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Narcissistic College Graduates In the Workplace?
SpuriousLogic writes "I work as a senior software engineer, and a fair amount of my time is spent interviewing new developers. I have seen a growing trend of what I would call 'TV reality' college graduates — kids who graduated school in the last few years and seem to have a view of the workplace that is very much fashioned by TV programs, where 22-year-olds lead billion-dollar corporate mergers in Paris and jet around the world. Several years ago I worked at a company that did customization for the software they sold. It was not full-on consultant work, but some aspects of it were 'consulting light,' and did involve travel, some overseas. Almost every college graduate I interviewed fully expected to be sent overseas on their first assignment. They were very disappointed when told they were most likely to end up in places like Decater, IL and Cedar Rapids, IA, as only the most senior people fly overseas, because of the cost. Additionally, I see people in this age bracket expecting almost constant rewards. One new hire told me that he thought he had a good chance at an award because he had taught himself Enterprise Java Beans. When told that learning new tech is an expected part of being a developer, he argued that he had learned it by himself, and that made it different. So today I see an article about the growing narcissism of students, and I want to ask this community: are you seeing the sorts of 'crashing down to Earth' expectations of college grads described here? Is working with this age bracket more challenging than others? Do they produce work that is above or below your expectations of a recent college grad?" We discussed a similar question from the point of view of the young employees a few months back.
... until the bosses have the same mindset, at which point we're all screwed.
For linux tips: http://www.linuxtipsblog.com
....mom and dad always told them they were incredibly special, and would do amazing things.
It never occurred to them that there's a hell of a lot more jobs that are sheer drudgery than are a thrill a minute.
In the almost seven years since I graduated from college, I've never been sent overseas for work. I have been sent exciting places like Indianapolis.
But I always had a job during college, too. And because of that, the only thing I expected after graduation was a better salary (but not amazingly better).
This is probably true. The reason being, is that students recently graduating who are around my age are children of the baby boomers. The baby boomers were a rather prosperous generation, so in general their kids had a lot of comforts and opportunity that they take for granted. Almost everybody I knew in college didn't know the value of hard work, and expected their privilege and excellence to be rewarded at face value, probably because they never HAD to work hard, because their baby boomer parents had provided them with everything they need. I really do blame the baby boomers. They grew up in a sort of fantasy world, where they could preach peace, love, and not war, and ignore the realities of the world. And so, their children will most likely have the same attitude.
Perhaps I'm just more realistic than the average college graduate, but I'd really just...like a job. I knew, coming in, that whatever I learned in college was just the tip of the iceberg; if getting a BS in Computer Science really prepared you for everything you might see in the "real world" then why are there Masters and Doctorate programs? I will admit that a lot of my fellow college students thought that they are geniuses for one reason or another, but I'm under no such delusions. Hell, in this economy, I'd just like a steady IT job; but it has been remarkably hard to find one with the market flooded with more experienced individuals.
I graduated with a CS bachelors a few years ago thinking I would have a good shot at doing some compiler design or maybe kernel hacking.. despite the fact that I had only done these kind of things in a sterile learning environment that did not at all simulate the level of complexity involved in modern languages and operating systems.. So when I got out of school, I found out that, rather being able to get a job doing these kinds of things, I was lucky to get a web app programming job.
I'm not bitter. I should have realized this from the beginning. But I really wish someone would have pointed out to me that this was what the job market was actually like, so that I could have gone the EE route instead.
Do you still wear an onion on your belt?
A big part of life is seeing your options narrow as you grow older. There was a time when it was a (very remote) possibility that I could make the Olympic team. Now, I'm simply too old. On the plus, I now have a wonderful wife and daughter so I now know I'm not going to spend my entire life alone (there was a time when that was also a possibility).
So, some guy fresh out of college thinks he might be the next Bill Gates? Maybe he will be. Who are you to say that he won't? It does happen. A few years down the road, when this guy's options have narrowed, you and he might both agree that it's just not going to happen.
