With unemployment at historic lows and wages on the rise, recent college graduates are entering a promising job market. However, are their salary expectations in line with reality?
Expectations vs. Reality: College Graduates’ Salary Projections
A 2023 study by Real Estate Witch revealed that college students anticipated earning an average of $84,855 within a year of graduation, with a minimum acceptable salary of $72,580 for their first job.
However, the actual figures tell a different story. According to ZipRecruiter, the average nationwide salary for new graduates in 2024 stands at $47,479. This significant gap of over $35,000 highlights the disparity between expectations and actual earnings.
Discrepancies Across States and Industries
While salary expectations vary by state and field, few graduates meet their anticipated earnings. Washington boasts the highest average starting salary for new graduates at $55,960, followed by New York at $52,293.
In contrast, Louisiana and North Carolina present the lowest starting salaries, averaging $35,340 and $33,577 respectively – nearly half of students’ minimum acceptable salary.
Industry Projections
statistics shows that engineering students will have the highest starting salary in 2024, averaging $76,736. Despite this promising outlook, it falls short of students’ expectations. Similarly, computer science majors anticipate a starting salary of $74,778, while business majors expect $63,907.
Adjusting Expectations
While the ambition of the class of 2024 is commendable, aligning salary expectations with market realities is crucial. To thrive in the workforce, graduates may need to reevaluate their salary projections and embrace a more pragmatic approach.
By bridging the gap between expectations and logic, college graduates can better position themselves for success in today’s competitive job market.