Recent College Grad Salary vs Debt?

[crisi]

That salary is not for someone "right out of college" with a bachelor's degree, though.

The poster's son has a PhD in Physics - which is a math heavy major - not right out of college with a Bachelor's either.

He is probably doing financial modeling. Its a very lucrative field, but its something you need a graduate degree in a math heavy field to generally do.

I knew a guy who's fiancee was hired out of Stanford into Wall Street with a Masters at $300k with a similar background then years ago.

 

[CloveLeaf]

$375K seems a bit high, but the numbers you quoted are for a different type of position. I would not be surprised if PHDs with certain math skills in demand on Wall Street can make at least $150-200K starting out.

$150K - 200K is what I heard from my friends as well. PhD degree working at JP Morgan as quantitative analysts.

 

[leahjade]

I knew a guy who's fiancee was hired out of Stanford into Wall Street with a Masters at $300k with a similar background then years ago

Anyone can say that's what they make but it's just not true.

According to the New York Times, the average base pay for managing directors at Morgan Stanley has risen to $400,000. And this is a director who has been with the company for awhile. Starting salaries are around the $80,000 - $90,000 range after college.

 

[Dreamer7787]

Finished my MLS in December 2010.

1.) I technically had a job upon graduation, only part time and I was promoted just before graduation. It had nothing to do with graduation though. I am still not working as a librarian. I have had numerous interviews but even those are only for part time. There has only been one full time posting locally since I graduated.

2.) I was only working part-time so roughly $9K. I also started working as a cashier the summer after when interviews were turning up nothing. I now work three part time jobs within in the library system starting a year after finishing my masters. Salary is just over $20K.

3.) $55K. Four years undergrad, study abroad program, and 1.5 years grad school. I did pay on loans while I was in school. Transferred from private school to state school halfway through my undergrad.

 

[MINNIEmeetsTINK]

1. Graduated August 2011 with a Bachelors in Communications and Minor in Political Science. Top 5-10% of my whole class (not just my major). Public University and a Summer Abroad.

2. Worked in college at a restaurant so I never became "unemployed". With this being said I currently work in Sales full time and still work part time at a restaurant. It took me about 2-3 months to find my full time job after graduating. Sales is not the type of job I hope to do forever.

3. My debt is less than $20,000 and I make less than $20,000 a year.

If I could go back and change my major to a field where I was making more money I would not unless it REALLY interested me. I really love Communications and would not study in a different field that I wasn't as interested in JUST to make more money.

 

[Keegansmommy]

Bachelor's Degree in elementary education. Around $30,000 in student loans (6 years thanks to continuing education requirments). It took me 2.5 years to get a full time job in MI. Highest salary I made (after 4 years) was $36,000. Sadly the last 2 years my salary has been cut. This year I will make about $27,000. Actual take home pay (after mandatory retirment deductions and such) will only be about $20,000.


I'm considering going back to school for Speech and Language, but it would take an additional prerequisite year since my original degree is in education. Adding 3 more years of loans scares me to death though.

 

[punkin]

Anyone can say that's what they make but it's just not true.

According to the New York Times, the average base pay for managing directors at Morgan Stanley has risen to $400,000. And this is a director who has been with the company for awhile. Starting salaries are around the $80,000 - $90,000 range after college.

Base pay is nothing on Wall Street. I imagine the PhD in Physics was hired with a base of about $150K and a guaranteed bonus for the first year of $100-$200K. That's the way things are done on the Street. I still say $37K is a bit high, but it is not out of the realm of possibility as you suggest.

 

[crisi]

Base pay is nothing on Wall Street. I imagine the PhD in Physics was hired with a base of about $150K and a guaranteed bonus for the first year of $100-$200K. That's the way things are done on the Street. I still say $37K is a bit high, but it is not out of the realm of possibility as you suggest.

Yep. Salary is usually a small portion of compensation on Wall Street. ESPECIALLY for a Managing Director, where your salary is tiny in comparison to your bonus package.

 

[leahjade]

This is not $300,000 - $500,000 as some have exaggerated. Great pay but let's get real.

