An Analysis of Undergraduate and Post Graduate Students of Economics about Their Job

Expectation: A Case Study of a Private University in Bangladesh

H. M. Khairul Kabir Bhuiyan*

Abstract: The students who have contained with some quality academic career, should have well
paid rather than others, this is a rational expectation to all in our society. Most of the students
start to think about their career from their university level. This study tries to investigate the job
expectations among students, and to find out what actually the students think about the current
job market situation. This study conducts a survey on the Bachelor and Masters students of
Economics Department at Stamford University Bangladesh. The findings of the study revealed
that a large number of students wanted to be a banker or expected to involve with banking and
other financial institutions and from that, most of them were female. This study also investigated
the salary expectations among students and revealed that the gender differences did not have
any crucial impact on salary expectation among students but whose were chosen teaching
profession, expected lower salaries than other professions chosen by students.

1. Introduction

This study focuses on the University level students about their future career, job expectation and
their mental strength on obtaining target, etc. When a student is studying in any university, this is
the perfect time for him to build up his own career and not only that, most of the students start to
think about their career from the university life. One of the most important aspects in students
lives should be expectations and employment prospects. Young people usually intend to plan
their future based on their background or the education which they had access to (Alvardo, Y.R.,
2015).

The future success of a student is depended on academic performance, besides time

management, problem solving capabilities, career planning, ability to work with diversity, self-
understanding, or the ability to know about strengths and personal characteristics, etc. These
skills have also played a vital role in achieving their expected goal and employers are also
looking for new employees contained with these skills (Weligamage, S., and Siengthai, S., 2003).

*Undergraduate Student, Department of Economics, Stamford University Bangladesh

Junior Researcher, Social Activist
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The educational institutions have a great positive impact in the creation of students future career
prospects. Young pupils have the opportunity to search future interests and form their identity
through these educational institutions (Martinez, R., 2013).

There is a link between job satisfaction and wage expectation, that is, ones job satisfaction is
depended on pay expectations; wage determines how satisfied one is with his or her job (Major,
B., and Konar, E., 1984).

There is no doubt that a student with a good academic background or standard academic
performance will help him or her a lot and these students have a greater advancement than other
students in the attainment of their future goal or expectation.

2. Objectives of the Study

The objective of the study is to learn about the university students future goal, and their job
expectations with the field of Economics.

In accordance with the general objective, this study also has some specific objectives:

1. To learn about their salary expectation, and how much they are determined to achieve
their target;
2. To find out the influential factors behind choosing their future profession.
3. To know about what the students of economics think about economics, as a subject, is
either enough for job market or other professional skills should be needed to make
themselves as a perfect competitor in the job market.

3. Literature Review

This study discusses some concepts and ideas to know about job expectations of University
students. However, a small number of theoretical and empirical works have been done by the
researchers on this topic, especially in Europe and some North American countries. But there
exists a research gap in Bangladesh on this issue, thus this research tries to fill the gap in the
literature.

Carrillo and Ramirez (2011) has argued about the needs involved in the job that influences a
person individually, i.e., food, health, fellowship activity, sharing thoughts and feelings. They
also pointed several aspects like safety, love and affection, respect, self-esteem and independence

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to acquire knowledge and self- realization, etc., which makes young people decide or plan the
future they want in order to meet these needs (Carrillo A., Ramirez, S., 2011).

Munoz (1996) says that people believe that the education is used to access a good position in the
employment structure, and consequently obtain the higher incomes. The labor market values the
usefulness of education to obtain or improve employment opportunities and higher incomes for
young people.

Brunello et al. (2001) found that expectations of salary with a university degree were much
higher than the corresponding actual gains. They revealed that career expectations depend on the
field of study and family background. They did this research by taking a large sample of 6829
students across ten European countries in order to give a clear idea about students earning
expectations.

Lazorenko (2007) found that well academic performance and previous working experience were
positively associated with earnings and job prospects expectations. He found a very large gap in
expected wages by gender. This gender gap occurs for salary expectations but not for job
prospect expectations. He collected the primary data from Economics students of Kyev
University in Ukraine.

