What is the appropriate beginning?
Every year thousands upon thousands of college graduates enter the professional world eager to start working. However an important dilemma faces most, what is a reasonable starting salary? With the workforce dynamics consistently changing, and organizations starting to experience in a shortage in skilled labor, new college graduates face a multitude of factors upon entering the employment world. How does a graduate measure his or her worth in the marketplace? The following paper analyzes the various components and complications of compensation packages for new graduates.
Recently numerous national reports have been emphasizing the increases in starting salaries for college graduates. According to a spring 2007 survey conducted by National Association of Colleges and Employers (NACE), starting salaries for spring 2007 graduates continue to rise (p.1). These starting salaries reflect the rising demand for new graduates. This is a trend that has been witnessed by several new graduates. Deshundra Jefferson (2006) reported how computer science majors and engineering majors from the class of 2004 witnessed a 4.1% and 0.3% increase respectively (Jefferson, 2006, p. 1). Law graduates can expect to see starting packages in the ranges of $180,000 to $200,000 from top law firms in some cities (Bower, 2007, p. 15). A survey of starting salaries in the U.K. also reported an increase of 2.9% to a median of £23,136 (People Management, 2007, p. 11). Salary increases is a trend that is evident across the board and there are numerous factors leading up to these attractive packages.
One particular profession that has seen reaped the benefits of increasing salaries is the lawyers’ pool. Freeman (1975) emphasized how lawyers’ salary is inversely related to enrollment. He also mentioned how the market for law graduates has a cob-web model, with consistent fluctuations in the enrollment in law programs (Freeman 1975; Rosen, 1992). Freeman’s theory accurately describes the explanation behind today’s increase in starting salaries for law graduates. Cleveland State’s Marshall Law School saw an average of 20% increase in starting packages for its law graduates (Crain’s Cleveland Business, 2007). The median salary for a law graduate was $44,500 in 1999 (Ohio Department of Labor, 2000). The high wages for law graduates can also be explained by the increasing cost of entry. Human-capital theory shows that much of the cost of training is the time and effort spent in school. The money value of time is measured by the rate of interest on other work opportunities forgone.
Thousands of people end up enrolling in college after they graduate from high school. Most of them want to further their education so they can make something out of themselves. It is a common idea among many, that college will end up increasing one’s average income. In the article, The College Payoff Illusion, by Edwin S. Rubenstein, he wrote that “In 1997, college graduates earned an average of $40,508 versus just $23,970 for non-college graduates”. The statistic shows that graduates are making more but does it have more to do with their college degree or their personality?
more than $20,000 in 2007 compared to the average high school graduates. (p. 260) Instead these
A majority of people believe that graduating from college will result in a well-paying job. Unfortunately, a degree will not secure a job for many graduates. In the U.S., the jobless rate for college graduates in 2012 was 7.7 percent, and has further increased in the past five years(Robinson). With such a large pool of unemployed citizens for employers to choose from, recent graduates are facing fewer opportunities for work due to little or no previous work experience(Robinson). Although many graduates are faced with unemployment, the majority do receive the opportunity to work. Sadly, many must work jobs they do not enjoy for salaries that make it difficult to make ends meet(Debate). Students are faced with mortgage-sized debts upon graduation, making it difficult for them to start businesses, buy cars or houses, or make other investments that would better the
With more companies each year offering tuition reimbursement as part of their employee benefits package, they too see the value and investment pay off for helping their valued employees further their education. Some employers might cover all expenses up to a certain amount, while others pay a percentage of the total costs (Tucker). However, it is important to note that only well established companies have the necessary resources available to fund a tuition reimbursement program. In addition to having the adequate funds, employers ask that a tuition assistances program participant maintain high grades to receive the maximum amount of tuition reimbursement. Although this varies from compan...
For the past decade, The United States has stressed the importance of college education, to those seeking employment, and better careers. For most people, college is the logical next step in education, as it provides a working knowledge of a desired field and opens the door to many opportunities, but college has become increasingly more expensive as time goes on. Many people feel that college is no longer an option financially. Even with financial aid and scholarships, the cost of a college education can still be very taxing. This is due to massive price increase across the boards, but the main issue on most people’s minds is the debt that will be acquired from higher education.
