This Year's College Graduates Are The Luckiest In A Decade For A Big Reason
The class of 2017 has a huge reason to celebrate -- and it's not just because they don't have to take another final.
This year's college graduates are strolling on into the highest average base salary in at least ten years, according to the Wall Street Journal.
So, yeah, that's pretty cool, I guess. If you're into money or whatever.
The average starting salary for college graduates this year is up to $49,785. That's up 3 percent from last year's average starting salary.
That number was calculated by Korn/Ferry International, an executive-search firm. They figured it out by analyzing over 145,000 entry-level positions, so you know it's legit.
The $49,785 average salary is the highest starting salary in at least ten years.
If you studied some math in college, you realize that goes back to 2007. If you studied some econ in college, you realize that was actually before the Great Recession started and effectively ruined entry-level pay for, like, everybody.
This year's salaries are a massive 14 percent higher than salaries from 2007, and, yes, that accounts for inflation.
It's a remarkable statistic. It's not like this year's starting salaries are good compared to the misery that was Recession-era starting salaries. They're good compared to the chill times before that.
Let's get to some more numbers. But a quick PSA: These numbers will only make you feel happy if you're in the class of 2017 and studied something in STEM. For everyone else, they'll probably make you question your entire existence.
Starting salaries for software-development roles are $65,232. Engineers are at $63,036. Actuaries are getting $59,212 and scientists and researchers are looking at $58,773.
WHEW, OK, we got through that together, friends.
Graduates in New York and San Francisco are expected to make more than those in Los Angeles, Chicago and Atlanta...but don't worry, they'll spend it all on rent and other living expenses.
If you're in the class of 2017 and haven't found a job yet, don't panic. You're not alone. Only 15 percent of graduates got job offers before graduation in a survey of 1,000 seniors Accenture did.
These stats just go to show how much income is based on luck and circumstance.
The class of 2017 didn't do anything to make them better than the graduates from the past decade (sorry 2017ers, you're not that special).
They just happened to be graduating in a time when the job market is strong and the economy isn't, y'know, collapsing or rebuilding from a collapse.
Class of 2017 graduates, on behalf of all us who graduated from 2007 through 2016, I just have one message:
Well, that, and also please invest smartly and make sure you have savings.