August 8, 2007

Want proof that it pays to get a jump on a job search? Students who began their job search early this year were rewarded for their early efforts, according to a new report from the National Association of Colleges and Employers (NACE).

At the time of NACE's 2007 Graduating Student Survey—conducted March 1 through April 30, 2007—71 percent of responding students either planned to or already had begun to look for a full-time job after graduation. Among those reporting that they had actively begun searching for a job, 79 percent already had submitted an application. And, of those students who submitted a job application, 51.2 percent had already accepted an offer for the job they would begin after graduation.

Salaries also brought good news. Based on respondents who had a job to go to after graduation, average starting salaries ranged between $40,000 and $45,000.

"Interestingly, the reality exceeded respondent expectations," explains Marilyn Mackes, NACE executive director. "The average starting salary ranges were approximately $5,000 more than that anticipated by those respondents who had actually applied for a job." Successful student applicants relied more heavily on the professional expertise of their college career service centers and were more active and direct in their contacts with potential employers. Most student applicants (70 percent) used their college career service centers, at least in part. However, the percentage increases significantly to 82 percent when only students who were successful in landing a job before graduation are considered.

"Successful student applicants relied far more on on-campus interviews, speaking with company representatives, and viewing employer information presentations—offerings connected with the career center—than did unsuccessful applicants," Mackes notes. "Meanwhile, unsuccessful applicants were distinguished by their reliance on viewing job postings on company web sites, reading job ads in newspapers, and viewing job ads on generic job-search web sites."

Successful applicants were far more likely to apply either at an on-campus career fair or by posting a resume on the college career center web site. In fact, statistical correlations showed that posting the resume on the college career center web site had the strongest link with actually getting a job.

Following are several other highlights from NACE's 2007 Graduating Student Survey:

• Fifty-six percent of males who had applied for a job had already accepted an offer, while only 48 percent of females had a specific job to go to after graduation. Meanwhile, African-American and Hispanic students were far less likely to have accepted a job than their white and Asian-American counterparts, even though they had actively pursued employment and averaged the same number of job offers.
• There were differences in starting salaries among ethnic groups. Asian-Americans fared the best with the average falling in the $50,000-$55,000 range, while African-Americans fared the worst with their average in the $35,000-$40,000 range. There was also a sizable difference in salaries between male and female graduates with a job to go to after graduation. Male job holders reported an average starting salary of approximately $50,000, while females who had a job to go to reported an average starting salary of $40,000.
• This year's graduates want to work for an ethical company where they will enjoy what they were employed to do and that will provide them with a measure of financial security. In addition, students rated a good benefits package and a secure job future as very important.
• When asked to identify the policies and benefits an employer could provide that were of most interest, respondents cited medical insurance, an annual salary increase, and a 401(k) plan as being of paramount importance.
• Name recognition and general reputation are the dominant criteria in identifying specific firms as employers of choice. However, the majority of students did not restrict their top choice to a company with a national reputation. Most respondents chose companies that few other respondents identified. The reasons the students gave for making this choice were varied but the most frequent fell into two areas: location and previous experience with the company.

About the survey: The survey was conducted online from March 1, 2007, through April 30, 2007. In total, 13,114 students from 302 schools in 44 states responded to the survey. More than 88 percent were seniors, and more than 65 percent were in the 18 to 22 age group. Most were females (69.8 percent) and white (77.6 percent). The lion's share of respondents (90.4 percent) was working toward a bachelor's degree, and the largest group (12.3 percent) was pursuing a degree in business. The Executive Summary of NACE's 2007 Graduating Student Survey is available at www.naceweb.org/public/survey/2007gradstudentexsum.htm.

About NACE: Since 1956, the National Association of Colleges and Employers (NACE) has been the leading source of information about the employment of college graduates. NACE maintains a virtual press room for the media at www.naceweb.org/press/.