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According to a recent National Bureau of Economic Research (NBER) study, there are long-term effects to graduating in a recession. In an April 2009 story titled “How To Graduate In A Recession,” David Serchuk of Forbes.com writes: "As noted by the NBER, graduating in a recession leads to earnings losses that average 9% versus those who graduate during flusher times. Over the next five years, that gap can be narrowed, but it doesn’t disappear for a full decade."

When you start with a lower salary it means that your percentage-based raises will be lower. "Within the first 10 years of an individual's career, he or she experiences 70% of his or her overall wage growth. So, if you start low, you won't grow, on average, as much as those who had the good fortune to be born at a different time," says Serchuk.

To help recover from this situation, the NBER and other experts suggest:

• Change jobs frequently, seeking out higher-quality employers
• Be flexible about where you're willing to live
• Change career sectors if necessary
• Look into the careers of the future: energy, nuclear, climate change
• Consider jobs in government, and health care, which are considered relatively recession proof 
• Consider staying in school and earning a master's degree, waiting out the recession