If you’ve recently graduated from college and are planning your next move, a new study shows that abandoning small-town life for big-city living may help you land your dream job.
The Federal Reserve Bank of New York recently released a new study, which examined hiring trends and unemployment for recent college graduates. Currently, the jobless rate for young adults between 20 and 24 years old is 13.1 percent, nearly double the national unemployment rate. However, the study found that under big-city lights there are significantly more career opportunities for new arrivals, as well as a broader array of industry sectors that are hiring. For those seeking promising and coveted hedge fund jobs, investment banking jobs and other careers in finance, cities such as New York, Boston and San Francisco may provide more opportunities than smaller and more disjointed locales.
Specifically, the Fed’s research indicates that recent grads are roughly 6 percent more likely to get a college-level job in a metropolis such as New York than in a medium-sized city such as Syracuse or Dayton, Ohio. In addition, young adults are nearly 9 percent more likely to get a job in the particular field in which they majored.
“Theoretical research in urban economics suggests that the large and thick local labor markets found in big cities can increase the likelihood of job matching and improve the quality of these matches,” the Fed report states. “These benefits arise because big cities have more job openings and offer a wider variety of job opportunities that can potentially fit the skills of different workers. In addition, a larger and thicker local labor market makes it easier and less costly for workers to search for jobs.”
It pays to consult a recruiter about employment opportunities
While the research largely highlighted what many people already know to be true, it is not always spot on. Securing a certain job in particular fields may partially depend on location, but there are other factors – such as demand, experience set, market and employer needs – that also make a large difference. Therefore, it’s important to avoid getting discouraged because you’re seeking a job with a big title but want to remain in your current town.
This is where a job seeker resource can come in handy. Enrolling in OneWire’s services can provide you with a single source solution to getting in contact with employers in your area who are looking for your unique skill set or are willing to teach you their way.