According to a new survey by consulting firm Korn Ferry, 2018 graduates with a bachelor’s degree should expect to earn an average of $50,390 yearly on their first job.
The good news, however, is that unemployment rate dropped this year by 4% for the first time since 2000 which means jobs would be easier to get. Although the wages for this year’s graduating set was described as virtually flat by Maryam Morse, a senior client partner in Korn Ferry, who attributes it to the 2018 US inflation rate which is a little over 2%.
Based on demand and availability of certain industry skills, the pay will vary significantly with some fields earning above average. The survey by Korn Ferry showed that software developers will earn an average of $67,236.
The location of the job seekers will also determine how much their average pay will be. Residents in San Francisco will have an average starting pay of $63,995, New York $60,972, Boston’s average pay is $59,460, Los Angele $56,386, Chicago $55,177, Philadelphia has an average starting pay of $54,169 for 2018 graduates, Minneapolis $53,766, Denver $53,010, Dallas $50,743 and Atlanta $49,584.
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