Dyck (2011) focused on the formation of student salary and job expectation; and revealed that
females had both lower salary expectations and lower job prospect expectations than males. He
found a very positive relationship between students Grade Point Average (GPA) and their salary
expectation.

The current study gives an effort to learn about career expectations and wage prospects among
university students with the field of Economics and their preparation for achieving desired goal.

4. Methodology of the Study

This paper is based on primary data, collected from undergraduate and post- graduate students of
the Department of Economics, Stamford University Bangladesh. Thirty-four students were
surveyed as a sample by following the procedure of random sampling method. A questionnaire
was constructed to collect data during July to September 2016. Qualitative information was

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compiled from informal discussion and interview with the sample students. This study depends
on the feedback of the questionnaire given by the respondents.

5. Results and Discussion:

According to the results of the questionnaire, here analyzed the paper. Some of the results
are analyzed in a qualitative way. Some results were organized in graphics and charts for
a more objective results.

5.1. Job Expectation of Students

The results based on survey data show that approximately 41.18% students are willing to do job
in the banking and financial institutions.

23.52% of the sample (students) want to be a teacher or to do higher studies; 20.6% of the
students are willing to do government job and 11.8% students want to be self- employed and the
remaining 2.9% wants to work with NGO (Non-Government Organization) or social work.

Figure 5.1. The Job Expectations among Students for Different Sectors (in present)
45.00%
41.18%
40.00%
35.00%
30.00%
25.00% 23.52%
20.60%
20.00%
15.00% 11.80%
10.00%
5.00% 2.90%
0.00%
Teaching/Higher Studies Banking Government Job Self-employed NGO
Different Field of Jobs

5.2. Reasons behind Choosing Profession

In this experiment, In question no. 5, the study tried to know the reason behind choosing
different professions by students.

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5.2.1. Reason behind Choosing Banking Profession

Most of the students in the sample choose the banking profession as they have a central
contention that banking sector has facilities for the employees, smart salary, and having the
opportunities by which they could lead a luxurious life. The students who choose banking or
financial institution as their future career; from that approximately 59% say that they choose
banking profession because of smart salary, loan and other facilities, and also have chance to
lead a comfortable , luxury life.

A 4th year BSS (hons) student says, I think its very smart job, also have loan facilities.
Another student of final year says that this profession is peaceful and secured for women. 21.4%
students are choosing banking profession, said that, they choose bank job because they like this
job. A BSS final year student, her answer was exceptional from others, she said, from my
childhood, I found that I have some exceptional quality on accounting research, which inspire me
to choose this profession.

This study finds out that; in the selection of banking profession, they prefer much more
individual benefit than social benefit; as approximately 59% of the students from those who
chooses banking profession; states that this profession contains loan facilities, luxury life and
smart salary. This study also reveals that the students who are selected banking profession as
their career, from that, 71.4% are female.

5.2.2. Reason behind Choosing Teaching /Higher Studies or Research

Approximately, 23.52% of the sample (students) choose teaching or do higher studies as their
future goal. One female student, studying post- graduate, wants to do higher study because this is
her desire from childhood, her love towards economics and she wants to know more about
economics. She wants to be a college teacher.

Another female final year student in undergraduate program, who wants to be a college teacher,
choose this profession because she loves economics and wants to learn more about economics;
she adds that teaching will be helpful for her. Approximately, 34% of the students from those
who chooses teaching profession, assumes that teaching profession has great respect and it
contains more prestige than other job.

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A second year undergraduate student, who wants to be a researcher of economics, says, he wants
to help the society by doing research. Some students choose teaching profession because they
like this profession.

5.2.3. Reason behind Choosing Government Job

About 20.6% of the students choose government job as their future career. Most of them choose
this profession because this is more secured job than other private job.

Students who choose government job think that, they could use governmental power for the
benefit of country. They want to serve the country and devote themselves for the welfare of the
country.

