There will soon be more than a million newly minted college graduates entering the job market. For most of them, the news is good because expectations for employment are much better than in recent years. Still, for top-tier jobs, the competition is forecast to be fierce.
According to a recent survey by the National Association of Colleges and Employers, the number of this year’s graduates soon to be employed will probably be approximately 17.4% higher than in 2006. Thus, the growth trend started in 2004 is projected to continue with significant expansion by both large and small companies in almost all industries.
Many of the new jobs in the US are likely to be in the West as many companies have established operations there for economical reasons. Of the top 10 large metros expected to see substantial gains in jobs for recent college graduates, Las Vegas holds the top spot with Austin ranking seventh. The continuing technology boom is a major contributor to the job openings in the Texas capital metro area.
To get the brightest and best, some companies are hiring on the spot or offering perks such as signing bonuses to the new graduates. Bonuses are ranging from $1,000 to $10,000 with the average being around $3,500. Other perks often include flexible work schedules or enhanced benefits.
There is also more “wining and dining” this year than in the past. Particularly in hot demand are students with business majors as well as those who have studied to be engineers or have significant computer-related skills.
Along with the increased number of jobs, starting salaries are on the rise. Financial compensation for students with economics and finance preparation is up 12.4%, with the average annual remuneration slightly more than $50,000. New graduates with chemical engineering backgrounds can expect close to $60,000 the first year.
Other areas with substantial hikes over 2006 entry level pay include marketing, up 10.3%, and business administration at 7.5%. The smallest salary gain has been experienced by liberal arts graduates whose average starting pay is around $31,300, a 1.2% hike over 2006.
For students completing their graduate studies, those who have chosen medical careers will likely have the highest annual earnings, upwards of more than $145,000.
Internships, which have been on the rise in recent years, are proving to be a good way to get one’s feet in the door as employers are offering jobs to over 70% of their interns.
Several companies are anticipating hiring more than 4,000 new graduates. Among them are Enterprise Rent-A-Car, Walgreen Company, Lockheed Martin, PricewaterhouseCoopers, and the Peace Corps. Other top employers include law firms, retail businesses, financial institutions, and various government entities.
The demand for highly skilled and prepared workers is expected to continue through the next several years. Thus, education remains a solid investment, especially since those with college preparation are likely to make significantly more money during their lifetimes than those with just a high school diploma.
The jobs that are available, of course, are not going to just fall into the laps of those with shiny new diplomas. A successful job search relies on concerted and focused effort. But as long as college graduates have adequate preparation, put forth the effort to obtain interviews, and network, their picture for employment appears to be bright.