But why the need to stomp on some guy's dreams right this second? Particularly when, as you describe it, that dream involves something as simple as not wanting to live in Decater, IL or Cedar Rapids, IA. There are an awful lot of people who do manage to "live the dream" of not having to live in the Midwest. And, if all your new employees really want to live in Los Angeles, why not open a branch office in Los Angeles?
But the real issue here seems to be seniority based pay. The article linked by the summary mentions college graduates wanting more than "entry level" pay. Well, I've seen an awful lot of situations where two guys are doing exactly the same job but one guy is getting paid a whole lot more because of "seniority". That really doesn't seem fair to me (it also doesn't seem fair that management pays itself so much more than the people doing the actual work, but that's another topic).
Anyway, it may be overwhelmingly naive but it's hardly narcissistic to expect the same pay for the same job - and, reading between the lines, that seems to be the real issue here. "How dare those young whippersnappers expect to be paid as much as me - the 'senior' developer?" Maybe they're up to the job and maybe they aren't - but is that really any different than some old guy thinking he has what it takes to be a "senior" developer when he really doesn't?
I deserve your job, because my mommy and daddy said I was very speshul!
They just don't realize that the show is, "The Office".
My mum's a primary school teacher, so I got to hear all about the crazy fads that sweep through the education system as regularly as forest fires.
Education fads are a bit like management fads, or the hype-waves that sweep IT; some self-important tosser somewhere in academia comes up with a stupid idea, some government pinheads buy into it, and before you know it, it's all over like a bad rash.
The movement to boost pupils' self-esteem was a recent big one, which according to a recent piece on the BBC, took off in America. The idea, is that kids get praised all the time as a means of positive reinforcement -- with the obvious drawbacks.
But then again, it could be the Dunning-Kruger Effect (where the incompetent are unable to see their own incompetence), which is as strong now as it always has been.
They've been systematically lied to. Western youth has been aggressively fed a vision of fun, laid back jobs that inexplicably pay huge amounts, coupled with an excessive consumer lifestyle.
Remember the apartments they lived in in Friends? Remember what they did for a living? Exactly.
Its why there was so much consumer debt - people thought they were entitled to a lifestyle beyond their means, and were willing to take loans to get it.
If we can put a man on the moon, why can't we shoot people for Apollo-related non-sequiturs?
Might as well replace "students" with "people". The whole concept that this is somehow limited to graduates of whatever reeks of the "dirty intellectuals" cultural revolution mentality.
It's not graduates that are getting narcissistic, it's much of our society that's changing this way, of which they are but a subset. If you think that the people who don't finish high school and suckle on the NYC welfare tit for much of their life are any less narcissistic, you've got a dose of reality coming...
Our society has removed a system of intrinsic rewards that involve satisfaction from doing one's job well, and providing for one's family, and replaced it with a money-grabbing race for being buried with the most stuff. But make no mistake about it - this phenomenon has far less to do with education, and far more to do with the destruction of family as a concept.
Students find that the real world does not match their ideals and expectations!
I think no matter what age bracket you fit into, you or someone you knew as a post-student entering the workforce for the first time had their expectations shattered.
It's neither shocking nor news, and it certainly doesn't make you narcissistic. It makes you inexperienced, which is kind of the whole thing, isn't it?
On the other hand, there are more young people succeeding that do make it that far that quickly nowadays, so maybe you could say that the variance is increasing - more people expecting greatness and being shocked, but also more people going directly to greatness.
Furthermore, the example of one prospective employee thinking that what were in reality fairly standard and expected skills made him a unique snowflake doesn't mean he and every other post-student is narcissistic. More likely, in school he WAS cream of the crop, teaching himself new skills and so on. What he doesn't realize is that the people he's comparing himself to are now working at McDonald's; he now needs to compete against the much smaller group of people like himself. Depending on the school, he may have never met anyone else from this group.
Anyway, not narcissism, not egotism... just a mix of inexperience, naivete, and optimism/idealism.
Every new generation is bound to feel superior to the previous, being fresh and inexperienced and self-confident in their sparkling new standards. Every previous generation will feel that the new children are annoying little pests wearing too-big boots. This is to be expected, and the attitudes usually fade over time as the new generation gets hit with reality and the older ones come to stand them.
