Computer science has been consistently ranked as one of the most popular majors among college students and recent graduates, but it holds the highest unemployment rate across all areas of study. According to the Federal Reserve Bank of New York, computer science majors have an unemployment rate of 6.1%, ranking seventh amongst undergraduate majors with the highest unemployment.
The tech industry’s boom during the COVID-19 pandemic drove up demand for computer science graduates, but major companies like Amazon and Google have laid off thousands of workers to boost profits, making the job market less appealing. Despite this, many students still choose to pursue computer science as their top choice.
A recent report by The New York Fed found that unemployment among recent college graduates is increasing, with a 32% year-over-year increase in Gen Z households receiving unemployment benefits. The unemployment rate for recent college graduates rose to 5.8% in March from 4.6% last year.
Experts warn that the job market is becoming increasingly saturated, making it difficult for new graduates to secure jobs. “Every kid with a laptop thinks they’re the next Zuckerberg, but most can’t debug their way out of a paper bag,” said Alex Beene, a financial literacy instructor. “The reality hits hard – too many grads, not enough jobs, crippling student debt, and a market that rewards pedigree over potential.”
HR consultant Bryan Driscoll noted that companies are cutting engineering budgets by 40% while CS enrollment hits record highs, creating an oversaturated job market. “We created a gold rush mentality around coding right as the gold ran out,” he said. “Companies are cratering wages and making it difficult for new graduates to get their foot in the door.”
The situation is expected to worsen, with tens of thousands of computer science graduates competing for limited jobs that now demand years of experience, an impressive GitHub, and low pay. The system needs to address the exploitative and gatekept tech hiring pipeline before more damage is done.
Source: https://www.newsweek.com/computer-science-popular-college-major-has-one-highest-unemployment-rates-2076514