Starting Salary For College Grads Rising, Calif. Recruiting Firm Says

LOS ANGELES, CA — Good news recent college graduates, your starting salaries are higher this year than those who graduated 10 years ago, according to an analysis by a Los Angeles-based executive search firm.

With unemployment at an all-time low, this year's graduates can expect an average entry-level salary of $49,785, an increase of 3 percent compared to last year, according to an analysis by Korn Ferry International. Adjusted for inflation, the average starting salary for this year's graduates is 14 percent higher than those who graduated in 2007 — the start of the great recession.

STEM — science, technology, engineering and math — graduates stand to gain the most from the improved economy. Starting salaries for software development jobs rose 5 percent from 2016 to $65,232. Engineers can expect to make an average of $63,036, a 1 percent increase. If you're good with numbers and love to calculate risks for insurance companies, you can expect to earn $59,212. Entry-level scientists and research can expect a salary of $58,773, and environmental professionals can expect a starting salary of $56,660.

“With unemployment rates back down to pre-recession levels and jobs requiring more highly specialized skills, companies will need to offer competitive compensation packages if they hope to attract top talent,” Korn Ferry's Benjamin Frost said.

Where you live also has an impact on your starting salary, according to the analysis. Luckily for Californians, two of the seven major cities, where the entry-level pay is higher than the national average, are in California.

San Francisco tops the list at $62,829 and Los Angeles is third at $55,709. New York City is second with an average starting salary of $60,190.

The key to getting the top-level salary is to start early, Korn Ferry's college recruiting expert Adam Blumberg said.

“We’re seeing a trend toward companies hiring summer interns between their junior and senior years of college, and then making offers for full-time employment right after the internship ends,” Blumberg said. “It may be nine months before the graduate is ready to start, but this practice keeps the really talented new professionals out of the interview process and committed to the company for which they interned. Strong starting salaries, along with a good culture and opportunity for advancement, help make companies employers of choice.”

Photo via Shutterstock