Of course, this really is the one of the first times that it comes up in the software fields, as the field is relatively new.
The article is based on nothing but anecdotal evidence. The person who wrote the slashdot summary (named, strangely enough, SpuriousLogic) relates some more anecdotal evidence. Now slashdotters are requested to supply even more anecdotal evidence.
I teach physics at a community college. Any generalization you can make about my students will be true about some of them and false about some others. Yes, I have encountered some students whose self-esteem seems unrealistically high. Yes, I have also encountered some other students whose self-esteem seemed to me to be unrealistically low.
If you want to show a trend over time, like increasing narcissism, you need quantitative data from two different times, and you need the random and systematic errors on those two data-points to be small enough that they can be shown to be unequal with a high level of confidence.
My default hypothesis about any educational reform movement is that it will have absolutely no effect on anything. I'm only persuaded to the contrary if solid quantitative evidence shows up to the contrary. My default hypothesis is that the self-esteem movement has had absolutely no effect on students' self-esteem, or on their achievement, or on anything else. Students tend to be pretty realistic. They look and compare themselves with other students. They know if they got an F on their physics exam and their lab partner didn't.
Find free books.
But you are doing exactly what the article predicts that you would do - it's everyone's fault but your own. Yes, yes, they do share blame, of course they do. And I know as much as anyone that children are not at truly fault for how they're raised. But at some point, it may be their fault - but placing blame really doesn't fix the situation. Only you can fix the situation, and it doesn't really matter whose fault it is.
I'm speaking as someone whose parents really messed him up in many different ways - but ultimately, they are not going to fix it, I have to. And placing blame really does nothing but remind me of the past, instead of looking to the future.
Put shortly and bluntly, who gives a fuck whose fault it is, I care more about what you do with your life and who you are *now*. :-)
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I'm 18, and I'm about to leave my secondary school and head off to university (assuming I get my grades). I've always had an interest in tech an computers - so I learnt (or started learning) C/C++ at around 14 to try and get a step ahead of just the typical 'wannabes'. I now consider myself, four years later, to be a pretty competent coder. Besides that though, I don't consider myself 'special' in any way or form what-so-ever.
In fact, the only 'special' thing about what I just mentioned is the age I was when I did it - what I actually did (self teaching, as per the java beans example) is painfully uninteresting. Yet people I meet routinely single this out as 'strange' and 'amazing' (people in other fields, that is).
I don't share their enthusiasm - why is self-teaching so amazing? Am I really that cool for doing the simplest thing ever - teaching myself. Or are the other people I'm being judged against too fucking retarded to teach themselves?
I think that's the main scary thing this article touches on (and something I've experienced) - self teaching is now some kind of oddity. I'm pleased I learnt C/C++ when I did: Not because of what it is, but apparently, in this new age of retardation, self taught *anything* is some amazing feat to be behold. I think that's the scarier prospect than overly narcissistic students/graduates
I made millions selling karma futures, back before the economy turned bad.
Open source? Internships?
I'm not saying it's easy. But doing the not easy stuff is what differentiates one from the rest. At least in the beginning, who knows, you might have to sacrifice pay for experience. But the investment will pay back.
Unless your parents are abusive, they are only there to guide you - your motivation and your willingness to step out on your own to figure stuff out is what's going to really give you what you need. Ultimately, parents and teachers are only there to tell you how to stick your foot in the door. What happens once it's there is entirely up to you.
I don't think I'm saying this right. Oh well. It's Sunday.
For linux tips: http://www.linuxtipsblog.com
It's not until we all started working and actually failed at something that we got knocked back down to reality.
"I see no hope for the future of our people if they are dependent on frivolous youth of today, for certainly all youth are reckless beyond words... When I was young, we were taught to be discreet and respectful of elders, but the present youth are exceedingly [disrespectful] and impatient of restraint"
- Hesiod, 8th century BC
Comment of the year
I think the web contributes. You can find websites with ready-made "communities" for any absurd group. Facebook, Twitter and the like feed on the inherent ego-centrism & narcissism of the age group - as if people really CARE what you're doing minute to minute. It all fosters a false sense of importance and belonging that just doesn't exist in the real world. On the other hand, shifting the blame to anyone but yourself is another issue. Sure, your parents told you you were special, but you believed it.
