A college degree might not be worth the hassle and expense, according to a new study.
Almost half of four-year college graduates are working jobs that don’t require a bachelor's degree, according to a study by McKinsey & Co. that asked 4,900 graduates about their careers after college. Furthermore, around a third of college graduates said they did not feel that college had fully prepared them for the working world. Over half said they’d choose a different school or a different major if they could do it again.
The study comes amid pressure for schools to be more open about their graduates' employment opportunities and as youth unemployment stands at its highest level since World War II, according to CNBC. For those who have jobs, nearly 300,000 college graduates were earning only minimum wage in 2012, the Wall Street Journal reported.
A separate study by the Center for College Affordability and Productivity from earlier this year also found that around half of degree holders worked jobs that didn’t require one shortly after graduating. Meanwhile, only slightly over half of those who graduated college in 2006 have a full-time job at all, according to a Rutgers University study from last year.
However, other statistics still point to the value of a college education. Earnings of those who attend college are 84 percent higher over their lifetime on average when compared to earners with just a high school diploma, the Los Angeles Times reports. Likewise, a college degree is linked with better health, as well as greater upward economic mobility.