Salaries for 2019 College Graduates Flat, According to Korn Ferry Pay Analysis
May 16 2019 - 8:00AM
Business Wire
-- Study Also Highlights Pay Differences in
Major U.S. Cities, Different Careers --
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.
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Tracy KurschnerTracy.Kurschner@kornferry.com612.309.3957
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