We do kids a disservice by constantly telling them how wonderful they are. Fact is, people build a real sense of self-worth by working hard to overcome challenges, not by being given prizes.
I have mod points. The reign of terror begins now.
Uh, guy? I think you're the one they're talking about in the article.
Shutting down free speech with violence isn't fighting fascism. It IS fascism!
I've taught for over 20 year, and have watched the rise of entitlement and expectation on the part of children and parents. And the inability of educators to disabuse students of this. And the media's willingness to capitalize on this. Children have been taught that this is what to expect, praised for expecting it, denied exposure to the mundane realities to follow, and inculcated into the cult of 'TV reality' that SL so rightly describes. I can tell you... my best interns are mothers in their late 30s-40s who are looking to improve opportunities for themselves, and thereby their children. That said, the solution is easy. And it is not merely turning post graduation employment opportunities into a nightmare of failure. We can manage expectations. We can raise the bar. We can expect more from students in high schools than standardized scores, and continue that level of expectation into college. Rule one for anyone that I know to be a self-motivated successful individual is that failure is a requirement. They don't put it that way. If you've never failed, you have never tested yourself or pushed yourself to the extreme of your abilities. You've never tried something radically new, if you've never failed. You expect success and you anticipate the attainment of your expectations if you've never pushed yourself. Children learn to push themselves from the models that they observe in their parents, teachers and social contacts... so if grads aren't what we expect, then we, collectively, have not been setting a good example. Blaming the victims of our collective failure is easier than our solving the problem from the ground up... and if we don't, then we're actually the same as those we're deriding. IMHO of course.
https://www.tandfonline.com/doi/full/10.1080/1369118X.2013.808365
I see a little of that 20-something narcissism here and there, but it's not universal. What I see more of is what I would call intellectual stubbornness. Every so often I'll interview someone I think has potential and, even if they don't get hired for that job, I'll keep them on a short list for future openings. Along with that give them some suggestions for areas of focus that would give them an edge on the next interview. Do this, this and this and the next time we have an opening I don't have to advertise it, just hire out of the pool. Saves me sorting through the resume slush pile.
At first I was subtle about the suggestions, but very few would pick up on them. Even when I would contact them quarterly to see how they were doing, trying to show them they really were on the short list. I finally had to quit being subtle and just give them the right answers. But even when I did that, it's amazing how few would give me that answer back. One I suggested they get familiar with a non-MSFT development framework. Any one. Zend, Cake, Rails...anything. They didn't have to develop an app, just learn about one. An hour of reading. And the next time we talked they were in another .NET class. Then acted surprised when they didn't get that job, either. ????
That I do see that a lot in young people. They're convinced they have the right answers and won't budge or take a suggestion. There's no curiosity or willingness to explore. they seem really regimented in their thinking. Something I found profoundly saddening personally and, as hiring authority, really freaking annoying.
That's our life, the big wheel of shit. - The Fat Man, Blue Tango Salvage
When the delta cost between an modest office and a cube is around $2k/year, I frankly have a hard time seeing why a $50k professional shouldn't have one if he wants it. If he asked you for $2k additional salary to work for you, you'd give it to him. So why not a $2k office?
That he's expected to settle for a cube is almost pure PHB. It says that the organization is more interested in the petty politics of oneupmanship than the are in their employees' comfort and productivity.
On the other hand, my eyes head for the ceiling when the guy who has been there two weeks starts explaining the half dozen major changes we should make to the business. Spend six months learning how to do it my way you greenie! When you're fully trained on the job, I'll be interested in your opinions on how to improve it.
Moderating "-1, Disagree" is simple censorship. Have the guts to post your opinion.
Maybe I'm just cynical, but does it really matter? If they want to sit there on their asses and bitch and moan about how bad their lives are, that's their problem - and it makes it just that much easier for people like you and I to make something of ourselves.