Traders Walking into Credit Suisse, New York Traders Walking into Eleven Madison, NY
Going into 2013, starting salaries for investment banking positions with a bachelors degree (assistant or junior analyst position) should range from $100,000 to $150,000 after bonus. Most of the major banks in NYC are offering a starting salary of around $75,000 plus a $15,000 to $20,000 signing bonus. Further bonus can range from $20,000 to $40,000 depending on performance. Starting salaries with an MBA degree (associate position) range after bonus from $120,000 to $220,000. These salaries vary with firms and with the region of the country you are in. Bonuses typically would be 10-50% of salary to start and can move to one to three times salary later.

 

[My5Mouseketeers]

This is not $300,000 - $500,000 as some have exaggerated. Great pay but let's get real.

Traders Walking into Credit Suisse, New York Traders Walking into Eleven Madison, NY
Going into 2013, starting salaries for investment banking positions with a bachelors degree (assistant or junior analyst position) should range from $100,000 to $150,000 after bonus. Most of the major banks in NYC are offering a starting salary of around $75,000 plus a $15,000 to $20,000 signing bonus. Further bonus can range from $20,000 to $40,000 depending on performance. Starting salaries with an MBA degree (associate position) range after bonus from $120,000 to $220,000. These salaries vary with firms and with the region of the country you are in. Bonuses typically would be 10-50% of salary to start and can move to one to three times salary later.

I really don't understand why you don't believe the salary. They are talking about a PHD in Physics. There are not a lot of those around. Also, when you are talking about EXPERTS in a field, they can easily make 100K more a year than there manager does. A manager has to have basic knowledge and organizational skills, not the knitty gritty of a field.

 

[Hrhpd]

Just wondering if anyone is willing to share information on people they know who just recently graduated college and tell us:

1. How long did it take to find a job?
2. What was their starting salary?
3. How much college debt do they have?

Just curious as to what is going on at the other end of college. I have twins who just started college last month, and all of this discussion about college cost and debt and what to expect makes me wonder why is going on for those who just graduated.

Thanks

1) secured job before graduation
2) $65,000 (BS Biochem Eng)
3) $0 (parent & scholarship financed)

 

[KennesawNemo]

I really don't understand why you don't believe the salary. They are talking about a PHD in Physics. There are not a lot of those around. Also, when you are talking about EXPERTS in a field, they can easily make 100K more a year than there manager does. A manager has to have basic knowledge and organizational skills, not the knitty gritty of a field.

I don't doubt what the earlier poster said about her sons' salaries, but it must be a very rare case.

I never know any fresh Ph. D got $350K, and I know quite a few Ph.Ds working in investment banking.

$150K to $250K, including bonus, would be more realistic.

 

[bananasplitkids]

I don't really understand why there is so much discussion over one persons post of what their son made. The op is asking about different people's experiences and in her experience her son made 375k with a PHD in physics (which isnt very common). All of these quotes of what the average analyst makes, I just don't get. What you are quoting is just that an average meaning their is a possibility to make more or less.

 

[HugsForEeyore]

Finished my MLS in December 2010.

1.) I technically had a job upon graduation, only part time and I was promoted just before graduation. It had nothing to do with graduation though. I am still not working as a librarian. I have had numerous interviews but even those are only for part time. There has only been one full time posting locally since I graduated.

2.) I was only working part-time so roughly $9K. I also started working as a cashier the summer after when interviews were turning up nothing. I now work three part time jobs within in the library system starting a year after finishing my masters. Salary is just over $20K.

3.) $55K. Four years undergrad, study abroad program, and 1.5 years grad school. I did pay on loans while I was in school. Transferred from private school to state school halfway through my undergrad.

I just had to comment on your post! - I also got an MLIS (same thing basically as MLS) back in 2003 and I am still working part-time in a library. Sigh. Never found a full-time job, and nothing ever opened up at my library for me to advance. In my area, most libraries have budget cuts, plus most of the available budget goes to older, well-paid employees with generous state benefits and pensions. Younger people remain very part-time or temps with no futures, and full-time positions get attritioned out when people retire.

