You might not need much more evidence that college has been oversold, especially to those who look at a four-year degree as a ticket to a good job upon graduation. Still, the latest Bloomberg Businessweek offers more fuel for the fire.
A large body of academic research shows that half or more of all jobs come through informal channels—connections to friends, families, and colleagues—according to Limited Network Connections and the Distribution of Wages by Kenneth J. Arrow of Stanford University and Ron Borzekowski of the Federal Reserve Board. “Character is a big deal,” says Art Rolnick, co-director for the Human Capital Research Collaborative at the University of Minnesota. “Character references are always big, and the Internet doesn’t change that.”
As the headline in the print version of the publication proclaims: “It’s Not What Grads Know, It’s Who They Know.”