More Jobs, Higher Pay for New College Graduates in 2008
The news is good for new college graduates entering the job market this spring. Despite recent talk of economic recession, employers are planning to hire nearly 10% more college graduates from the Class of 2008 than they hired from the Class of 2007, according to the National Association of Colleges and Employers (NACE).
In addition, NACE's Spring 2008 Salary Survey reported that average starting salary offers to 2007-2008 bachelor's degree graduates also went up, increasing more than 5% over last year's starting pay.
Some college degrees pay better than others
Some career paths will pay better than others this year. College graduates with engineering degrees and computer science degrees have received the highest average starting salaries so far, while starting pay for graduates with finance, accounting, and business administration degrees didn't change much from 2007.
The average starting salary for graduates holding liberal arts degrees, although still lower than pay for technical degrees, rose almost 13% in 2008. Average starting pay for many other career paths, including construction, agriculture, and psychology, also increased by 10% or more.
Average Starting Salary Offers for 2008 Bachelor's Degree Graduates
Samples of average starting salaries across a range of college degrees include:
- Accounting: $47,429
- Aerospace/Aeronautical/Astronautical Engineering: $57,999
- Agricultural Business and Management: $42,299
- Business Administration and Management: $44,195
- Chemical Engineering: $63,616
- Civil Engineering: $50,940
- Computer Engineering: $59,962
- Computer Science: $59,873
- Construction Science/Management: $52,745
- Electrical Engineering: $56,944
- Finance: $48,616
- Industrial/Manufacturing Engineering: $58,252
- Liberal Arts (group average): $35,378
- Management Information Systems (MIS): $50,800
- Marketing: $43,318
- Mechanical Engineering: $57,821
- Psychology: $34,054
- Sales: $44,005
Source: National Association of Colleges and Employers. Since 1956, NACE (www.nace.org) has been the leading source of information about the college job market. NACE's Salary Survey is a quarterly report of starting salary offers to new college graduates in 70 disciplines at the bachelor's degree level. The survey compiles data from college and university career services offices nationwide. Salary Survey is issued in Winter, Spring, Summer, and Fall, with the Fall issue serving as the year-end report. (Salaries reported in the Spring Salary Survey reflect offers to bachelor’s degree candidates.)
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