Career, Personal Finance 

2007 Graduates See Big Pay Increases

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I really do enjoy seeing the annual numbers for new hire pay because it gives me some blogging fodder and since I’ve been doing it for a little while now I can really look back at historic number to see how this year compared to last year and this year is especially juicy. According to the National Association of Colleges & Employers (NACE), practically every field saw a jump led by marketing majors who saw starting offers increase a whopping 10.3%. Now, sometimes this is a result of languishing salaries and this may be the case here as the average salary was $41,285, which ranked second to last on the chart displayed. Computer science grads saw a mere 2.5% while the Mechanical engineers can expect a 5.7% increase and Chemical engineers saw a healthy 5.6% increase.

Last November, we saw Information sciences and systems major salaries increase by 7.5%, the highest increase, and marketing major degrees didn’t even make the list. Accounting saw a 4.6% in 2005 compared to 2.7% this year. Chemical engineers saw another “higher than inflation” increase with 4.9% – I’m sure oil prices with the continued prosperity of chemical engineers. Here’s another salary comparison list too if you want more data points.

Source: CNN Money

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3 Responses to “2007 Graduates See Big Pay Increases”

  1. Star Money Articles for the Week of April 23

    Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: Consumerism Commentary says he buys generic and store brands sometimes. AllFinancialMatters asks if payday loans victimize people. MightyBargainHunter details h…

  2. Minimum Wage says:

    That’s cool – for a long time it seemed as if salaries were barely creeping up for each new graduating class.

  3. Minimum Wage says:

    re: do payday loans victimize people

    The Economist recently (couple weeks ago) published a short article which argued in favor of “subprime” types of loans. The article cited an experiment in some other country where a sample of just-below-qualifying applicants were given loans and their financial position tracked over a near term (something like 18 months). This group was very profitable for the lender and gained financially over that time, providing evidence in support of such loans.

    The payday loan pool is diverse and no attempts have been made to distinguish their individual credit profiles so I wouldn’t jump to a similar conclusion. But it seems plausible that the top tier of payday loan borrowers (if such could be sorted out) would be very profitable to lend to, and would also benefit from the loans. The bottom tier would probably be unprofitable and wouldn’t get ahead, but for now, they’re all lumped into one group charged exorbitant rates.

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