Employers continue to offer higher starting salaries to new college graduates across many disciplines, according to the Summer 2007 issue of Salary Survey, a quarterly report published by the National Association of Colleges and Employers (NACE).
"This continues the positive trend reported in the Winter and Spring issues of Salary Survey," said Marilyn Mackes, NACE executive director.
"The increased hiring of new college graduates as reported in the NACE Job Outlook 2007 Spring Update survey is translating into even higher average starting salary offers," she added. "In that survey, nearly nine out of 10 employers reported that they're seeing more competition for new college graduates than in past years, and they believe that competition will continue to increase in the coming years."
Competition for new college grads fuels higher starting salary offers in many curriculum areas. Nearly all the business disciplines saw increases to their average salary offers. Accounting grads' average offer rose 2.3 percent, bringing their average offer to $46,718, and business administration/management graduates saw their average rise 3.9 percent to $43,701.
The average offer to economics (business/managerial) grads was $48,483 and the average offer to finance grads was $47,239. (Note: Until this year, these disciplines were reported as one; therefore, there is no historical data for comparison.)
Management information systems/business data processing grads also fared well, posting a 4.2 percent increase to their average starting salary offer, raising it to $47,648.
Marketing graduates saw increases in both the Winter and Spring issues of Salary Survey, and this trend continues. Their average offer is up 6.1 percent to $40,161.
The computer science disciplines posted increases across the board. Computer science grads saw an increase of 4.1 percent, bringing their average offer to $53,396. Information sciences and systems graduates' average offer rose to $50,852, a 4.6 percent increase.
Engineering majors also posted increases across the board. Chemical and civil engineering grads saw a 5.4 percent increase, bringing their average offers to $59,361 and $48,509, respectively. Computer engineering grads posted a 4.8 percent increase, boosting their average offer to $56,201. The average offer to mechanical engineering graduates rose 4.6 percent to $54,128, and electrical engineering grads' offer increased by 3.2 percent, bringing their average offer to $55,292. Here is a list of popular disciplines and their respective starting salaries.
The news for liberal arts graduates is also good. Most of the liberal arts majors posted increases to their average salary offers. Political science/government majors saw the largest increase over last year, with an increase of 5.9 percent, raising their average offer to $34,590. English majors also fared well; their 5.3 percent increase brought their average offer to $32,553. Psychology majors posted a 4.7 percent increase and now average $31,631; sociology majors gained 3.5 percent, bumping their average offer to $32,033; and history majors saw a 3.3 percent increase to bring their average starting salary offer to $33,768.
These results suggest that the increased hiring for new college graduates is in fact translating into higher average starting salary offers. NACE will take one final look at starting salaries for 2006-07 graduates in the Fall 2007 Salary Survey report, which will be published in early September.