Salaries for 2019 College Graduates Flat, According to Korn Ferry Pay Analysis
— Study Also Highlights Pay Differences in Major U.S. Cities,
Different Careers —
LOS ANGELES–(BUSINESS WIRE)–So much for the rule of supply and demand. A new study by Korn
Ferry (NYSE:KFY) shows that even though the unemployment rate is the
lowest it’s been in decades, salaries for newly minted college graduates
are virtually flat from 2018.
In the study, researchers analyzed salaries of 310,000 entry-level
positions from nearly 1,000 organizations across the United States.
Based on the analysis, 2019 college undergraduates in the United States
will make on average $51,347 annually. That is approximately 2 percent
more than the 2018 average ($50,390).
“With the U.S. inflation rate for the last 12 months hovering at about 2
percent, real wages for this year’s grads are virtually the same as last
year,” said Korn Ferry Senior Client Partner Tom McMullen. “In the race
to attract top graduate talent, it’s critical that companies pay
competitively, provide a differentiated work experience and engaging
culture as well as provide clear paths for advancement.”
Salary Differences in Selected Major Cities
The study includes an analysis of average entry-level salaries in
several major cities across the United States. In each of these cities,
the typical starting salaries increased by just about 2 percent from the
previous year, which makes for stagnant wage growth when inflation is
taken into account. The average salaries by city (in alphabetical order)
are:
| City | Average 2019 Grad salary | Average 2018 Grad salary | ||||
| Atlanta | $50,577 | $49,584 | ||||
| Boston | $60,897 | $59,460 | ||||
| Chicago | $56,379 | $55,177 | ||||
| Dallas | $51,860 | $50,743 | ||||
| Houston | $52,528 | $51,450 | ||||
| Los Angeles | $57,663 | $56,386 | ||||
| Minneapolis | $55,044 | $53,766 | ||||
| New York | $61,668 | $60,972 | ||||
| Philadelphia | $55,198 | $54,169 | ||||
| San Francisco | $65,621 | $63,995 | ||||
“Of course the cost of living in some cities, like San Francisco and New
York, is much higher than other parts of the nation, so it stands to
reason that salaries would also be higher, but regardless of location,
it’s imperative to continually asses compensation to stay competitive,”
said McMullen.
Snapshot of College Entry Roles
In alphabetical order, here is a sample of 10 careers and corresponding
average wages from the Korn Ferry analysis.
| Role | 2019 Average College Graduate Salary | ||
| Call Center Specialist | $39,082 | ||
| Customer Service Representative | $32,669 | ||
| Engineer | $64,941 | ||
| Graphic Designer | $47,964 | ||
| Marketing Analyst | $52,557 | ||
| Registered Nurse | $57,639 | ||
| R&D Scientist | $62,083 | ||
| Sales Associate | $46,454 | ||
| Software Developer | $68,145 | ||
| Staff Accountant | $48,833 | ||
“Graduates should keep in mind that averages can mask variations. For
example, within STEM-related careers there are some specialized areas
that pay significantly more than average,” said Ally Van Deuren, Korn
Ferry University Relations Center of Excellence Lead for North America.
“Job seekers must still do their homework to understand fair pay for
their location and area of expertise.”
About Korn Ferry
Korn Ferry is a global organizational consulting firm. We help clients
synchronize strategy and talent to drive superior performance. We work
with organizations to design their structures, roles, and
responsibilities. We help them hire the right people to bring their
strategy to life. And we advise them on how to reward, develop, and
motivate their people.
Contacts
Tracy Kurschner
Tracy.Kurschner@kornferry.com
612.309.3957