The good news for parents of recent college grads: most of them are working. The not-so-good news: half of them are working jobs that don't require that degree you may well still be paying for.

That's the intelligence from CareerBuilder, producer of a study based upon data retrieved from interviews with 305 2014 college graduates. The survey suggests that an economy gathering strength has found places for all the glittering new degree-holders.

Overall, about 70 percent of the grads found either a job (65 percent) or an internship (4 percent). Less than one-third either haven't found work or haven't started a job search yet.

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But both employers and the former students are still struggling to make a true match, as only 36 percent of those in the study (which includes those with two-year associate degrees) have found full-time, permanent jobs.

These new grads aren't so much looking for that job tied directly to their education as they are looking for their current occupation — be it further education, an internship, or less-than-ideal job — to take them to the next level in the job search.

Rosemary Haefner, vice president of human resources for CareerBuilder, says these findings suggest that many employed graduates are taking jobs to support the completion of their next degree.   

"The first six months after graduation marks a major transition that can take many forms, but for the Class of 2014, the emphasis is less on finding the dream job out-of-the-gate and more on furthering one's education," she said. "The wage premium for attaining a graduate or professional degree has always been high, and this generation clearly understands the promising employment opportunities rewarded to the most-educated workers."

The data was gathered online by Harris Poll.

The breakdown by four-year and two-year degrees revealed a considerable difference in direction. Less than half of the four-year degree holders (45 percent) held jobs that didn't require a degree, while 57 percent of those with two-year tassels held jobs that didn't require the degree they received.

Almost 50 percent of four-year degree holders reported being in a permanent full-time job, while only 25 percent of two-year degree holders said they had full-time positions.

Internships weren't of much interest to either crowd, although previous internships have had an effect on post-graduate outcomes.

"Graduates who previously held internships are more likely to have a full-time position than those who have not (32 vs. 21 percent), and are significantly less likely to not be working at all (21 percent vs. 38 percent)," CareerBuilder said.

The evidence from this small group seems to indicate that lots of young grads aren't panicking about getting that big job right out of the halls of academia.

"Among graduates currently working, 51 percent said their job is related to their college major. Of those who are not working, only 43 percent indicate they are currently looking for a job. Salary expectations are modest for most; only 44 percent expect to make more than $30,000 their first year out of college," CareerBuilder said. "Continuing education is a factor for many graduates regardless of their current employment status; two-thirds (61 percent) are already pursuing an advanced degree or plan to do so in the next year – 66 percent of associate degree earners and 56 percent of four-year degree completers."

Among other survey findings:

  • Of those not currently working, 47 percent say they are pursuing an advanced degree, and 19 percent say they plan to in the next year.
  • Of those currently working, 43 percent say they are pursuing an advanced degree, and 17 percent say they plan to in the next year.
  • Of those graduates who say their current job doesn't require a college degree, 36 percent say they are currently pursuing an advanced degree, and 22 percent say they plan to in the next year.
  • Women are slightly more likely than men to be in a full-time position (38 percent vs. 34 percent); however, they are also more likely to not be working (34 percent vs. 26 percent).
  • Health care and STEM (science, technology, engineering, and math) graduates are slightly more likely to be employed full-time than non-STEM graduates (40 percent vs. 34 percent).
  • Forty-one percent of graduates who started their job search before their spring semester of their senior year are currently employed full-time, compared to 34 percent who started during the spring or later.

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Dan Cook

Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.