The dot-com bubble was evident in the rise of overall adjusted average starting salaries by more than 20 percent from 1995 to 2000. From 1996 to 2000, the GDP improved, averaging 4.3 percent per year, driven by increased production of computers, software, and telecommunications components. The overall adjusted average salary hit its lowest point in 1995, when there was a slump in overall productivity in the economy and the real gross domestic product (GDP) grew at an average annual rate of just 2.4 percent per year. Once the average salaries dropped, they remained fairly level even through the recessions of 19. From 1960 until 1970, when an economic recession occurred, the overall adjusted average salaries rose. ** Change in survey methodology-unable to compare to prior year’s data.įigure 2 represents the overall adjusted average salaries in five-year increments. * Salaries are adjusted for inflation using the September 2016 Consumer Price Index. These particular majors have been reported consistently since the first Salary Survey reports were published, so a complete picture of salaries can be provided. This examination of the history of average starting salaries for college graduates covers several areas of study at the bachelor’s degree level, including business (accounting, business administration/management, and marketing majors), engineering (chemical, electrical, and mechanical engineering majors), humanities majors (English and history majors), and mathematics majors. NACE’s Salary Survey remains one of the few sources for new college graduate salary data, and its rich cache of historical data makes it possible to view salaries for new college graduates over time. In its early days, too, the report was heavily weighted toward engineering and business disciplines. Reflecting societal norms and expectations, rather than the reality (women accounted for nearly one-third of the civilian labor force in 1970), the report included salaries only for men until 1974. The report has grown significantly over its 56 years, expanding from just 11 majors to more than 150 at the bachelor’s degree level. NACE (then the College Placement Council, or CPC) began reporting salary data for new college graduates in 1960 through its Salary Survey report. Overall, in real terms, bachelor’s degree level salaries have risen 5.9 percent since 1960.
The overall economy, corporate scandals, new legal requirements, the dot-com bubble and burst-a variety of factors have affected the rise and fall of starting salaries for new college graduates over the past half century. NACE’s 2023 Guide to Compensation for Interns & Co-ops Related Resources NACE Salary Survey (subscription) Compensation Trends Current Compensation Informationįirst Destinations for College Classes (includes starting salaries)
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