The Chinese education consulting firm MyCOS has published its 2013 Chinese College Graduates' Employment Annual Report. The report looks at the job situation of graduates from this year and last, who are just starting off their careers. The report offers important insights for Chinese students choosing their majors.

Q1: What does the report tell us?

A: Mangmang, what we have seen from the report is very alarming. The employment rates for 2013 are far lower than last year. By early April, only one out of three graduates with bachelor degrees have landed jobs. Just last year the employment rate was almost 50 percent in April, and over 90 percent by the end of the year.

For master's degree graduates, the prospects look even gloomier. Only one of out four were recruited by early April. People are beginning to ask how much is your diploma worth in the job market. And interestingly, in sharp contrast to university students, vocational school graduates are having much less trouble moving into the labor market. We visited one leading vocational school, and were amazed at how easy it was for students to find jobs.