The salary for undergraduates in 2015 was around 4,010 yuan

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In recent years, China’s economic development has entered a new normal, characterized by three main features: first, economic growth has shifted from high speeds to medium-high speeds； Second is the optimization and upgrading of the industrial structure ； Third, the economic growth model has shifted from factor-driven to innovation-driven. In terms of economic growth, 2015 was the final year of China’s 12th Five-Year Plan, during which the economic growth rate reached a new low of 6.9%. This figure is not only the lowest during the 12th Five-Year Plan period, but also the lowest since 1991. In terms of industrial structure, in 2012, the tertiary sector accounted for a larger share of GDP than the secondary sector for the first time, becoming the largest sector. By 2015, the tertiary sector made up half of the economy, accounting for 50.5% of GDP. From the perspective of driving factors, labor costs continue to rise, and a large amount of capital remains outside the real economy. Innovation-driven development is no longer an option for economic growth; rather, it has become a reality and a challenge that must be addressed. 　　Since China’s economic development entered a new normal, the number of college graduates has continued to rise; in 2016, this figure reached 7.65 million. Together with the number of graduates who were already unemployed from previous years, it seems that it is becoming increasingly difficult for college graduates to find employment year by year. The employment situation of college graduates needs to be determined by data. Since 2003, the Graduate School of Education at Peking University has conducted a questionnaire survey on the employment status of college graduates nationwide every other year. Each survey involves a sample size of around 20,000 respondents. As of 2015, the Graduate School of Education at Peking University had surveyed approximately 140,000 college graduates in total. Based on the results of the descriptive statistics and econometric regression analysis conducted on these sample survey data, the author believes that the employment of college graduates in China exhibits the following ten main characteristics. 　　Graduates’ career paths are more diversified. Comparing the results of previous employment surveys, there were significant differences in the career paths taken by college graduates in 2015: first, there was a decline in both the proportion of those who had already found jobs and those still looking for work. In 2015, the proportion of units that were established was only 33.4%, the lowest figure among the seven surveys conducted. This aligns with the slowest economic growth rate at that time, reflecting the significant impact of the state of economic development on employment. Amid a tough economic situation and increasing difficulties in finding employment, universities are paying more attention to providing guidance to graduates on finding jobs, and actively encouraging them to seek employment through various channels. Therefore, the unemployment rate among graduates in 2015 was only 12.8%, the lowest among the 7 surveys. Second, the proportion of people starting their own businesses in 2015 reached a new high, at 4.6%. Against the backdrop of the state’s active encouragement of college graduates to engage in innovation and entrepreneurship, an increasing number of graduates are starting their own businesses after leaving school, which reflects the effectiveness of relevant entrepreneurship policies. Third, the proportion of people traveling abroad or returning from abroad in 2015 also reached a new high, at 5.8%. As the income levels of residents in our country rise, many families are able to afford to send their children abroad to study. European and American universities also welcome Chinese students to study abroad, as this allows them to recruit top students while simultaneously increasing their tuition income significantly. Furthermore, the proportion of those entering higher education and those in flexible employment in 2015 was also the highest among all previous surveys. Overall, graduation destinations show a more diversified pattern. 　　The gap in initial employment rates among different educational levels is narrowing. In the early stages of expanded university enrollment, the rate at which graduates found employment upon leaving school (i.e., the proportion of graduates who secured a job) showed that higher educational attainment was associated with a higher employment rate. With the expansion of the graduate student population in recent years and the decline in the proportion of junior college students among university students, the implementation rates across different educational levels have shown a tendency to converge. Based on a comparison of educational levels in 2015, the implementation rates showed little difference; all were above 80%, with a range (the difference between the maximum and minimum values) of 6.1 percentage points. The implementation rate was highest for junior college graduates, at 87.4% ； Next are master’s students, at 84.5% ； Third are undergraduates, at 81.5% ； The implementation rate for doctoral students is the lowest, at 81.3%. The supply and demand dynamics in the job market for graduates at different educational levels vary, and the level of education does not determine the corresponding employment rate. 　　