Newly elected candidates get a shock.
Although the labor market and starting salaries for the 2022 class look significantly better than last year, they may be far below candidates’ expectations.
Employers plan to hire about 31% more new graduates from this year’s graduating class than classmates in 2021, according to a report from the National Association of Colleges and Employers.
The increased demand for workers also drives starting wages higher for some large companies, NACE found.
The average starting salary for this year’s crop of graduates is expected to be more than $ 50,000, based on the latest data.
Still, current college students expect to earn double – $ 103,880 – in their first job, according to a separate survey of college students pursuing a bachelor’s degree at Real Estate Witch in March.
Bachelor students across all majors and institutions overestimated their starting salary by 88%, Property witch found.
Ten years into their careers, students expect to earn more than $ 200,000, well above the mid-career average salary of $ 132,497.
In fact, the wage projections for the class in 2022 will vary greatly depending on the area of concentration.
Employers expected starting salaries to rise by 5.4% for mathematics and science and fall by 14.8% for majors in the humanities, NACE found.
Overall, computer science majors are likely to be the highest paid right after college, earning $ 75,900 on average, followed by engineering graduates.
“Students really want to understand the demand for employment and starting salaries within their majors because they are different,” said Mary Gatta, NACE Director of Research and Public Policy.
It underscores the importance of career counseling and career benefits, she added. “It’s also a stock issue,” Gatta said. The idea is that wage transparency will create equal pay, which is essentially equal pay for work of equal or comparable value, regardless of the employee’s gender, race or other demographic category.
“Informing students and workers can make a difference when we think of wage bargaining – it’s a way to break down systemic barriers.”