College grads take a cut in pay

By Aaron Smith, CNNMoney.com staff writer


NEW YORK (CNNMoney.com) -- Graduates in the class of 2010 are making a little less money at new jobs than those who finished school last year, with the weak economy the prime culprit, according to a report released Thursday.

The National Association of Colleges and Employers said the average starting salary for this year's bachelor's degree recipients dipped 1.3%, to $48,661.

"It's just a simple supply-and-demand result of what's going on the economy right now," said association spokeswoman Mimi Collins. "You just have fewer opportunities all the way around."

Among the fields with lower salaries were psychology majors, whose starting pay dropped 5.6%. Computer engineering salaries declined 2.9%, while history majors' pay was down 2.1%

But English majors enjoyed a salary increase of 7.1% this year, and sociology grads' pay rose 5.7%.

Economics graduates saw their average salary ramp up by 2.1%, while information sciences grads got 5.7% more.

Those with engineering degrees other than computers experienced modest salary increases. Chemical engineering majors' pay rose 1.1% to an average starting salary of $65,628, among the highest for all new grads. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 18,135.72 38.82 0.21%
Nasdaq 4,982.81 15.67 0.32%
S&P 500 2,101.04 2.51 0.12%
Treasuries 2.11 -0.01 -0.52%
Data as of 4:28am ET
Company Price Change % Change
Bank of America Corp... 16.00 0.16 1.01%
Apple Inc 126.41 -2.13 -1.66%
AbbVie Inc 56.86 -3.41 -5.66%
Avon Products Inc 9.05 -0.05 -0.55%
General Electric Co 25.82 0.16 0.62%
Data as of Mar 5
Sponsors

Sections

The company Allstar allegedly lured customers in with misleading TV commercials and then overcharged them. More

Wage growth has become the central focus of the economy's health. It will impact workers and investors. More

Frank & Oak, Airbnb, and Net-a-Porter are just a couple of companies investing in the antiquated medium. More

Lawmakers and consumer advocates are speaking out against the special treatment given to debt collectors hired by government agencies across the country. More