Resource: Featured Articles
Starting Salaries for New Grads On the Rise
Monday, May 21, 2012
Compared to last year's graduates, the Class of 2012 has a much brighter outlook for starting salaries. Their starting salaries are expected to average around $44,442 showing a 6.6 percent increase from the previous year.
It's been a slow and steady pick-up for the economy, but nonetheless a progressive recovery. This figure, however, is just an estimated average. According to The National Association of Colleges and Employers, salaries will naturally depend on the kind of position applied for and in the given field of study.
Even though college graduates will usually earn a higher salary than individuals without a degree, not all degrees are equal. Fields that have growing demand in the job market such as engineering and computer science, can earn substantially more than the average starting salary. These fields can often start new grads at salaries of $55,000 or more.
Other degrees that have unchanging or decreasing growth can leave graduates scrambling to find positions with starting salaries even at $35,000. Some of these areas might include humanities and education.
Business degree holders typically fare best for highest paying starting salaries. Positions as financial managers and with insurance companies are particularly in high demand along with marketing majors.
Despite growth in starting salaries for teachers and journalists, earnings for grads in these fields still ranked low compared to other degree fields. Surprisingly, the careers with the most profitable potential were those in the utilities field.
Jobs that relate to steam and water supply, sewage removal, natural gas, and electrical power all have higher starting salaries far beyond most in other industries.
The unfortunate side of this salary slope is that the educational sector has nearly 300,000 graduates going into the field for 2012 while the starting salaries remain low.
The good news is that the number of available opportunities is increasing for new graduates even though not every job will carry much weight in improving the 2012 work force. The thing to keep in mind is that the jobs are there, even if the paychecks may not add up to grads' expectations.