New York (CNN/Money) -
When they entered college four years ago, their future job prospects looked bright. Now, college seniors who just graduated are finding that the world outside the Ivory Tower has changed drastically.
Job offers are no longer abundant. And graduates, who once commanded high salaries, signing bonuses and other sweetheart deals, are learning to set their sights much lower.
"Graduates who haven't received full-time job offers are starting to look to the fall, hoping that things will get better" says Camille Luckenbaugh, spokesperson for the National Association of Colleges and Employers. "These kids are having a tough time. They're trying to keep busy and put something on their resume, such as unpaid internships."
When it comes to hiring, there's good news and bad. On one hand, the number of college grads employers recruit this year will be about the same as last year. On the other, companies slashed the number of college hires by 36 percent last year, according to Luckenbaugh.
Grads who are fortunate enough to be hired this year will find that roughly four out of 10 employers -- 44 percent -- will keep salary levels unchanged. For example, the salaries offered to mechanical engineers, at $48,441, are nearly identical to a year ago and electrical engineering grads will typically be paid a starting salary of $49,946, down 0.4% from last summer, NACE found.
However, nearly as many employers, 42 percent, are cutting salaries for new hires.
Computer engineering majors may be shocked to learn that their average starting salary runs about $51,720, down a whopping 7.7% from what they would have been offered a year ago.
Their colleagues -- computer science majors -- are also seeing smaller pay offers. In general, these computer gurus are being offered starting pay of $47,419 That's among the most lucrative offers for any major but a 4.4 percent cut from last year.
With that in mind, parents who had hoped their children would move smoothly into lucrative jobs after college may need to adjust their expectations. Instead, some grads may need more loans -- or even free room and board -- from Mom and Dad to get by.
Luckenbaugh urges graduates, and college students, not to despair. After all, a college degree is worth something -- the more education you have, the higher your salary tends to be.
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