In private enterprises, employment opportunities do not correspond with income levels. The state of economic development is the determining factor for employment opportunities and working conditions. Universities in the eastern region are in a favorable position for their graduates’ job hunting due to their geographical advantages. In the eastern regions, large and medium-sized cities, emerging service sectors (finance and IT), state-owned enterprises and foreign-funded enterprises, graduates working in management and technical roles can earn higher incomes. And these regions, cities, industries, sectors, and positions are indeed the main destinations for graduates seeking employment. It is private enterprises where employment opportunities do not match income levels: they employ the largest proportion of graduates, yet their average incomes are not high. 　　In 2015, 58.8% of college graduates were employed in the eastern regions, 84.5% were employed in cities at or above the prefecture level, 26.0% were employed in emerging service industries, 36.0% were employed in state-owned enterprises and foreign-funded enterprises combined, and 73.4% were engaged in management and technical roles. 　　The proportion of those working in professional and technical positions has declined significantly. The types of jobs occupied by graduates have become more diverse, with technology, management, and service sectors playing a key role; however, there are still very few graduates who work in frontline production roles. In 2003, over half of the graduates held professional and technical positions (51.9%). In 2015, the proportion of those in professional and technical positions dropped significantly to 28.8%, a decrease of 23.1 percentage points. On the other hand, the proportion of those engaged in technical support, administrative management, business management, and service work also reached double digits, while the proportion of those involved in frontline industrial production and agricultural production increased as well compared to 2003. 　　The higher the level of education, the higher the average income. From the perspective of human capital theory, education is the primary form of investment in human capital; it can enhance the labor productivity of individuals, thereby increasing both their monetary and non-monetary benefits. The quantity and quality of investment in higher education directly affect the level of human capital. A higher level of human capital leads to greater labor productivity; as a result, graduates with a high level of human capital are more likely to receive higher salaries. Graduates from higher education institutions are categorized into four educational levels: junior college, undergraduate, master’s, and doctoral. From 2003 to 2015, the trend that higher educational attainment was associated with higher average earnings for graduates remained consistent. 　　In terms of the arithmetic average, the average starting monthly salary for junior college graduates in 2015 was 2,640 yuan ； For undergraduates, it is 4,010 yuan ； For master’s students, it is 6,363 yuan ； The amount for doctoral students is 6,753 yuan. The distribution of income is generally right-skewed; most people fail to reach the average. Therefore, when compiling income statistics, countries in the US and Europe typically report both the arithmetic mean and the median. The median represents the value that is in the middle position (50%) when sorted. Looking at the median starting salary for graduates in 2015, it was 2,500 yuan for those with an associate degree ； For undergraduate students, it is 3,500 yuan ； For master’s students, it is 6,000 yuan ； The fee for doctoral students is 6,300 yuan. 　　The satisfaction with employment is highest in the Beijing-Tianjin-Shanghai region. The quality of employment for college graduates can be evaluated from both objective and subjective perspectives, among which the graduates’ subjective assessment of their employment satisfaction serves as an important indicator. Given the continuous growth in the scale of higher education and the slowing pace of economic development, it has become extremely difficult for college graduates to find jobs in this highly competitive job market. For graduates who have found jobs, job satisfaction shows a significant upward trend. The combined percentage of graduates who are “very satisfied” or “satisfied” with the jobs they found rose significantly from 44.7% in 2003 to 80.8% in 2015. 　　The employment satisfaction of graduates exhibits the following characteristics: First, there are differences among different educational levels – doctoral graduates have the highest satisfaction, followed by master’s and bachelor’s graduates, with associate degree holders having the lowest satisfaction. Second, there are differences among employment regions: job satisfaction is highest among those employed in the Beijing-Tianjin-Shanghai region; it is moderate in the eastern and western regions; and lowest among those working in the central region. Third, there are differences in employment locations, with higher satisfaction at higher urban levels: those working in provincial capitals or directly-administered cities report the highest satisfaction, while those working in rural areas and towns have the lowest satisfaction. Fourth, there are differences in the nature of employers: satisfaction is higher among those employed in government agencies, public institutions, and state-owned enterprises, while it is lower among those employed in private enterprises. 　　Schools, family and friends, and the Internet serve as the three main sources of job-seeking information. The role of corporate recruitment advertisements, information provided by actual employers, and job fairs is also quite significant. In 2003, job listings published by schools accounted for about half of the sources of job information for graduates; by 2015, this proportion dropped to 30.3%. In an era of rapid development of Internet technologies and their applications, the proportion of online recruitment has risen significantly, from 4.5% in 2005 to 28.5% in 2015. 　　