New college grads negotiating their first salary may be in for a rude awakening.
In the midst of a historically strong job market, characterized by low unemployment, rising wages and a high degree of job-seeker confidence, those armed with a degree are feeling relatively good about their earning potential.
In fact, today's undergraduates expect to make $84,855 one year after graduation, according to a survey of college students by Real Estate Witch, part of real estate site Clever, in March.
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Yet, the average starting salary for recent graduates is just shy of $56,000, Real Estate Witch found - a difference of nearly $30,000.
Although the vast majority - or roughly 97% - of students would consider lowering their salary expectations, they wouldn't work for less than $72,580, on average, at their first job, Real Estate Witch found.
The disconnect between perception and reality only worsens over time: A decade into their careers, students anticipate making more than $204,560. That's well over the average mid-career salary of $98,647, according to Glassdoor.
On the upside, employers plan to hire about 4% more new college graduates from this year's class than they hired from the Class of 2022, according to a report from the National Association of Colleges and Employers.
Although that's down significantly from earlier projections, "the overall picture is still positive for the Class of 2023," said Kevin Grubb, associate vice provost of professional development and executive director of the career center at Villanova University.
"A lot of our students have a job heading into graduation," Grubb said.
They just won't necessarily be paid more than last year's graduating class.
The average starting salary for this year's crop of graduates is projected level off, a separate survey by NACE also found. Typically high-paying disciplines, such as engineering, math or computer science, will pay nearly the same or lower than last year, NACE found.
As of April, businesses paid new workers 6.6% less than new hires last year, although the salary declines were more pronounced in finance, insurance and other professional services, according to data from payroll provider Gusto.
But for recent or soon-to-be grads entering the job market, getting experience is even more important than a good salary, said Luke Pardue, an economist at Gusto.
"If they can gain the skills, they can parlay that into a better job later on."
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