This report, compiled by STAIRAZ Career Lab, presents a thorough analysis of the job-seeking experiences of students scheduled to graduate in 2024, drawn from a diverse range of over 95 universities across the United States. It details their demographic profiles, educational backgrounds, and the varying strategies employed in their quest for employment. Key areas of focus include the volume of job applications submitted, the response times from potential employers, the strategic use of resumes and cover letters, and the role of internships in securing job offers. The report highlights the importance of customization and strategic planning in the job application process, providing actionable insights and recommendations to equip new graduates with the tools they need for success in the competitive job market of 2023-2024.
Key Takeaways
Customization is Key: The majority of successful job seekers customize their resumes for each application, significantly enhancing their chances of securing a job offer.
Persistence Pays Off: New graduates often need to submit a high volume of applications, with an average of 85.6 applications per job seeker, indicating a highly competitive job market.
Importance of Internships: Internship experience is crucial; students with multiple internships are more likely to receive job offers, demonstrating the value of practical, related experience prior to graduation.
Strategic Use of Cover Letters: While not always necessary, including a cover letter when specifically requested by an employer can increase the chances of securing an interview and shorten response times.
Resume Services Can Help: A significant portion of students find resume services beneficial, especially professional services, though cost remains a concern for many.
Longer Waits, But Stay Hopeful: Candidates often experience long waiting periods for responses, but extended wait times do not necessarily mean a negative outcome.
Introduction
Welcome to our report at STAIRAZ Career Lab. This document is designed to assist new graduates, specifically the class of 2024, as they navigate the U.S. job market during their job searches in 2023-2024. Understanding the complexities of the current employment landscape is crucial for those transitioning from academia to the professional world.
Our findings are based on detailed surveys from 1,375 students poised to graduate in 2024 from over 95 universities across the United States. This report delves into various aspects of their profiles, including educational backgrounds, work experience, and the specifics of their resumes. Additionally, we've collected comprehensive data on their job search experiences—ranging from the number of interviews attended to job offers received and the response times from potential employers.
By presenting this information, our report aims to provide a clear picture of the challenges and opportunities facing new graduates. It offers practical insights and guidance to help you effectively prepare as you step into the job market and begin your career journey in 2023-2024.
Participant Profile
In the first section, we present the demographic and educational backgrounds of the participants in our study, demonstrating the diversity and representativeness of our sample in relation to the broader U.S. graduate job seeker population.
Gender Distribution
Our participant pool reflects a diverse gender distribution with 43% identifying as female, 48% as male, and 9% as non-binary. This diversity ensures a broad perspective on the job market experiences across different gender identities.
Race Distribution
Our participant pool represents a diverse racial composition that mirrors the national demographics of undergraduate students in the U.S. In our survey, 46.6% of participants identified as White, 18.4% as Black, 10.4% as Asian, and 24.6% as Hispanic. This distribution ensures a comprehensive perspective on the job market experiences across different racial and ethnic groups, reflecting the varied backgrounds that contribute to the workforce.
Degree Pursuit
The educational levels of our participants vary, with 15% pursuing an associate degree, 59% a bachelor's degree, 20% a master's degree, and 6% a doctoral degree. This spread across different educational attainments allows us to analyze trends and outcomes specific to each educational level.
Field of Study
Our data shows a significant tilt towards STEM fields, with 69% of participants coming from STEM disciplines, compared to 31% from non-STEM fields. This distribution is reflective of the current job market's high demand for STEM qualifications.
Nationality
The survey includes 79% U.S. students and 21% international students, highlighting the varied cultural and geographical backgrounds that influence job market dynamics and opportunities.
Job Offers
Of those surveyed, 72% have received at least one job offer, while 28% are still seeking their first offer. This indicates a strong job market, albeit with notable challenges remaining for a significant portion of the job-seeking population.
Representativeness
Our participant demographics align closely with national data reported by the U.S. Department of Education and the Bureau of Labor Statistics, ensuring that our findings are representative of the broader graduate job seeker population in the United States.
Job Seeking Experience
Building on the comprehensive profile of our participants detailed in the previous section, this part of our report explores the practical aspects of their job-seeking experiences over the past year. By examining the volume of applications, response times from potential employers, and the role of internships, we aim to paint a vivid picture of the challenges and strategies that define the current job market for new graduates.
Application Volume
In our survey, new graduates reported a significant effort in their job search, with the average participant submitting approximately 85.6 job applications. This high number reflects the competitive nature of the job market for recent graduates, particularly in popular fields and competitive locations. The Figure 7 displays the a breakdown of the application ranges and the corresponding percentage of participants who received at least one job offer:
The data reveals that 47% of new graduates applied for 80 or more jobs to secure at least one offer, illustrating the considerable effort required to enter the job market. On average, new grads submitted 85.6 applications, slightly more than the general job-seeking population, which typically submits 81 applications according to Forbes. This highlights the unique challenges faced by new graduates, such as the competitive nature of entry-level positions and employers' preference for experience.
Furthermore, our findings confirm a positive correlation between the number of applications submitted and the likelihood of receiving a job offer. Increasing application submissions by every 10 raises the chance of securing an offer by about 5%, on average. This suggests that a broad and persistent approach to job searching is increasingly effective, emphasizing the need for resilience and adaptability among new graduates navigating today's challenging job market.
Response Time
Our survey indicates that new graduates typically wait about 25 days to receive any response after submitting a job application. This duration is slightly longer than the average waiting time of three weeks reported for all job seekers. Additionally, the time to receive a rejection notice averages around 29 days, compared to 23 days for an interview invitation. Such extended waiting periods can be particularly stressful for job seekers who are eager to advance their careers.
