What is the Average College Graduate Salary in 2022?

A college degree represents a huge investment of your hard work, time and money. You spend years studying toward that coveted certificate — and fortunately, for many graduates, it pays off.

With a college degree, you can apply for more specialized roles and achieve a higher starting salary. You’re also less likely to become unemployed.

But exactly how much of a boost to your salary can you expect from a college degree? And how does that vary depending on the major and degree level? Let’s break it down.

What is the Average College Graduate Salary?

According to the most recent survey by the National Association of Colleges and Employers (NACE), the average starting salary for graduates in the US is $55,260. That’s based on data from 341 schools across the nation.

In 2022, however, new graduates will likely receive a slightly higher salary. That’s because NACE’s most recent survey was published in 2021. Data for this year won’t be available until 2023.

Average starting salaries normally rise over time. In fact, that $55,260 average from NACE’s 2021 report represents a 2.5% increase on the year before.

So although we won’t know the exact figure until 2023, it’s safe to say that on average, college graduates should receive starting salaries of over $50,000 in 2022.

Before you start budgeting, however, remember that the college graduate salaries will vary according to the major and the institution, among other factors.

How Do the Average College Graduate Salaries Vary by Major?

According to NACE’s survey, the highest-paid college graduates majored in technical fields. The top 10 majors are dominated by engineering, computing and mathematics. In particular, the best three majors for high college graduate salaries are:

1. Petroleum engineering: $87,989
2. Computer programming: $86,098
3. Computer engineering: $85,996

On the other end of the scale, low-paying majors include education and mental health. According to a 2021 Payscale report as reported in Investopedia, the bottom three are:

1. Metalsmithing: $40,300
2. Medical Assisting: $44,800
3. Mental Health: $45,000

With high school graduates earning on average $40,612 a year in 2020, some students may wonder if these majors are worth the financial investment. However, these careers and degrees can be incredibly fulfilling, even if they’re not always as financially lucrative.

How Does the Choice of College Affect Average Graduate Salaries?

Although you could argue that a degree in Chemical Engineering should be worth the same no matter where you graduate from, some colleges boast higher new graduate average salaries than others. For example, the average starting salary for a graduate with a bachelor’s degree from MIT is $104,617. That’s almost twice the national average.

Whether it’s due to the prestigious name, increased networking opportunities, or simply job interview training provided as part of the college services, students at these colleges often see the financial benefits. However, that doesn’t mean you need to go to a prestigious college in order to achieve an attractive starting salary. Internships and work placements, your performance in interviews, additional degrees: there are many other ways to stand out from the crowd.

Does a Higher Degree Level Affect Your Average Starting Salary?

Studying additional degrees can boost your starting salary significantly, although how much of an increase you’ll see will vary according to the major.

For example, NACE found that biology majors with a bachelor’s degree earned an average of just $37,182 in their first year of work. Adding a master’s degree to their resume, however, saw their salaries shoot up to $69,353 — an increase of 186.5%.

Social work majors, on the other hand, saw a far smaller increase. A master’s degree led to a graduate salary of $48,711, as opposed to $35,622 with just a bachelor’s degree. While still a moderate rise in salary, social workers may take longer to reap the financial benefits of their additional degrees.

Generally speaking, however, higher levels of education can significantly improve graduate salaries. According to the US Bureau of Labor Statistics (BLS), weekly earnings in 2020 averaged:

• Associate degree: $938
• Bachelor’s degree: $1,305
• Master’s degree: $1,545
• Professional degree: $1,893
• Doctoral degree: $1,885

What’s more, the higher the level of education, the lower the unemployment rate dropped. Even after taking into account the effects of the COVID-19 pandemic, only 2.5% of people with doctoral degrees were unemployed in 2020. In contrast, 9% of people with just a high school diploma were unemployed.

Although these figures may sound impressive, it’s worth remembering that the BLS’s data represent the incomes of all workers across the US, rather than just new graduates.

A Positive Picture for College Graduates in 2022

Graduates in 2022 are leaving college for a world recovering from the COVID-19 pandemic. It can be a nerve-wracking time to start applying for jobs, but there’s plenty to be positive about.

According to NACE’s Job Outlook 2022 report, almost 60% of responding employers plan to recruit additional team members this year.

Moreover, they plan to hire 26.6% more new graduates from the class of 2022 than they did from the class of 2021. It’s not just a significant increase in 2021 and 2020. It represents an even higher percentage than in 2019, before the pandemic struck.

According to a winter 2021 Salary Survey by NACE, recruiters are particularly likely to hire college graduates with a bachelor’s degree in accounting and finance, business management and logistics or engineering. Recent graduates with a master’s degree in computer sciences or software are also in demand.

For students about to finish college, this is a positive sign. Employers are actively looking to expand their workforce and hire new graduates. This will also make it easier to negotiate higher starting salaries and more attractive working conditions and benefits packages.

Impress Recruiters and Receive Better Salary Offers

It’s not just your major that will determine how competitive your first salary is as a new college graduate. Recruiters will also consider how well you interview, if you have internships or other relevant experience, and your resume.

Your resume is the first impression recruiters will have of you, so it’s important to get it right. It should be customized to the job listing while highlighting your best strengths, whether that’s a work placement in your dream industry or a major that aligns perfectly with the role you’re applying for.

Here at Rocket Resume, we have over two million resume templates to help you get started. Each one contains recruiter-recommended phrasing and is easy to read by humans and computers alike. Plus, they only take minutes to build.

With a polished and professional resume, you’ll be on the right path to impressing recruiters and receiving attractive salary offers. Create your graduate resume today.