Personal Finance

New college graduates enjoy the best job market in years with more offers and better salaries

By April 19, 2019 No Comments

It’s a good time to be a graduate.

wholesale trade as the only exception.

In addition, many job offers come with pay better than they did last year in nearly every degree category ranging from business to social sciences.

Once again, STEM degree holders are projected to earn the most overall as the demand for workers in science, technology, engineering and math occupations continues to increase, NACE said.

Engineering was the top paid major this year with an average starting salary of $69,188, followed by computer science and math. In 2018, grads earned an overall average of $51,022, NACE found.

However, the tighter labor market is giving recent grads more confidence to pursue a career that is not based on salary alone, according to a separate report by job site Indeed, allowing them to prioritize other interests rather than following a more conventional track.

That is steering some students away from traditional high-paying positions in business or finance in favor of careers in the arts and social service, said Nick Bunker, an economist with Indeed.

In fact, the occupation that garnered the most interest among grads this year was graphic designer, where the typical worker makes $48,700 per year, Bunker said.

But students leaving school are not free from financial burdens. Recent college graduates must also weigh massive student loan balances as they make their way in the real world.

Over the last decade, college loan balances in the U.S. have jumped to a record $1.5 trillion, according to the Federal Reserve. The average outstanding balance is about $30,000, according to the most recent data from the Institute for College Access & Success.

For job seekers eager to land a position as commencement nears, networking is still your best bet, experts say.

To stand out from the crowd, work around the automated screening process that most large employers use these days, advised Mark Beal, the author of “Decoding Gen Z.”

“Try to bypass the technology,”Bea said. “Leveraging connections will help you succeed.”

“See if, through that, you can get in front of someone face to face,” he added. “You’ll have a better success rate.”

More from Personal Finance:
Is a college education worth it? A majority of adults still say yes
Companies are hiring! Here’s how to get a foot in the door
Newest workplace perk: Trading vacation days for student debt relief

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