Starting Wages Rise for Class of 2011
SOURCE:
The average salary offer for members of the Class of 2011 who earned bachelor's degrees rose six percent this year.
Despite ongoing glum economic news, a recent report suggests that some indicators are looking up for recent college graduates.
According to the National Association of Colleges and Employers’ Fall Salary Survey, the average salary offer for members of the Class of 2011 who earned bachelor's degrees rose six percent this year, up to $51,171.
“The overall salary increase is the result of gains across disciplines,” wrote NACE executive director Marilyn Mackes in a press release.
Tech jobs showed strong gains, with computer-related salary offers rising 9.6 percent to an average of $63,760 per year, and computer science offers rising 9.3 percent to $66,084. Starting offers for information sciences and systems majors rose 5.9 percent, to $55,619.
In comparison, the average inflation rate has averaged just over three percent in 2011, according to calculations based on the Consumer Price Index.
Other disciplines didn't perform as well. Economics majors’ wages rose 3.9 percent to $53,690 per year, and offers to chemical engineering majors rose just 1.6 percent, to $66,058.
Petroleum engineering majors were the highest-paid recent graduates in 2011, averaging some $82,740 in starting offers.
The Salary Survey, which examines starting wage offers for recent college graduates in 70 key disciplines, is released four times annually. Researchers compile the data from career centers at participating university career centers nationwide.
The report comes on the heels of more modest good news for the class of 2011. In August, Business Week reported that hiring of recent graduates was up 10 percent since last year–the first uptick since the financial crisis.
However, gains for the Class of 2011 remain within the context of the crumbling American Jobs Act, widespread economic pessimism and concern over the state of student debt. Unemployment held steady at around 10 percent during the same period, and the average U.S. wage is expected to increase just 2.9 percent in 2011, according to Mercer.
Moreover, rising wages are little comfort to students who enrolled four or more years ago but have failed to attain degrees. Another recent report shows poor graduation rates at all levels of higher education, feeding insecurity among prospective students.
The National Association of Colleges and Employers is a nonprofit professional organization and researcher based in Pennsylvania and established in 1956.
Jon Christian is a staff writer with Campus Progress. Follow him on Twitter @Jon_Christian.
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