5.2.4. Reason behind Choosing Self- Employed Status

About 11.8% of the students want to be self employed in the future. A final year student of
undergraduate program, who also an young entrepreneur, recently launched an NGO, said
that ,It is really a honored job and I am perfect for this.

Some students, who want to be self-employed, choose this because they want freedom.

5.2.5. Reason behind Choosing NGO job

Only 2.9% of the students choose to work with NGO in the future, they want to involve with
social work. Because of relating to academic background, honored job and has reputation in the
society, they choose this profession.

5.3. Knowledge on Achieving Desired Goal

This study also tries to find out the required qualification for these students desired job. Most of
the students who want to be a banker or do government job , said that Bachelor and Masters
degree would be enough to reach their goal. The students who wanted to do government job ,
added that preparation for job examination, fluency in English would be necessary for them. The
students who wanted to be a teacher or pursue higher studies, from that 34% students want to
learn more about Economics and want to be a college teacher. But remaining other 66% students

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who also want to be a teacher, do not mention that where they actually want to teach, school,
college or university level.
However, most of the students who wanted to do job in bank, government service or teaching
profession, are well known about achieving their desired goal. All of them are dreamy person.
But the only lacking seen is that, they do not have enough confidence to achieve their goal. The
reason is that competition in job sector is increasing day by day.
The students who wanted to be self- employed, seemed more confident than those who are
pursuing job.

5.4. Salary Expectation for the Desired Profession

Salary expectation of students who want to be a banker in the future; highest monthly salary is
about 50,000 taka and lowest expected salary is about 15000 taka. The students with low
expected salary hope that their salary will increase further with their career growth.
Approximately 60% students expected salary in the range of 30000 to 40000 taka who are
chosen banking sector.
The students who want to be a teacher, their expected monthly salary is remained in the range of
15000 to 30000 taka. According to them, the starting salary of teachers is lower than other jobs;
but they hope that their salary will be raised with their career growth.

The students who want to do government job, their expected salary(starting) is about 30000-
40000 taka. They also hope that their salary will also rise with their seniority or promotion. Their
salary expectation is higher from starting period than other jobs. It may be due to the government
already made the salary double for the government employees than it was before. The 8 th
National Pay Scale, 2015 has been published by the government of Bangladesh in December 15,
2015 which has been approved by the cabinet. The highest salary for the first grade employees
has been fixed about 78000 taka at the 8th Pay Scale. The lowest salary is 8,250 taka which is the
20th grade scale. Previously, the Seventh National Pay Scale, 2009 had the highest salary of
40,000 taka (Forty thousand) and lowest salary was 4,100 taka.

The students who want to be self employed, do not have any estimate about their expected
salary. They think that salary is not fixed for them; it depends on success of their own business.
Students who want to work with NGO job or social work, their expected salary is about 30000
taka. This study finds out that the gender difference has no effect on wage expectation.

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5.5. Bachelor and Masters in Economics Is Either Enough for Job or Not

Approximately 59% students of the sample say that Honours and Masters degree in Economics
will prepare themselves as a qualified candidate for the job market. They think that Economics is
a demandable subject in the job market. Some of them think that their knowledge about
Economics is enough for getting a job.

Approximately 41% of the students do not agree about this matter. They think that the specific
knowledge and preparation are needed for getting a perfect job; some other skills will be needed,
like computer proficiency.

They give priority in the professional training, other post graduate diploma courses, more
knowledge about mathematics, good communication skill in English, leadership skill, etc., to
enrich capability and become a perfect candidate for the job market.

BSS and MSS in Economics is either enough for job or not?

41.00%

59.00%

Yes No
They also
said that the career counselling program and workshop on career development may help a
candidate in obtaining good job.

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5.6. Possibility of Getting a job as soon as Earn Degree

The entering into the job market of students is a factor that worries them, almost 72%
of surveyed students do not believe they will find job quickly after finishing their undergraduate
or post- graduate degree. Because they think that getting a job is more tough for the freshers as
most institutions do not hire people without job experience.
The remaining 28% are confident about getting a job quickly after finishing their degree.

