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 Economics

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Economics, finance, business administration, and accounting majors rank nationally as the top four majors for job offers.

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Starting Salary Expectations

If you work hard at your job search and you're well qualified, you may have more than one job offer to consider. Lucky you!

What you need to know is this: an offer of $30,000 will go farther in Atlanta, Georgia than it will in Boston, Massachusetts. It will go much farther in Akron, Ohio, than it does in San Francisco, California. If you make $30,000 in Syracuse, New York, you'll need less than that to maintain the same standard of living in Wichita, Kansas.

The truth is, geographic location and cost-of-living play a big part in determining how much salary you will be offered-and how much you can afford to accept. Cost of living and salaries fluctuate among metropolitan, suburban, and rural areas. The starting salary for a sales job in a metropolitan area with a high cost-of-living will probably be significantly higher than the salary for the same job in an area with a low cost-of-living. Yet, the buying power of a salary in these locations may be similar.

Find a salary calculator online and you can compare the cost of living in a number of cities. Suppose you are offered $30,000 to take a job in Tampa Florida.

Move to Charlotte, North Carolina and you'll only need $23,639 to maintain the same standard of living. You'll need $42,682 in Boston; $56,019 in San Francisco; $28,560 in Wichita, Kansas; or $29, 511 in Terre Haute, Indiana.

Supply and demand also play a major role in the amount of starting salary you will be offered. For example, if you're looking for a job in a field that has a healthy supply of candidates, you'll probably find stiff competition for jobs; so, your ability to negotiate salary will probably be limited. On the other hand, some fields are so hot right now that graduates in those areas will find they have their choice of employers, many of whom will offer top dollar. But, even within fields, salaries vary, and industry and type of employer also affect salary.

Finally, you're unique. Your specific qualities and qualifications will play a role in your ability to attract employers and negotiate a salary.

Below are starting salary ranges for selected disciplines. The ranges are provided to give you a rough idea of salary potential for a variety of majors, but keep in mind the factors that affect salary offers—and remember your starting salary may be higher or lower than the figures reported here.
 

 

Bachelor's Degree Candidates
By curriculum for all types of employers Yearly salary ranges in $
Business
  Accounting 42,000 - 52,000
  Business Administration/Management 35,000 - 51,000
  Management Information Systems 41,500 - 53,570
  Marketing/Marketing Management 35,000 - 45,000
Computer Sciences
  Computer Science 48,000 - 60,000
Information Sciences & Systems 45,000 - 58,000
Engineering
  Chemical 57,000 - 63,000
  Civil 45,000 - 52,500
  Computer 53,000 - 60,000
  Electrical/Electronic 52,500 - 60,000
  Mechanical 50,500 - 58,000
Humanities & Social Sciences
  Liberal Arts & Sciences 25,000 - 40,000
  Psychology 25,000 - 38,000
  Sociology 27,000 - 37,500
Source: NACE Salary Survey, Fall 2007 report. Data are starting salary offers reported to NACE by colleges and universities nationwide.
Selected Master's Degree Candidates
By curriculum for all types of employers Yearly salary ranges in $
Business  
  Accounting 46,000 - 54,000
MBA-Nontechnical Undergraduate degree  
    1 year or less experience 35,000 - 67,000
Engineering & Computer Science  
  Civil Engineering 45,000 - 55,208
  Electrical/Electronic Engineering 60,000 - 75,000
  Mechanical Engineering 59,000 - 67,000
  Computer Science 53,000 - 76,000
Source: NACE Salary Survey, Fall 2007 report. Data are starting salary offers reported to NACE by colleges and universities nationwide.
Associate Degree Candidates
Broad Category Average yearly salary in $
Computer and Information Sciences 29,142
Personal and Culinary Services 22,504
Education 19,022
Engineering-Related Technologies 28,798
Family and Consumer Sciences/Human Sciences 20,132
Law Professions and Studies 23,391
Liberal Arts and Sciences, General Studies, and Humanities 22,443
Security and Protective Services 26,806
Mechanic and Repair Technologies 25,047
Visual and Performing Arts 22,793
Health Professions and Related Clinical Sciences 34,936
Business Management, Marketing, and Related Support Services  25,340
Source: Salary Survey for Associate Degree Candidates, National Association of Colleges and Employers.
 


 

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Last modified: 02/14/11