It's getting harder for grads to get their first job

The class of 2024 is facing a challenging job market as they enter the workforce. Despite high levels of confidence among graduates, with 82% believing they will receive a job offer shortly after graduation, it is an unlikely prospect for hundreds of thousands of graduates.

Employers are hiring more conservatively, with projections for hiring new graduates down 5.8% compared to 2023, according to the National Association of Colleges and Employers.

"It’s not that the AI is taking [entry-level] jobs. It’s somebody that knows how AI is working-that’s who is going to take their job. — Mohammad Soltanieh-ha, assistant professor at BU’s School of Business

One of the most significant challenges for new graduates is the increased competition for entry-level positions. As companies have laid off workers in response to economic uncertainty, many early-career professionals are now vying for the same roles as recent graduates. This has led to a more competitive job search process, with candidates submitting more applications and considering a wider range of positions than in previous years.

AI is also rapidly automating entry-level jobs, reducing the number of available positions for new graduates. Additionally, employers are seeking candidates with AI-related skills, further narrowing the field for millions of non-technical college graduates. As a recent WSJ article stated “employers want finance and statistics degrees, not psychology and marketing (the two most overproduced degrees relative to available jobs).

Despite these challenges, there are still opportunities for recent graduates in industries experiencing staffing shortages, such as education, healthcare, and government. These sectors have seen persistent demand for workers since the start of the COVID-19 pandemic and are actively hiring entry-level talent. LinkedIn data also suggests that roles such as investment banking analyst, behavioral health technician, and financial analyst are among the top jobs currently hiring new graduates.

To maximize their chances of success in this competitive market, job seekers are advised to broaden their search beyond their specific major and focus on transferable skills that can be applied across various industries. Embracing the freedom to explore different career paths and highlighting problem-solving, data analysis, and project management abilities can help candidates stand out to potential employers.

While the class of 2024 faces a more challenging job market than their predecessors, a combination of flexibility, persistence, and a willingness to adapt to the changing landscape can help them navigate this difficult period. By focusing on industries with high demand, leveraging transferable skills, and embracing the opportunities presented by emerging technologies, recent graduates can increase their chances of securing a fulfilling first job and launching their careers in a promising direction.