Recent college grads seeing starting salaries decline

09.11.09
By Lewis Green

With an increasing amount of credit card debt, many college graduates are already behind the eight ball. Causing another problem for recent grads is a decline in starting salaries which may have many falling behind on their debts before they can even get started in their career.

According to the fall 2009 Salary Survey from the National Association of Colleges and Employers (NACE), starting salaries for the class of 2009 began at an average of $48,633 - a 1.2 percent drop from the average starting salary of $49,224 for 2008 graduates.

While the $591 difference might not seem like much, the NACE points out that it is a dramatic change from the consistent increases college grads have seen year after year until this point.

The 2008 graduating class saw its average starting salary rise 7.6 percent over the class of 2007, according to the group. NACE executive director Marilyn Mackes says this makes this year's 1.2 percent drop even more significant.

But it wasn't bad news for all grads as those who had studied some disciplines saw their salaries rise over the last year.

Engineering grads saw average starting salaries rise 4.2 percent to $59,670 over the year. When looking at the different type of engineers, it appears that those looking for high salaries should have taken jobs in the petroleum field. Those workers saw their starting salaries rise 13 percent to $85,417.

The continuing increase in unemployment means even those already in the workforce are facing problems paying their bills. The national unemployment rate rose to 9.7 percent in August and a recent survey from the Conference Board found that the employment trend continues to fall.

The August Conference Board Employment Trends Index fell to 88.1. That's 18.5 percent below August 2008's index.

More Employment Trends Articles | News Home | Discuss in our Forum

2009 college grads are seeing lower starting salaries than their 2008 counterparts