Starting Pay For New Grads Increases
Surprise! Starting pay for new grads is up. But wait, there's good news. They aren't seeing the double-digit increases that 1998 brought. The highest increase in 1999 was 7.9 percent, according to the July version of the Salary Survey from the National Association of Colleges and Employers (NACE).
The largest increase this year went to marketing and management graduates - starting salaries grew to an average of $31,542. Grads holding a business degree also received larger starting offers - 7.4 percent larger - with an average offer of $33,790.
It's not your imagination; accounting grad salaries have increased over the last nine years. But just how much? They've increased about 30.1 percent according to NACE. Salaries in 1990 for staff accountants were around $26,496. This year staffers are looking at an average starting salary of $34,475.
Of course it's no surprise that consulting firms offer salaries well above other types of companies. A business administration graduate's average offer at a consulting firm is $41,798. Management information systems graduates aren't far behind with an average starting salary of $41,077. When you combine consulting with information systems expertise, the average salary offer jumps to $47,000. Let's not forget liberal arts majors, though. English majors can expect offers around $35,700 at consulting firms and $27,017 elsewhere.
Master's degrees do earn recruits a higher starting offer - MBAs are looking at an average of $61,170 while a computer science master's will come in around $51,998.
To learn more about the July Salary Survey, visit the National Association of Colleges and Employers (NACE) web site.