Getting a job as soon as earning degree is either easy or not?

Yes; 28.00%

No; 72.00%

No Yes

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5.7. Importance of Co-curricular and Extra-Curricular Activities in Achieving Goal

Approximately 76% of the students believe that co-curricular and extra-curricular activities are
important to achieve their future goal. From those who say that extra-curricular activities is
important, almost 36.84% from that are not still participate any kind of extra-curricular activities.
The remaining 63% are involved with different social or voluntary organizations, attending
different seminar and workshop, cultural activities organized by the university and outside.

Approximately 24% students think that extra-curricular activities are important but it does not
play a vital role in the attainment of their desired goal.

6. Conclusion

The main target of the current study is to investigate the job expectation and wage expectation
among University students with the field of Economics. Although this types of study have found
in the Europe and North American countries, there is still remained lacking in research on this
issue in Bangladesh perspective. The paper tries to analyze the issue in the context of Bangladesh
and cover the research gap. This study is made by qualitative analysis. Further research and
quantitative analysis is needed to improve this paper and for getting more concrete outcome. This
study will also help the employers to learn more about the students concern on the job market
and employers can implement better strategies for recruiting and retaining employees.

This study finds out that, in terms of job expectation, a large number of students are willing to do
work with banking sector. It is important to note that the students surveyed in this study are from
Economics. The salary expectation among students, who want to do job with banking and
government sector, are higher than others. The positive sign is that 11.8% of the sample students
want to be self- employed, thus if they become self- centered, they would create new
employment initiatives through their innovativeness. As this study reveals that about 72% of
sample students are confused about getting job after earning their degree, so it is important to
create new employment opportunities for the new entrants.

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References

Alvardo, Y.R.,2015, Job Expectation among Undergraduate Students at the English B.A of the
UV. Universidad Veracruz Ana. March 2015

Dyck, A., 2011, Students Wage and Employment Expectations. Thompson Rivers
University; July 15,2011

Brunello et al., 2001, The wage expectation of European Business and Economics Students
Journal of Human Resources, Vol.39, pp.1116-1142

Carrillo A., Ramirez, S.,2011, Academic and employment expectations of upcoming students
graduating from a degree in Educational Psychology. Thesis.
Dyck, A., 2011, Students Wage and Employment Expectations. British Colombia: Thompson
Rivers University
Lazorenko I.,2007, Wage Expectation and Job Prospects of KYIV Economics Students. Ukraine:
National University

Major, B., & Konar, E. 1984. An investigation of sex differences in pay expectations and
their possible causes. Academy of Management Journal, 27, 777-792.

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Martinez R.,2013, Expectations of Future Technology in High School Students. Master in
Science Communication and Culture. San Lots Potosi.
Munoz, H.,1996, Educational values and employment in Mexico. Editorial Miguel ngel Porra
Weligamage, S., & Siengthai, S. 2003. Employer needs and graduate skills, the gap between
employer expectations and job expectations of Sri Lankan University Graduates. 9th
International conference on Sri Lanka Studies, Matara : Sri Lanka.

Appendix
Questionnaire on the Students Job Expectations and Future Career

1. Name:
2. Gender: Male Female
3. Are you concerned about your future career?
Yes No
4. If yes, which type of job you would like to do in future?
5. What is the reason behind choosing this profession?
6. Do you know the required qualification for your desired job? Mention some of the
requirements
7. How much salary do you expect from your job?
8. Do you think that Honours and Masters Degree in Economics will prepare you as a
qualified candidate for the job market?
9. If yes, what kind of skills are you getting from your Honours and/ or Masters study?
10. If not, what kind of training do you need in order to reach your desired profession?
11. What is your academic performance or Cumulative Grade Point Average (CGPA) ?
12. Do you think that it will be easy to get a job as soon as you earn the degree?
13. Do you think that co-curricular and extra-curricular activities will be helpful for your
desired job?
14. If yes mention some of those activities. Do you participate any of these activities?

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------------------------------------------------- The End -------------------------------------------

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