Employment Outcomes of Higher Education Graduates from during and after the 2007–2008 Financial Crisis: Evidence from a Romanian University

Abstract

In the current article, we seek to understand the ways in which unfavorable macro-level circumstances influence the employment outcomes of university graduates, in the long term. We use the 2007–2008 financial crisis as a historical setting and compare data about the later employment outcomes of 772 students who graduated a bachelor’s program at a public Romanian university before and after the financial crisis. The comparison includes a quantitative perspective and a qualitative one and refers to: duration of the job search after graduation; seniority levels; number of jobs held; profile of the first job gained after graduation; current status on the labor market; localization of the current employer; profile of the current job; satisfaction with the career status; perceived employability. Additionally, we also explore the influence of the following micro-level determinants on employment outcomes: attendance to internships programs; employment during the attendance of the BA program; and choosing to continue education with a master’s program. The findings suggest that, although the group who graduated during the financial crisis indeed faced some initial setbacks, manifested through longer waiting times before securing their first job, they currently have objectively superior employment outcomes compared with their counterparts who graduated after the crisis. Subjectively, the members of the two groups show similar levels of satisfaction with their career status. The analysis of the micro-level determinants shows that they have a positive influence on individual employment outcomes, and this may be of interest in the future in increasing graduates’ resilience on the labor market and supporting their sustainable employment.