And now with ebooks & streaming threatening to make libraries obsolete (leaving libraries nothing more than a computer/community center), yeah this career isn't looking too good! I wish I could have a "do-over" with my career choices. Hope you fare better than I have. I get pretty depressed if I think about it too much!

As to the OP's question, I have a coworker who's daughter graduated in 2010 from a very expensive liberal arts college in Vermont with an art degree. Today she only has a very part-time job making $12, with zero prospects or leads. The daughter has zero debt since her parents took out the $200,000 in loans needed, not her. I have no idea what the daughter is going to do to support herself or what her plans are. Sadly most of her friends are in similar spots - no real jobs, still dependant on parents.

The only recent college grads I hear of that do well are like many on this thread - engineering/science majors, or medical or therapy (speech, occupational, etc) majors.

 

[zurgswife]

1. How long did it take to find a job? 2 months Graduated May 2012 Major: Film and TV
2. What was their starting salary? $40,000 (Associate Producer of Media Nationally Syndicated TV show)
3. How much college debt do they have? $85,000

 

[marko]

I really don't understand why you don't believe the salary. They are talking about a PHD in Physics. There are not a lot of those around. Also, when you are talking about EXPERTS in a field, they can easily make 100K more a year than there manager does. A manager has to have basic knowledge and organizational skills, not the knitty gritty of a field.

Well said.

 

[FINFAN]

In my DD's field of Computer Animation, some of this years graduating class has reported the following salaries for full time:
Shreeveport LA $55,000
Greenwich CT $70-75,000
San Francisco CA $65,000
Florida $42,000-$62,000
I only have numbers for her major...others could be doing better or worse.


no idea on who has what debt, but those are starting salaries for various positions that they have accepted or at least been offered. The school they attended costs roughly $45,000 a year "retail" , before any scholarships, aid etc come into play. The cost is the same for in state or out...but it is in Florida so I know the Bright Futures program is a big help for many.

 

[momtofour]

My daughter graduated with a degree in business administration. She earns in the low 60s and has no student debt. Her company paid for her relocation and gave her a $7000 signing bonus. All of her fellow graduates from her college are employed in similar positions and salaries. She did graduate from a prestigious university with very strong alumnae ties. Many of her high school friends who graduated from other colleges are unemployed or very underemployed. It is very tough out there.

 

[Woth2982]

1st degree BA in Public Relations, graduated in 2004 - Never found a job, searched for 2 years, all I was offered were unpaid internships. Worked for $24K as a swim instructor (that INCLUDES the OT I had to do), had 35K in loans.

2nd Degree BS in Accounting. Half way through MS. Graduated in May 2009, was offered my first Accounting job in November 2009. Was Paid $37K. Student loan debt ballooned to $110K due to deferment fees, interest rates at 14%, etc. Was offered a new job at $60K in January. Thankfully for me, my grandfather died in 2007 (well that is not the good part), but my dad received a life insurance payment for him this year and that wiped out my loans. I did not qualify thanks to my parents "earning too much," and was not offered anything more financial aid wise than a $1500 loan per YEAR, so all my loans practically were private. I have now saved enough money to put a down payment on a condo, and hopefully by November I will close on it.

 

[mistysue]

I have trouble believing that this thread is a typical cross section, especially seeing as how in this thread, the typical 1st year Bachelor's degree graduate makes more than the average two income household in our country. My DH got his PhD in math nearly 5 years ago... most of the PhD candidates he knows started delaying graduation because there are not jobs for them, and especially not these great paying jobs this thread is mentioning.
Those getting out, if they get a job, seem to be capping out around 50-60K/year WITH a PhD. Among the jobs he was offered this fall was a good university that was offering roughly $4,000 per course to lecture- so at full time it would only be around $25,000/year with no benefits. Again, that is for a job requiring a PhD in math with experience. Luckily that was not his only offer, but if those are the offers, there are people working for that.

That said, I asked him to start looking for one of these finance jobs because if a Physics PhD is qualified for finance, he definitely is.
Within a few years, if the economy keeps recovering I suspect things will be much better in his field as his older coworkers seem puzzled at what is happening to the "new guys."