Finally, Good News for Alumni: Starting Salaries Are on the Rise
Headlines say the labor market is improving , but it’s more likely that it is simply changing – the gig economy saved workers from unemployment, but also kept many from full-time wages. By the way, the increase in wages in the toilet . However, this is not all gloom and doom. Good news for new graduates on the hunt .
Recent data showed that the average starting salary for entry-level jobs is now $ 49,785. This is a record high three percent higher than last year’s average.
Alumni will earn 14% more this year than 2007 alumni (adjusted for inflation), according to a report prepared by the consulting firm Korn Ferry. Of course, this number may differ slightly depending on the position, which is why Korn Ferry also looked at the five highest and lowest paying areas. Here’s what they found:
Highest paying industries
- Software developer: $ 65,232 (31 percent above average)
- Engineer – $ 63,036 (27 percent above average)
- Actuary $ 59,212 (19 percent above average)
- Scientist / Researcher $ 58,733 (18 percent above average)
- Environmental Specialist $ 56,660 (14 percent above average)
Lowest paid industries
- Buyer / Logistics $ 44,247 (11 percent below average)
- Call Center Specialist $ 41,158 (17 percent below average)
- Claims Handler $ 37,508 (25 percent below average)
- Customer Service Representative $ 35,848 (28 percent below average)
- Assistant $ 35,592 (29 percent below average)
With soaring college debt, it’s not just about salaries. Students must consider the ROI on their degree more than ever, so it is also important to consider the value of each area. Prices vary based on individual debt burdens, so it’s hard to tell which degrees will actually pay off the most given their cost. However, associate degrees are usually cheaper, and we have listed a few of the highest paying positions that only require an associate degree. These include:
- Air Traffic Controller: Average annual salary is $ 122,530.
- Radiotherapists: Average annual salary is $ 77,560.
- Dental Hygienists: Average annual salary is $ 70,210.
- Nuclear Medicine Technologists: Average annual salary is $ 70,180.
- Nuclear Technicians: Average annual salary of $ 69,069.
In addition, there are some of the highest paying jobs that do not require a college degree at all :
- Transportation, Storage and Distribution Managers: Average annual salary is $ 81,830.
- First Line Police and Detective Chiefs: Average annual salary of $ 78,270.
- Elevator installers and repairers: Average annual salary is $ 76,650.
- Nuclear Power Reactor Operators: Average annual salary $ 74,990.
- Detectives and Criminal Investigators: Average annual salary is $ 74,300.
You can check out the full study here , which also includes information on starting salaries in several major cities.