How Much College Students Expect to Make at Their First Jobs – Are They Realistic?
Unemployment is low and has been that way for months. Wages and salaries are up. Recent college graduates might be justified in feeling pretty good about their job prospects. But is the class of 2024 realistic about what they might earn right out of college?
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What College Students Expect to Earn After Graduation
In a 2023 study, Real Estate Witch found that college students expected to earn an average of $84,855 one year after graduation. In fact, students said they would not accept a job for less than $72,580 right out of college.
What College Students Actually Earn After Graduation
While the expectations of college students are enthusiastic, they are not realistic. According to ZipRecruiter, the average salary for a new graduate in 2024 is $47,479 nationwide. College students expect to make over $35,000 more than they likely will at their first job.
The average salary for a new college graduate varies by state and by industry, of course, but few salaries meet the average expectation. Washington state has the highest average annual salary for new graduates at $55,960, with New York coming in second at $52,293. Graduates in Louisiana and North Carolina fare the worst for starting salaries, at $35,340 and $33,577 respectively, about half of what students say is the minimum they’d work for.
According to the National Association of Colleges and Employers, engineering students have the best salary prospects, with an average 2024 starting salary projection of $76,736. It’s higher than average, but still less than what the average student thinks they’ll be making. Computer sciences majors are close behind with a 2024 salary projection of $74,778. Business majors can expect to make $63,907 right out of school.
The ambition and enthusiasm of the class of 2024 are noteworthy, but they may need to lower their salary expectations if they expect to join the workforce.
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