They will be satisfied if their first job offers NT$25,948 in pay a month, the study shows. The pay is down by 5.42 percent from last year.

Job Bank 1111 conducted the study last month. It quoted 79.6 percent of the respondents as expressing fear of unemployment on graduation.

Holders of advanced degrees may earn a little more.

Those with master's degrees may be paid NT$30,805 a month on an average on their first jobs.

First job seekers with Ph.D. degrees may make up to NT$35,000.

Unemployment among college graduates reached an all-time high 4.51 percent last year, a Job Bank spokesman said. "And that's the reason why many graduates are trying to do graduate work," he added.

Twenty-nine-year-old "Joy" was cited as an example.

Joy was just admitted to a Ph.D. degree course. She graduated from college with a degree in foreign trade three years ago.

As she could not get a job, Joy enrolled in a master's degree course at a national university. She majored in education.

She will graduate with the advanced degree this month, but counted herself lucky to continue to study toward a Ph.D. degree in education.

"As a matter of fact," the Job Bank spokesman said, "Joy sought jobs while she was studying toward her master's degree, but failed."