Data from the National Association of Colleges and Employers suggests that the class of 2004 will experience higher starting salaries than the class of 2003, according to NACE Employment Information Manager Andrea Carr.
NACE sent the winter 2004 Salary Survey to 90 random schools. Data collection was completed and analyzed in January. The data showed a 12.7 percent increase in overall hiring in addition to the salary increases, Carr said.
University Director of Career Services Jim McBride said the survey only reported a projected hiring and salary increase. Companies only report how many employees they anticipate hiring, not the actual number of employees they will hire.
"It is difficult to put a lot of stock" in the survey, McBride said.
The actual number of hired employees will be determined late spring or early summer of this year, McBride said.
On-Grounds interviewing in the fall of 2003 has increased 9 percent from the fall of 2002, McBride said.
He added that careers in the business and computer science fields experienced the largest salary increases because of their high demand.
"We've seen an increase in some fields that have not had an increase in some time, such as computer science," Carr said.
McBride said he agreed that business and computer science fields have experienced hiring increases. He also added that students pursuing business careers in both the College and the Commerce School have had hiring increases.
Tom Fitch, assistant dean for career services at the Commerce School, said business students in the investment banking and accounting fields are being hired and receiving higher starting salaries.
"With the economy getting somewhat better, businesses feel more secure and recognize the need for entry level positions," Fitch said.
Employers did not hire as many employees last year because of the weak economy, but businesses are more confident hiring this year, according to Fitch.
"A good number of students are securing employment," Fitch said.
Economic recessions typically affect the marketing sectors first, and this field is the last to recover, McBride said.
"My guess is that supply still does not meet demand," he said.
Carr said she attributes the salary and hiring increases to a stronger economy. She also said that previous surveys suggest an upward trend in hiring and salary increases. NACE issues these surveys four times a year, and the next survey will be distributed in April.
McBride said it is difficult to speculate as to whether employment will continue to increase because many factors can affect the economy.
"Election years can affect the confidence people have in the economy and the country," McBride said.
He added that current conditions indicate that the economy is on the mend but consumer confidence will determine how fast the economy recovers.
"Typically people say [the economy] might not come back the same, but it does come back," McBride said. "These things tend to cycle."
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