Employers continue to increase starting salaries to new college grads, according to the Fall 2006 issue of Salary Survey, a quarterly report published by the National Association of Colleges and Employers (NACE). The Fall issue is NACE's final salary report for the college Class of 2006.
"These salary increases combined with the results of a recent poll of Salary Survey participants indicate that 2005-06 has been the best job market in the past four years," says Marilyn Mackes, NACE executive director.
"Nearly nine out of 10 respondents to that poll said that 2005-06 grads had more job opportunities available to them than 2004-05 grads," she added. "And, respondents said employers strongly participated in recruiting activities, including on-campus recruiting, career fairs, information sessions, and intern and co-op recruiting."
Salary Survey participants reported other signs of a robust market for 2005-06 grads, such as earlier, and, in some cases, multiple job offers to students. Therefore, it's not surprising that starting salary offers have increased in almost all curriculum areas.
Business disciplines posted increases across the board. Accounting grads' average offer rose by 4.6 percent to $44,928, and business administration/management graduates saw an increase of 4.2 percent, raising their average offer to $41,155. The average salary offer to economics/finance graduates jumped 6.2 percent to $44,588.
Management information systems graduates saw their average offer increase by 4 percent to $45,391, and marketing graduates posted a 2.1 percent increase, bringing their average offer to $37,191. But, the average offer to information sciences and systems graduates soared by 7.5 percent to $47,182. Computer science grads saw a mere 0.2 percent increase, bringing their average offer to $50,744.
Average salary offers to engineering graduates showed increases nearly across the board. Chemical engineering grads watched their average salary offer increase by 4.9 percent to $56,269, and the average offer to civil engineering graduates rose by 5.3 percent to $46,084. The average starting salary offer to computer engineering grads inched up by 1.6 percent to $53,096. Electrical engineering and mechanical engineering grads also saw modest increases—they rose 2.9 percent to $53,500, and 3.3 percent to $51,808, respectively.
Liberal arts graduates' average starting salary offers remain level. The increase for liberal arts majors as a group was a minute 0.2 percent, with the increases and decreases of individual majors cancelling each other out. For example, political science/government majors saw a 0.3 percent increase to their average offer, raising it to $33,094, but English majors saw a decrease of 0.2 percent, lowering their offer to $31,385. Psychology majors witnessed a 1 percent increase to their average offer, bringing it to $30,369, but sociology majors saw a 0.9 decrease to $31,096. However, history majors saw a strong 4.2 percent jump in their average offer to $33,071.
Early indications suggest that 2006-07 new college graduates will also enjoy a healthy job market. NACE will publish its first set of salary statistics for the college Class of 2007 in February, when it releases the Winter 2007 Salary Survey report.