I am a sophomore at the University of Chicago and in the process of deciding on a career in law or business. What are the job prospects for each of these professions given the current state of the economy?
A master of business administration program takes two years and law school takes three years to complete. I hear horror stories about students graduating with thousands of dollars of debt and weak job prospects. If I don’t go to graduate school, what are my chances of finding a good job? -- Student
Dear Student —
You do have options. If you are a top student, with excellent SAT scores (yes, many companies require them) and possess strong analytical skills, chances are you will probably have multiple job offers when you finish your undergraduate degree. This option will allow you to have a few years to adjust to the work world.
If you are a plodder, and plan to take five years to complete your undergraduate degree, you may face a very poor job market. Typically, most students at the University of Chicago do not fall into this category, or you would not have been admitted in the first place.
Many students flounder as undergraduates at less competitive colleges and end up not being good candidates for either the job market or graduate school.
Newly minted MBAs are flooding a shrinking job market in record numbers. The Wall Street Journal reports that median pay today for new MBAs is down 4.6 percent from 2007-08.
Pay fell at 62 percent at 186 of the schools examined. While the greatest decline was at less prestigious schools, even the top schools are experiencing a decline in recruitment.
Law school graduates face a similar fate. The Bureau of Labor Statistics estimates there will be 21,880 new jobs for lawyers annually over the next 10 years, but 44,000 graduates each year will compete for them.
Read More of What Top College Adviser Gerald Bradshaw has to say:
College Consultant - Bradshaw College Consulting - Advanced degree considerations
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