I'm not saying I wish it on them, really... but I'm not responsible for them, I'm responsible for me. You see what I'm saying? You can lead a horse to water...
It only becomes my problem when they expect me to support them...
For linux tips: http://www.linuxtipsblog.com
The older generation always scoffs at the younger generation. There is always a large component of kids-these-days to these types of arguments. That being said, as a 40 year old college professor who's been doing this for 8 years, I do see a shift in the behavior of students, primarily the average-to-below-average student. The bright students who are motivated and mature don't seem to suffer from the problems I'm about to describe. One big problem is that many students simply are unwilling to do more than a fixed amount of work that they don't want to do. In college they place aspects of their lives which are not academic at a higher priority and get annoyed when their performance reflects this. I see more and more of this. The main things are: socializing, work, and family. It's not that I didn't have those thing when I was in college, it's just that academics always came first. Many students simply refuse to dedicate the time they need to do well; it's not that they're dumb.
A lot of students really do have the precious-snowflake chip on their shoulders. A junior faculty member in my department who has only been teaching for a couple of years and who is very student-focused told a student who was struggling in one of his classes that her main reason for not doing well was that she was not working hard enough (and he was right). How did she take it? She went to the dean and filed a complaint against the professor. This same student is always passing notes and talking to another student in one of my classes. I have confronted them in class and they will shoot me dirty looks, shut up for a while, and start back up again the next class. The professor I mentioned above has spent hours and hours with another student trying to help her with the subject material and to show her appreciation, she accused him of "destroying her passion" for her major.
The precious-snowflake syndrome is strongly tied to the immaturity problem which plagues a lot of college students. I think students are simply putting off growing up, and I am regularly dealing with high-school crap in, for example, sophomore-level science classes (courses in the students' major even!) which I simply never had to deal with before.
When I am in one of my more cynical moods, I take great pleasure in the idea that these kids are in for a really rude awakening after they graduate in the current economic climate. Maybe it will be the splash of cold water in the face that they need to grow the f*ck up and realize that the world does not exist solely for their own entertainment, and that simply gracing me with their presence in class does not get them an automatic B.
A squid eating dough in a polyethylene bag is fast and bulbous, got me?
I come from poor white trash, but I worked hard - got a Ph.D. from a top English university (I grew up in Canada), and now I work in DC as an overpaid consultant. I drive a fully paid for BMW, am looking out my window at an awesome view of the Capitol Building as I type this.
Hard work does indeed pay off, but you also need to make smart long term decisions with it.
Regarding the nurse and teacher - they do what they do because they like it. I understand, I volunteer 700+ hours as a firefighter in one of the rural communities here.
Work hard, but find a balance - that's the key to success / happiness.
"Omnis tuus capsa sunt inesse nos"
"....mom and dad always told them they were incredibly special, and would do amazing things."
There's a great line from that movie about the math teacher Jaime Escalante, Stand and Deliver. In the movie, Escalante is arguing with an Anglo teacher, who is worried that Escalante is raising their expectations too much. She was one of the "villains" in the film, but she had a great line, one that should be stamped on the brain of every teacher in the world. I can't find the exact quote so I'll have to paraphrase it from memory here:
"
You've convinced them that they're all geniuses, that they can all be Einstein and Newton. But the truth is, most are ordinary, and one day they'll realize that despite what you say, they're nothing special. And they'll hate you for it.
Our school systems tell our kids that they all have the potential for greatness. Not just being good at something, but great at something. And that's simply not true. The truth is, most of us are ordinary, and with hard work, we can become competent, or even solid. And that's just fine. That's the way of things. As the saying goes, if everyone was special, no one would be. And yet, the "self-esteem" movement in schools tells kids that they're all potential writers, artists, engineers, presidents, etc. Very few of us go on to do anything like that. Most of us lead middle-class lives with middle-class jobs, with middle-class pains and joys. Many of us don't even get that far. Not because of any conspiracy, or bad schools, but because that's the state of humanity. That's what we are. A few bright minds, a lot of workers, and some dim bulbs. John Lennon was wrong. We don't all shine on. Very few of us do. Unfortunately, too many teachers preach Lennon's line at students. You don't want to discourage students from trying to reach higher, but you also want them to be realistic about the world.
