New graduates are in for a shock.
Although the job market and starting wages in 2022 look much better than last year, they may not meet graduates ’expectations.
Employers plan to hire about 31% more new diploma holders from this year’s graduation classes than they hired from 2021 class, according to a report by the National Association of Colleges and Employers.
Increasing demand for workers is also contributing to the growth of starting wages in some specialties, NACE found out.
According to the latest data, the average starting salary of graduates this year will be more than $ 50,000.
However, current college students expect to earn twice as much – $ 103,880 – on their first job, according to a separate survey of college students in March received a bachelor’s degree from Real Estate Witch.
Undergraduate students in all specialties and institutions increased their starting salaries by 88% Real estate Witch found.
Ten years into their careers, students expect to earn more than $ 200,000, well above the average mid-career salary $ 132,497.
In fact, salary forecasts for class 2022 vary greatly depending on the area of concentration.
Employers predict that starting wages will increase by 5.4% for math and science majors and decrease by 14.8% for the humanities, NACE has found.
Overall, computer science majors are likely to be the highest paid only after graduating from college, earning an average of $ 75,900, followed by engineering graduates.
“Students really want to understand the demand for hiring and starting salaries within their major because they are different,” said Mary Gata, Director of Research and Public Policy at NACE.
This underscores the importance of career counseling and career services, she added. “It’s also a matter of equity,” Gatta said. The idea is this transparency of payment will bring pay justicethat is essentially equal pay for work of equal or comparable value, regardless of gender, race, or other demographic category of the employee.
“Informing students and workers can change the way we think about wage negotiations – it’s one way to break down systemic barriers.”