This article looks at the phenomenon of mal-employment among college graduates in the United States, beginning with an overview of labor-market trends and the effects of the Great Recession on the job-market experiences of young people, including recent college graduates. It then defines "mal-employment" and examines its incidence over time. The article also reviews earnings differences between mal-employed college graduates and their counterparts across major fields of undergraduate study and presents estimates of the earnings premium or penalty for those who are appropriately or inappropriately employed. The findings are relevant to the choices that individuals and institutions make, especially as the nation adjusts to continuing conditions of excess supply in most labor markets for an extended period. (Contains 2 charts, 4 tables and 16 endnotes.)