic labour market. Looking at recent data on researchers (beyond PhD holders), more than half (55.4%) of full-time equivalent researchers in the EU worked in business enterprises, 32.6% in higher education and 11.1% in the government sector in 2020 ...
Job Market Candidates
A 12-month program focused on applying the tools of modern data science, optimization and machine learning to solve real-world business problems. ... PhD. Job Market Candidates. MIT Sloan produces top-notch PhDs in management. Immersed in MIT Sloan's distinctive culture, upcoming graduates are poised to innovate in management research and ...
Job Market
Over the past six years, the department has placed a total of 130 graduates in academic, research, and government jobs. Of these, 90 graduates (69%) chose positions at academic institutions and 36 graduates (28%) chose non-academic positions. Of the 90 academic placements, 35 (39%) were at top-15 US economics departments or top-10 US business ...
Job Status of Humanities Ph.D.'s at Time of Graduation
The annual Survey of Earned Doctorates (SED)—which gathers data from research doctorate recipients when they complete their degree at a U.S. university—highlights three notable trends in the job status of new humanities Ph.D.'s since 1990: 1) a declining proportion of humanities Ph.D.'s are completing their studies with a job in hand; 2) a growing share are taking postdoctoral study ...
Job market and salary data
Job market and salary data. Find information on what specialties in psychology are in demand, learn about how psychologists are using their careers to improve lives, and discover salary data and projections for psychologists. Learn more about the job outlook for psychology, what positions are in demand and growing within the field, and explore ...
PhD Job Market Candidates
This page contains a list of the Stevens Doctoral Program's current job market candidates for the 2023-24 academic year. For our Economics candidates, please email Malaina Brown, Eric Budish, and Matt Notowidigdo. For our Finance and Joint Program in Financial Economics candidates, please email Zhiguo He. Please contact Malaina Brown for all ...
What are the benefits of getting a PhD in statistics?
A PhD in statistics is more flexible and useful that PhDs in some other areas. The usual issue with PhDs one hears about is that one becomes over-qualified for non-academic work once one has a PhD. Additionally, there is a lot of time spent getting it. However, statistics is intrinsically an applied science, and one that is in big demand across ...
Graduate Outcomes
Bureau of Labor Statistics. 6.2% (March 2024)/ 5.4% (March 2023) Unemployment rate, bachelor's degree grads age 20 - 24 Bureau of Labor Statistics. 7.4%. Overall increase in average starting salary, Class of 2022 over Class of 2021 Summer 2023 Salary Survey-1.9%. Projected hiring decrease for the Class of 2024 Job Outlook 2024. NACE JOBWIRE
[Q] What're some well paying careers in statistics?
There's likely not time to consult during a PhD— one must be highly focused on making progress in research and producing papers (especially if you want to be a professor one day). If the goal is to make money, get a master's in stats and become a data scientist. After a few years you can make a lot of money.
UK Graduate Statistics & Employment Rates
Key UK Graduate Statistics. As of 2023, estimates show there will be 36.4 million graduates in the UK.; Undergraduate figures increased by 0.4% from 527,070 in 2021 to 529,360 in 2022.; Recent graduates (2020 onwards) currently face an unemployment rate of 12.7%, which equates to over 96,000 unemployed graduates each academic year.; Universities in the UK awarded 133,995 first-class honours ...
Class of 2024, It's Not in Your Head: The Job Market Is Tough
Here is a brutal fact for the college class of 2024: There aren't enough college-level jobs out there for all of you. Some of you will snag them. Others will have to settle for jobs that don't ...
Seniors: Please Complete the First Destination Survey
Survey takes approximately five minutes and is a required task for all May 2024 graduates in order to receive their diplomas. Every year we ask graduating seniors for information about their post-graduation plans. The information we collect is part of the First Destination Survey (FDS), which is organized by the National Association of Colleges and Employers (NACE).The First Destination Survey ...

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Understanding the job market

The job market process

Job openings for economists

AEA Committee on the Job Market

Current salary and job market information

Further reading

Career earnings

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PhD Job Market Candidates

This page contains a list of the Stevens Doctoral Program's current job market candidates for the 2023-24 academic year.

Roope Keloharju

Maria Khrakovsky

Fabian Nagel

Hristiana Vidinova

Behavioral Science

Econometrics and Statistics

Olivia Bordeu

William Cockriel

Benedict Guttman-Kenney

Pauline Mourot

Lillian Rusk

Christoph Schlom

Karthik Srinivasan

Young Soo Jang

Joint Program in Financial Economics

Sangmin (Simon) Oh

Michael Varley

Jingtao Zheng

Management Science and Operations Management

Gulin Tuzcuoglu

Shweta Desiraju

Minkwang Jang

Daniel Katz

Walter Zhang

What is the profile of leading development economists on the PhD job market?

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Recommended Guidelines on the Academic Job Market Beginning 2022

AMA recommends moving the job market from Summer to Fall starting in 2022

Career Placement

Student Placements

Applied Economics

Ethics & Legal Studies

Health Care Management & Economics

Operations, Information and Decisions

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Executive Programs

Job Market Candidates

Jenny Allen

Maya Bidanda

Tim de Silva

Raquel Kessinger

Tatiana Labuzova

James Mellody

Arrow Minster

Alex Moehring

Zanele Munyikwa

Yury Olshanskiy

Lindsey Raymond

J. R. Scott

Gabriel Voelcker

Please see 2024 Placements here

All placements, 2018-2023

Sector of Employment

Humanities Disciplines

III-20c: Employment Sector of Ph.D.’s with a Definite U.S. Job Commitment at Graduation, by Field of Degree, 1990–2020*

III-20d: Share of Ph.D.’s with a Definite Commitment for Employment or Postdoctoral Study at Time of Graduation, by Type of Commitment and Field/Discipline, 2010–2020*

III-20e: Share of Ph.D.’s with a Definite Job Commitment at Graduation, by Job Type, Field/Discipline, and Gender, 2010–2020*

III-20f: Share of Ph.D.’s with a Definite Postdoctoral Study Commitment at Graduation, by Field/Discipline, and Gender, 2010–2020*

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PhD Job Market Candidates

This page contains a list of the Stevens Doctoral Program's current job market candidates for the 2023-24 academic year.

Roope Keloharju

Maria Khrakovsky

Fabian Nagel

Hristiana Vidinova

Behavioral Science

Econometrics and Statistics

Olivia Bordeu

William Cockriel