Okay, okay...so the truth is out there, at least according to BusinessWeek. They released a story today saying that most grads will earn on average $1,100 less per year in today's sour economy. Sounds bad, but when you hear what some grads are making, you may not feel so bad.
The article also says that "a typical senior was being promised $49,624, while this year's number currently stands at $48,515."
I have to say something about this: $48,515 is not too shabby. Even if it is $1,100 less than "normal." In fact, I'd like to hear from grads that started a first job over $35,000 a year--most I know didn't hit the $40,000 mark until they were in their mid-20s. While salaries may be higher in cities than in rural areas, $48,000 a year is still nothing to cry about. While for some industries this may be on the lower side, it's still a strong starting salary.
So, yes, it stinks that salaries are temporarily down. But so are other costs as a result of the economy. And if you can get a job--especially one that provides a foundation for your future career, even if you don't know what that is right now--I say be grateful. And if you aren't anywhere near the $48,000 mark, that's okay too.
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4 comments:
I call bullshit! While there are professions such as finance and law that pay big bucks right out of school, there are also fields like journalism and social work that make pennies for the first ten or so years.
In New York, $35,000 is standard starting salary for most middle class, white collar, you-need-a-degree jobs — and that's the highest-paying city in America! Anyone making over $45k right out of school is either A. lucky, B. an Engineer, or C. about to go to jail.
At my last full time job (which I quit about two years ago) I was making $42,500. I had a Master's Degree and at least 2 years experience when I joined. True, I was feeling undervalued from day one, but I still insist that the figure in that survey is crap.
Also, when I was a Freshman studying engineering, our professors projected that we'd be making $60,000 right out of school. Very few of my peers earned that on day one, but after 3-5 years, that's pretty much been a reality.
I can't speak for graduates of other courses though. What do Philosophy majors do for money anyway?
I agree here with Scott, that number is really high. I went to an excellent business school and few grads are making $50k
I agree--the number is high. Worse off is that many grads are EXPECTING this as an opening offer. No wonder the world looks gloomy when you hear that high of a standard (again, for most jobs, some do start as high and higher).
I'm all about working your way up the totem pole.
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