You’ve graduated. Well done you! After years of hard work, you now anxiously await for it all to pay off. With an expensive diploma in your back pocket, it is tempting to think that employers will come knocking on your door with plenty of job offers to choose from. Oftentimes, however, our expectations of post-college life couldn’t be further away from reality. This is particularly true of large cities where entry-level opportunities are scarce and competition is fierce.
For generations, New York City has been perceived as the bountiful land of opportunity that promised an exciting, fast-paced lifestyle and financial success. Lured by the prospect of living in the “concrete jungle where dreams are made”, every year, thousands of graduates flood the boroughs of the bustling metropolis in the hope of “making it big”. Yet, recent data collected by Adzuna shows that despite its glamorous reputation, the Big Apple lags behind other large US cities in number of entry-level jobs for high-skilled disciplines. Our statistical insight implies that while the metropolis is still a major employment hub in the east coast offering an abundance of roles in culture and communications, the picture is considerably less rosy for entry-level jobs in Tech and Finance.
On the whole, it appears that diploma-equipped millennials moving to NYC are most likely to find jobs in Sales, PR & Marketing, Customer Service, and Retail. With fewer jobs in the IT sector, as well as Accounting and Finance, it is particularly difficult for graduates of those fields to get ahead in the east coast capital. As a result, many inevitably take up lower paying jobs unrelated to their degrees.
It is also worth noting that with a constantly changing demographic, the job market is transforming as fast as the city itself. Hosting a record-breaking number of 8.6 million inhabitants, NYC is notorious for its competitive labor market, which we can assume will only get tougher as the city continues to grow. As a result, those with lesser work experience are faced with the inevitable adversities that come with vast competition and not enough jobs.
According to our data, the largest US city stands surprisingly low not only in number of opportunities in high-skilled posts, but also in terms of median entry-level salary. Offering $45,000 on average, NYC has been outranked by neighboring cities – Boston and Philadelphia, both of which prove noteworthy alternatives for ambitious grads. Notably, the adjacent cities have significantly more entry-level jobs in Information Technology, Finance, and Sales with starting salaries often over $60,000.
With all this in mind, it seems that for many graduates it might be a good idea to consider other US cities to make the most out of their skills and education.
Hopefully our insight into the New York City job market will allow you to rethink the pros and cons of moving to the Big Apple and help you figure out if it’s the best option for you.