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Despite a less-than-robust economy, the overall average starting salary
offer to new college graduates, regardless of major, increased by 7.1
percent over last year, according to a new report from the National
Association of Colleges and Employers (NACE).
The Summer 2008 issue of NACE’s Salary Survey shows that, in
general, average starting salary offers to 2007-2008 bachelor’s degree
graduates are on the rise.
“The continued economic downturn and results from the Spring 2008
issue of Salary Survey suggested salary increases to new
college graduates might be leveling off,” says Marilyn Mackes, NACE
executive director. “However, the current report shows that salaries
continue to rise in many disciplines—including some that appeared flat
in the spring.”
For example, the average salary offer to business disciplines
increased by 4 percent over last year at this time, but the Spring 2008
report showed just a 1.6 percent increase.
In terms of specific majors, accounting graduates received a 2.9
percent increase to their average offer, raising it to $48,085—a
significant change from the Spring report when no increase was reported
for these grads.
Business administration/management grads fared well, posting a 5.1
percent increase for an average offer of $45,915. Economics majors saw a
healthy increase of 4.2 percent, for an average offer of $50,507.
Finance grads’ average offer of $48,547 was a 2.8 increase over last
year, and the average offer to marketing graduates rose 4.7 percent to
$42,053.
Salary offers to computer science graduates rocketed up 13.1 percent
over last year to an average of $60,416. Conversely, information
sciences and systems graduates saw a modest 3.1 percent increase,
bringing their average offer to $52,418.
The average offer to chemical engineering graduates rose 6.4 percent
to $63,165. Not surprisingly, many offers to these grads came from
petroleum and coal products manufacturers, which offered an average
salary of $71,976.
Civil engineering graduates also posted a 6.4 percent increase,
bringing their average offer to $51,632. Mechanical engineering grads
received a healthy 5.3 percent increase, boosting their average offer to
$57,009. The offer to electrical engineering graduates rose a modest 2.9
percent, bringing their offer to $56,910.
Liberal arts graduates also saw rising salaries. As a group, their
average offer rose from $32,348, as reported in the Summer 2007
Salary Survey, to $36,419 in this issue—a 12.6 percent increase. It
is interesting to note that this increase is consistent with results
posted for liberal arts grads throughout the 2007-08 year: The Winter
2008 Salary Survey showed
a 9 percent increase, while the Spring 2008 report showed a 12.9 percent
increase over the Spring 2007 report.
NACE will publish the final salary report for the Class of 2008 in
September. NACE will offer a first glance at the hiring outlook for the
Class of 2009 with the Job Outlook 2009 Fall Preview, slated
for release later this summer.
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About Salary Survey:
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
this press release reflect offers to bachelor’s degree candidates.)
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