The second chapter of this book advocates students to attend college, even if they must take on a moderate amount of student loan debt. They give statistics showing the tremendous gap in wages between a college graduate and a non-college graduate. The third chapter of this book argues the opposite viewpoint of the second chapter. The author states that the cost of college today is too high and that there are too many college graduates flooding the job market causing many of them to go unemployed or seek low level jobs that do not pay enough to pay off their student loans. Both of these chapters will help me to show the two main ...
In their article, Owen and Sawhill appeal to ethos by comparing statistics on college graduates’ income to the income of those who did not attend college. One figure Owen and Sawhill present is “research shows that 23- to 25-year-olds with bachelor’s degrees make $12,000 more than high school graduates but by age 50, the gap has grown to $46,500”(641) They
Although a college education grows more and more expensive every year. People begin to question whether college is a good idea to invest in or not. “As college costs continue to rise, students and their families are looking more carefully at what they are getting for their money. Increasingly, they are finding that the college experience falls short of their expectations”(Cooper. H Mary). Many people believe that the cost of a college degree has outstripped the value of a degree.Studies show that a college degree will increase your earning power. A lot of people say that a college degree now is worth what a high school diploma was wor...
College is the place where people go to retain the necessary training for a job that requires specific skills, which results in earning a higher pay check. In today’s world, employers are scouting out for individuals with the proper dexterities to fill the shoes for that specific job. Blanche D. Blank, the author of “A Question of Degree," argues that possessing a degree of higher education isn’t the only way to have a very successful life. This statement is highly argumentative, due to the fact that college graduates still out-earn people without degrees. Obtaining a college degree is one of the best things someone can do for themselves, when it comes to looking for a stable job. There is also so much more to college than just receiving a
Education and experience are considered “human capital” by economist. The knowledge and skills learned on the job make employees more productive. Historically women were less likely to go to college and graduate, however according to the U.S. Department of Education Institute of Education Sciences National Center for Education Statistics Between 1970 and 2001, women went from being the minority to the majority of the U.S. undergraduate population, increasing their representation from 42 percent to 56 percent of undergraduates. If these trends continue women will make up the larger segment of the skilled labor force. Educational attainment is particularly important in closing the wage gap. The simple fact is that employees with a college degree makes more than employees with a high school education. The gender wage gap exists at all levels of education, and women with graduate degrees experience the widest wage ratio of 73 percent, earning almost $450 less per week than
One of the major problems Lewis and Zaidane’s argue in their piece is that fifty-three percent of graduates are unemployed (587). People are attending college, accumulating debt, and are not able to start careers. Recently, a student graduated with a degree in marketing and because of low unemployment rate he had to work as a bartender. More people will have degrees than jobs in the next ten years.
...f lawyers is expected to grow 11 percent during the 2006-2016 decade, about as fast as the average for all occupations.” (Job, 7) “Competition for job openings should continue to be keen because of the large number of students graduating from law school each year. ‘Graduates with superior academic records from highly regarded law schools will have the best job opportunities.’” (Job, 7)
By attending college, students guarantees themselves a better job that the average Joe. Because the world is changing rapidly, and many jobs rely on new technology, more jobs require education beyond high school. With a college education, an individual will have more jobs from which to choose. In addition to obtaining a better job, people who go to college usually earn more money than those who do not. College furnishes you with proper credentials and documents to land high-level jobs. Figures from an A&E television program on ‘The Working Class’ show that in 2004 the average earnings were $23,895 for a high school graduate and $41,478 for individuals with a bachelor’s degree. Getting a college education is simply a stepping stone in ensuring yourself with a good start in life. Some may agree that college students are open minded and knows exactly how to expre...
However, law is not my sole academic interest. I am also drawn to subjects involving the big bucks- that is, economics. I became familiar with money at an early age by selling Girl Scout cookies to the locals. I took it a step further as a teenager with a job at Wendy’s, where I have learned firsthand about productio...
The starting salary for a collage grad or someone of equal ability is about 50-60 a year. High positions requiring people with rare intelect and skill pay up to $300,000.00 per year plus benefits. A rare few achiev millions of dollars on independant/self-employed ventures.