Life is hard, and the world is cruel
This is being reported all over the place. In fact, my wife read an article in Macleans (I think) years ago about this very thing. Overall, the false self-esteem forced upon these kids by our so called "education system" in North America has brought about a new horror in education. As in, most students today are what is commonly referred to as "mark mercenaries." They also have a gross tendency to lie or twist words or ... to get what they want. I've seen it used time and time again in attempts to screw over profs, TAs, etc because of a perceived wrong. That perceived wrong typically being not paying enough attention to the student or giving them a bad grade (that they earned). In fact, a recent example is a TA got questioned for not giving help to a student. What actually happened is that this student didn't even as for help. Likely in some twisted reality in this students head, the TA should have constantly come up to this student asking him/her if (s)he needed help. Because, that's what happens in highschool right?
And what makes it worse? TV programs that, including reality TV, that glorify people getting a free ride. So, now with the delusional aspect to the general mentality of todays youth added to there false self-esteem, they actually honestly believe that they deserve what they think they deserve. Regardless of the reality of the situation.
And what makes that worse? Universities/Colleges/etc are indirectly encouraging that. Because, if they did anything to stop that, then the students wouldn't take there (service) courses and the departments would be in big trouble. Both through the lower grades and the complaints that admin would surely get and the lower enrolment rates.
Right now, what we should expect is for this to get worse for a long time to come. Because, the Universities/etc (because they are now run like businesses and NOT educational institutions) have a vested interest in caving to these power drunk students. And those students are the *vast* majority of the student population.
I quake for our future...
I've had to deal with interns coming into the technology field after being coddled at college for a few years. I've tried to be friendly, polite and honest. Mostly that's been appreciated after a few months in 'the real workplace'.
I also took the time to talk to these interns at the end of their internship to go over how they would represent their work on their resumes. Invariably they didn't see what they really did. What they saw as a series of menial tasks was really "Performed X with minimal supervision" and "Completed project Y using blah blah blah". They weren't prepared to comprehend what a real project was.
One of the truly sad things was their lack of ability to troubleshoot. I know I've said this in the past but I feel it bears repeating. Everything these kids have done has been multiple choice. Their tests, their games, everything has presented them with a list of choices. Our games gave us a problem and then we were on our own to come up with what might work as a solution. Does anyone remember "You're in a maze of twisty passages, all alike." and a command prompt? Not a lot of pre-chosen answers there. I spent quite a bit of time helping them learn how to solve problems.
Lastly, here's the advice I have yet to see an intern use. "Find the job that no one wants to do, do it well, and you'll be employed for life." Seriously, everyone wants the fun and happy jobs. But someone has to clean the crap out of the corners and keep the place running. Fun and happy candidates are lined up out the door and around the corner. The one who is willing to do the jobs that require doing is going to stand out.
Now get off my intarwebz.
Stick one of these up on the wall, and just go with it.
I don't consider myself a narcissistic student, but I wonder, what's the point of going through years of education, if not to use it?
I too want to do cool stuff, but the reality is that there is cool stuff and stuff that will make the company money. You may be lucky and be able to land a job at a company that does both, but don't expect it. The companies I worked for, that did cool stuff didn't last long because it was too cutting and the market wasn't ready for it.
Often you aren't in management because you were forced there, but because you wanted more pay (pay usually corresponds to responsibility) or you were fed up of being a lab rat or equivalent.
I am still hoping I will get my dream job, but I realise that it is all down to luck and hard work.
Jumpstart the tartan drive.
The reason schools are making their engineering programs do more interesting-sounding things are because engineering and CS enrollments, especially among US citizens, are dropping rapidly. So schools are trying to find creative ways to interest people in majoring in those areas; "training for boring cubicle job", funnily enough, doesn't entice people.
The only other solution, really, is the capitalist one: offer so much money that people will go into the field even if it does sound boring. But you need to offer a lot more than current going rates for that.
