Today’s new college graduates face unprecedented student loan debt. The average graduate leaves college owing around $30,000. This puts a lot of pressure on new members of the workforce to find jobs that will help them manage that debt while still being able to save money and afford to move out of mom and dad’s house. However, the bleak economic conditions of the past 10 years have left many new grads feeling scared and even a bit hopeless. So what salary should you expect in your first three years in the workforce?
“Go into the world and interview obtain 2+ job offers and consider making a commitment for the first few years! Decide if money, opportunity or convenience is your 1st goal. Narrow down a budget that helps you spends within your means, and always make a payment to saving every month! Pace yourself and be sure to embrace some of the best years of your life during your early 20’s! Says Sharon Tsao, CMO, Contemporary Staffing Solutions.
The Outlook for 2017 Grads
According to a study released by the Hay Group, the class of 2017 actually has something to look forward to. According to their data, a 2017 graduate are commanding starting salaries of around $50,000. Adjusted for inflation, those numbers are up 3% from 2016 and up 14% from ten years ago.
It is important to note, however, that the study does not take all job titles into consideration. The study looked at 25 job titles only. The highest starting salaries are in science, technology, engineering and math (STEM) fields, and the lowest end includes job titles like customer service representatives and assistants.
Another recent, interesting study came from the National Association of Colleges and Employers (NACE). This study was more comprehensive, looking at a wider swath of job titles and collecting data from 1960 through 2015. These findings showed that the overall adjusted salary for new grads was the lowest in 1995, ranging from $29,276 to $45,202 when adjusted for inflation.
Overall pay is trending upward which is good news for students worried about how they will meet their student loan obligations that start coming due this fall.
Starting Salary By Fields
Every starting salary will vary based on industry, geographic location, the specific organization offering a position and the skill set of the new hire. Keep that in mind as you browse the the average entry-level salaries for specific fields, according to Payscale.com:
- Accounting and finance: $48,435
- Human resources: $45,285
- Inside sale representative: $39,975
- Outside sales representative: $42,218
- Customer service: $12.63/hour
- Administrative assistant $14.43
- Software developer: $64,936
- Marketing: $43,906
Are You A Recent Grad Looking For A Great New Job?
If you are a recent college graduate looking for the right fit and the right salary, recruiters at Contemporary Staffing Solutions are here to help. We will partner with you to match you with positions that align with your goals. Contact us to learn more about our commitment to your success.