The National Association of Colleges and Employers just released its starting salary figures for 2011 college graduates. I say they are bunk.
The Association, which sounds to me like a cheerleading group for the higher education industry, says the average starting salary for someone fresh out of college with an undergraduate degree is $50,462. In what world?
Here’s how NACE writes this on its website:
“The good news continues to roll in for the Class of 2011 as results from NACE’s Spring 2011 Salary Survey show that the average salary offer to all Class of 2011 graduates now stands at $50,462, which is up 5.9 percent over the overall average of $47,673 to Class of 2010 graduates. Salary Survey is a benefit of organizational membership, and is available it is available to e-members and nonmembers on a subscription basis.”
I live and work in New York where salaries are typically higher than in other parts of the country, and the recent college graduates I’m meeting with are asking for — and getting — far less than that. Granted, many of the candidates I am speaking with are looking to work in politics, which is longer on hours than on benefits, but still these NACE numbers seem way out of whack. The average American grownup salary is $40,711.61, according to the U.S. Census Bureau.
Here is how NACE lists salaries by major:
Majors for 2010-2011 bachelor’s degree graduates with the best salary offers:
Curriculum | Average salary offer |
Chemical engineering | $66,886 |
Computer science | $63,017 |
Mechanical engineering | $60,739 |
Electrical/electronics and communications engineering | $60,646 |
Computer engineering | $60,112 |
Industrial/manufacturing engineering | $58,549 |
Systems engineering | $57,497 |
Engineering technology | $57,176 |
Information sciences and systems | $56,868 |
Business systems networking/telecommunications | $56,808 |
Source: NACE
Jobs for 2010-2011 bachelor’s degree graduates with the most salary offers:
Job function | Average salary offer |
Accounting (private) | $50,708 |
Consulting | $59,933 |
Accounting (public) | $45,395 |
Financial/treasury analysis | $52,689 |
Sales | $42,162 |
Investment banking (sales and trading) | $65,291 |
Management trainee (entry-level management) | $43,297 |
Source: NACE
I can’t prove these numbers are wrong — I have neither the time nor the tools to check them — but it smells to me like they are. My gut says this is the college industry looking to rationalize today’s ridiculous college costs, and they should be called on it if they are manipulating statistics.
Someone who can should dig into these numbers, because they don’t ring true. Not even close. $100 to anyone who proves me wrong.
I agree. Every year these figures make no sense to me. Recent, and not-so recent, college grads I talk with are not getting salaries anywhere near these numbers. I read all the time about unemployment and underemployment and the general difficulty in finding jobs and then see articles like the one you mentioned and wonder where the data is coming from.