Job Outlook for the Class of 2005
The National Association of Colleges and Employers (N.A.C.E.) reports that employers are expected to hire 13 percent more new college grads in 2004/2005 than they hired in 2003/2004. The same study also indicated that 24 percent of employers will increase starting salaries for new graduates. Even with increased salaries, 60 percent of hired graduates will make under $30,000 per year; 17 percent of the 60 percent, will be offered less than $20,000 per year.
Jobs are on the rise though. The Bureau of Labor Statistics reports that total employment is expected to increase 15 percent by the year 2012. This increase will provide a total of 22 million new jobs. Of these new jobs, service providing jobs, business services, healthcare, and hospitality will see the largest increase.
Overall, healthcare offers the highest projected growth of all occupations, providing 4.4 million new jobs. The increasing demand for health services is a direct result of the growing and aging population. Registered nurses, physician assistants, physical therapists, physicians, and pharmacists are just a few of the occupations expecting an increase.
Information sciences and systems grads are expected to see the highest salary hikes, with computer engineers seeing a slight dip in starting pay. Those majoring in psychology will also see a decrease.
According to N.A.C.E., the following majors will see starting salary increases.
Business
– Accounting: $41,100 (up 1.4 percent)
– Business administration: $38,188 (up 2.9 percent)
– Economics/finance: $40,906 (up 2.1 percent)
– Marketing/marketing management: $35,321 (up 2 percent)
– Management Information Systems: $42,098 (up 2.9 percent)
Technology
– Computer Science: $49,691 (up 4.8 percent)
– Information sciences and systems: $43,053 (up 8.2 percent)
Engineering
– Chemical engineering: $52,819 (up 1.9 percent)
– Civil engineering: $42,053 (up 1.7 percent)
– Mechanical engineering: $48,864 (up 0.9 percent)
Liberal Arts
– All liberal arts majors: $30,152 (up 3.5 percent)
– Political science/government: $32,999 (up 3.9 percent)
– English language and literature/letters: $31,169 (up 3.4 percent)
– Psychology: $27,791 (up 1.2 percent)
A 2005 survey conducted in the spring by N.A.C.E. provided some other interesting lists for graduates (The dollar amounts shown reflect the average salaries):
Top Ten Highest Paying Majors for 2004/2005 Bachelor’s Degree Graduates
1. Chemical Engineering- $53,813
2. Computer Engineering- $52,464
3. Electrical/Electronics and Communications Engineering- $51,888
4. Aerospace/Aeronautical Engineering- $50,993
5. Systems Engineering- $50,887
6. Computer Science- $50,820
7. Mechanical Engineering- $50,236
8. Industrial Manufacturing/Engineering- $49,567
9. Engineering Technology- $45,234
10. Information Science & Systems- $44,775
Top Ten Jobs for 2004/2005 Graduates (Based on number of offers reported)
1. Management Trainee (Entry-Level Mgmt.)- $36,491
2. Sales- $37,269
3. Consulting- $48,098
4. Teaching- $30,793
5. Accounting (Private)- $43,003
6. Accounting (Public)- $42,366
7. Financial/Treasury Analysis- $44,501
8. Design/Construction Engineering- $45,734
9. Software Design & Development- $41,156
10. Project Engineering- $47, 827
Top Ten Employers for 2004/2005 Bachelor’s Degree Graduates (Based on number of jobs available)
1. Accounting Services- $43,370
2. Engineering Services- $47,161
3. Consulting Services- $46,856
4. Educational Services- $30,597
5. Retail/Wholesale Trade- $36,313
6. Financial Services- $41,143
7. Aerospace- $52,096
8. Government (Federal)- $39,803
9. Building, Developing, General Contracting- $43,318
10. Hospitals- $40,076
Top Ten Resources Used by Graduates Searching for Jobs
1. Internet
2. Career website
3. Job postings in a career center office
4. Career/job fairs
5. Corporate website
6. Newspaper ads
7. Networking
8. Employer information presentations on campus
9. Participation in a co-op assignment/internship
10. Recruitment publications