The Figure 8 displays the a breakdown of the waiting days for responses of participants who received at least one job offer:
The data shows that 46% of the job seekers who eventually received a job offer waited more than three weeks for their first response. This suggests that patience is crucial in the job search process, especially for new graduates. Extended waiting times are common, and receiving a response, particularly an offer, can often take longer than anticipated. If you haven't heard back immediately, it doesn't necessarily mean a negative outcome; many successful candidates experience longer wait times. Therefore, maintaining patience and continuing to apply strategically during the waiting period are advisable practices.
Internship Experience
Our survey reveals that job seekers typically engage in 1.3 internships during their academic careers. This average indicates a proactive approach by many students in gaining practical experience prior to entering the full-time job market.
There is a noticeable difference in the average number of internships completed by students who received at least one job offer compared to those who did not. Students with no job offers averaged 0.6 internships, while those who received one or more offers averaged 1.6 internships. This data clearly demonstrates a significant correlation between the number of internships undertaken and the likelihood of securing a job offer.
The Figure 9 displays the a breakdown of the internship experience of participants who received at least one job offer:
The data suggests that internship experience is a crucial factor in enhancing employability. Over 36% students may overlook the value of internships, yet the evidence shows that those who engage in multiple internships are more likely to receive job offers. This highlights the importance of internships in providing practical experience, industry connections, and a competitive edge in the job market. Students are encouraged to seek out and participate in internship opportunities to improve their chances of securing employment post-graduation.
Data for Resumes
After exploring the internship experiences and their impact on job offers in the previous section, we now shift our focus to another crucial aspect of the job application process: the resume. This section delves into various resume features employed by new graduates, such as the length of resumes, customization for different applications, and the inclusion of cover letters. By analyzing these elements, we aim to identify effective strategies that can enhance job seekers' chances of securing employment.
Resume Length
In this subsection, we explore the typical length of resumes submitted by new graduates and how these relate to their job search outcomes. Our data indicates that the average resume length among job seekers is approximately 1.7 pages. Figure 10 displays a detailed breakdown of the resume lengths reported:
While the traditional advice often emphasizes the importance of keeping resumes to one page, especially for those new to the job market, our data reveals that many job seekers do not follow this guideline strictly. Interestingly, over 60% of candidates who received at least one job offer had resumes longer than one page. This suggests that the one-page resume rule might not be as rigid as fromany career advisors claim.
Despite this, employers still prefer concise resumes. They generally advise against resumes that exceed two pages, particularly because Applicant Tracking Systems (ATS) tend to favor concise resumes that are rich with relevant keywords rather than longer ones. This highlights the importance of focusing on quality and relevance in resume content over sheer length.
Customization of Resumes
Our survey investigated how often job seekers customize their resumes for different applications. Figure 11 displays a detailed breakdown of the customization of resumes:
This data indicates that a significant majority, over 80%, of job seekers tailor their resumes for at least some of their applications.
More importantly, among those who received at least one job offer, 95% had customized their resume for their applications. Furthermore, for the applications that resulted in a job offer, 79% utilized resumes that were specifically revised to align with the job listing they applied for.
This highlights two key insights: first, most successful job seekers recognize the importance of customizing their resume for each application, acknowledging that this practice significantly enhances their chances of being noticed. Second, this strategy proves to be one of the most effective methods for securing an interview and subsequently landing a job.
Cover Letter Preparation
Our survey indicates that cover letter preparation is becoming less common. However, among the job applications that led to an offer, approximately 31% included a cover letter. For a detailed breakdown of how often cover letters were included in successful applications, see Figure 12.
Interestingly, the effectiveness of a cover letter significantly increases when specifically requested by the employer. In such cases, including a cover letter boosts the chances of securing an interview by 12% and reduces the waiting time for a response by an average of 2.4 days. This highlights that when a cover letter is required, a well-crafted submission can be particularly beneficial, enhancing the applicant's profile and potentially expediting the hiring process.
The data underscores that while the necessity of cover letters may be decreasing, their strategic use—especially when explicitly requested—can be highly advantageous. Writing a compelling cover letter in these scenarios is worthwhile, as it can distinguish an applicant in a competitive job market.
Use of Resume Assistance Services
Our survey also sheds light on the use of resume services among college students. For a detailed breakdown of how respondents utilize these services, see Figure 13.
Among those who have used any form of resume service, a significant majority, 86%, believe these services to be helpful. Notably, the professional resume writing services are rated as the most beneficial, with 91% user satisfaction reported. This high level of satisfaction highlights the perceived value of expert advice and tailored resume assistance.
Despite the positive feedback regarding the effectiveness of these services, cost remains a major concern, especially for paid options like professional writing services. A substantial 89% of users believe that the costs associated with these services are too high. This concern about affordability may deter some job seekers from taking advantage of potentially valuable assistance.
This data suggests that while many job seekers see the value in utilizing resume services, especially those that provide customized assistance, the cost associated with professional services can be a significant barrier. Universities and online platforms that offer more affordable options continue to be popular among a large portion of job seekers, likely due to their balance of cost and perceived value.
Conclusion
This report has provided a comprehensive look at the job market experiences of new graduates, examining everything from demographic profiles and job application efforts to the strategic use of resumes and cover letters. The findings underscore the diversity of strategies that successful job seekers employ and the challenges they face in a competitive job market. By understanding these dynamics, future graduates can better navigate their own job searches, emphasizing the importance of patience, customization, and strategic use of available resources. As the landscape continues to evolve, staying adaptable and informed will be key to career success.