10 PRINT CHR$(205.5+RND(1)); : GOTO 10
Pretty much any mainstream economist will tell you that productivity has increased enormously over the past century, due to a combination of factors, technology probably being the biggest. Productivity increases decrease the level of scarcity for any fixed basket of goods to which they apply, because more stuff is produced than previously without an increase in resources.
Of course, you can take that "productivity dividend" in various forms. One way to maintain the illusion of scarcity is to increase your baseline of what you "need", so you always need the things that have just barely become affordable. Then scarcity is definitionally constant, because what you're really doing is holding scarcity fixed and varying your basket of goods accordingly.
The netbook trend shows the opposite way you can take the productivity dividend: hold fixed the things you "need", and enjoy the ever-decreasing scarcity by having to give fewer resources (i.e. hours of work) to get those same goods. Applied to other areas, it's quite possible to reduce the amount of work people have to do on average, as long as you increase the "need" baseline slower than the gains from better productivity decrease scarcity. Typically people haven't done that: do Americans use the productivity increases of the past 50 years to work fewer hours? No, they generally use them to increase material consumption; e.g. the average house size has nearly doubled. But that isn't entirely necessary.
Of course, Bertrand Russell went over all of this in 1932, so it's not particularly novel.
10 PRINT CHR$(205.5+RND(1)); : GOTO 10
One problem is the "middle class", according to the Wall Street Journal, now starts at around $250K/yr. Few people will ever make that much money. But most college graduates think they will, or at least did until Q4 2008. There's been an upward creep in expectations during the boom. This happens during booms; it happened in 1922-1929. It's not an age thing; it's a boom thing.
The extreme form of this is seen in MBA students. The major MBA schools had (definitely "had") become feeder teams for consulting firms and Wall Street, which, for a while, really was seen as a path to becoming a multimillionaire before turning 30.. In New York City, finance employs 10% of the people, but pays 40% of the salaries. (Well, it did; those are 2007 numbers.)
Being in the robotics field, I saw the better robotics people going off to finance. But recently, I was over at Stanford, and was chatting with a grad student who'd been at Lehman Bros. and was back in computer science, which now looked more stable than finance. The traffic direction has reversed.
We might even see smart people going into manufacturing again. Which we need.
Or at least, they traditionally did, and we haven't really figured out as a whole what we want to transition to.
Historically, only a small percentage of people got university degrees. Professors were (and in many places still are) first and foremost researchers; their real job is not teaching, but advancing their field and publishing their results. A secondary job is research mentorship: they advise and supervise graduate students as the next generation of researchers. A tertiary job is teaching of undergraduate material, to historically only a small percentage of the population that had a need to learn advanced-level stuff from an expert in the field. Those people were generally expected, furthermore, to be interested in and to benefit from a well-rounded education rather than only training in their specific area, e.g. to become scientists who also had an understanding of ethics and history.
Today, it's more or less expected in many areas that you have a college degree. As a result, a lot of people go to university mainly as a sort of certification that qualifies them for jobs. They don't necessarily want the traditional liberal education, even the science version of it; they want vocational training. But universities were not really set up to provide that, and their staff are entirely the wrong ones to provide it: the people publishing CS research papers and the people who would be good at teaching a vocational programming class that prepares one for a role as C++ programmer in industry are only occasionally the same.
That's why we historically had separate trade schools and vocational schools, which did focus on practical skills, and had teachers who were focused on teaching such skills. But there's been a sort of prestige treadmill so companies want you to have a University Degree for a job that actually need vocational training, not a well-rounded liberal-arts education with mentorship from a PhD researcher.
There's a lot of possible solutions, of course. One is to go back to the old model, where universities do research and teach a small percentage of the population, and vocationally focused institutions teach most people. The most likely, though, is probably a gradual morphing of universities into a superset of the two kinds of institutions. Already it's becoming common to hire lecturers to teach introductory classes, and some schools are offering variations on degrees to let students opt between more traditional university majors or more applied vocational majors; often this also leads to a parallel split between staff who are mainly "teaching faculty" versus "research faculty".
10 PRINT CHR$(205.5+RND(1)); : GOTO 10