The intention regarding career choice is to \"move forward/make money.\" Employment is a major event in everyone’s life as a graduate. From 2003 to 2015, the factors that graduates generally valued when choosing a career remained unchanged, characterized by a focus on \"looking forward\" and \"focusing on money\", meaning that what graduates valued most were personal development and financial benefits. In various employment surveys, “good career prospects” and “opportunities to utilize one’s talents” have consistently ranked in the top two categories, while “good benefits and perks” and “high income” generally remain in third and fourth place. Furthermore, \"matching one’s interests and hobbies\" is also very important. 　　Employers value hands-on ability the most. Graduate employment is influenced by various factors; from the employers’ perspective, the relative importance of these factors varies. In the questionnaires sent to employers, there are around 20 different factors that affect employment, and the general pattern is that the factors that are more closely related to employment have a greater impact. Statistical results show that, in the eyes of employers, factors directly related to employment such as work ability, practical experience, and job-seeking skills are considered the most important. Factors directly related to higher education such as a school’s reputation, popular majors, and academic performance are of moderate importance and rank in the middle. Factors such as relatives and friends, party members and cadres, and gender – which are related to social capital, political capital, and demographic characteristics – are the least important. These characteristics remained unchanged from 2003 to 2015. 　　Mobility can significantly increase individual earnings. From 2003 to 2015, the proportion of graduates moving across provinces showed an upward trend. In 2015, 51.3% of college graduates experienced mobility during their studies or employment, a significant increase from 45.7% in 2013. Moving across provinces can significantly increase an individual’s earnings, with an average return on such movement ranging from 10% to 15%. 　　The inter-provincial mobility of college graduates exhibits the following characteristics: the mobility rate of males is higher than that of females ； The higher the “level” of the school, the greater the turnover rate ； The characteristics of inter-provincial migration are in line with the \"push-pull theory,\" with the main flow direction being from economically underdeveloped areas to economically developed areas ； The level of human capital determines the ability to migrate across provinces; the higher the educational attainment, the greater the likelihood that graduates will move to other provinces. 　　The above ten characteristics of employment align with the trends in economic, social, technological, cultural, and demographic changes both domestically and internationally. In the coming period, these characteristics will not only remain unchanged but may even become more pronounced. According to statistics and projections by the International Labour Organization, traditional jobs with a fixed employer, work at a fixed location, and regular income will account for an increasingly smaller share in the labor market. Therefore, the \"employment rate among graduates\" in China’s universities will continue to decline, while the proportion of those engaged in flexible employment or starting their own businesses will gradually increase. 　　China’s per capita GDP has reached around $8,000, placing it in the upper-middle-income group. However, China’s economic development is still in the stage of takeoff and the phase of meeting material needs; thus, the state of economic development will continue to be the decisive factor for employment opportunities and working conditions. At the same time, regional disparities in China’s economic development are quite pronounced; therefore, the proportion of graduates moving across provinces will remain high. Not only is there mobility across provinces, but the rates of mobility between cities, industries, organizations, and job positions are also very high, and even on the rise. Due to the rapid advancement of new knowledge and technologies, the corporate life cycle is becoming shorter, and graduates will, on average, switch industries and employers more frequently throughout their lives. 　　The tertiary industry in our country has become the sector with the largest output value, and its share will continue to rise. The tertiary sector, which belongs to the service industry, will become the main employment destination for university graduates. In particular, modern service industries such as IT and finance not only have a high demand for employees but are also ideal sectors for graduates looking for jobs. In line with changes in industries and sectors, positions in services, management, and similar fields will account for an increasingly larger proportion of the types of jobs taken up by graduates, potentially surpassing those in technical and professional fields. For higher education, it is necessary to equip students with more knowledge of computers and the Internet in order to meet the demands of the information age ； It is necessary to improve students’ non-cognitive skills such as interpersonal communication, language expression, and attention to detail, in order to meet the requirements of the service industry ； Attention should be paid to individualized education for students in order to support the healthy development of innovative and entrepreneurial talents.