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Class of 2001 Salary Survey

The class of 2001's average starting salary of $41,517 exceeded the national average* by 5.4 percent!  Sixty percent of the students employed by graduation were offered signing bonuses.  The average signing bonus was $3,476.

Percentage Hired
Public vs. Private Accounting
Projected Starting Salaries (2002 to 2006)
Footnotes
AICPA Salary Information

 

 

Percentage Hired

This class was particularly successful in obtaining job offers.  Thirty of the 35 total students in the class of 2001, or 86 percent, had accepted job offers by their graduation date in May 2001.  

The 5 students who were not employed by graduation either declined job offers to attend graduate school (1 student), decided to attend graduate school and work part-time at one of the Big Five accounting firms (1 student), voluntarily chose not to seek employment immediately (1 student was relocating to the Mid-West while another wanted to travel for a little while), or was still seeking employment (1 student).

Our department just recently learned that 1 of those 5 students, the world traveler, is now employed in a Marketing position with a start-up company in midtown Manhattan.

Public vs. Private Accounting

The class of 2001 overwhelmingly preferred to start their careers in public accounting.  Eighty-seven percent of the students who had accepted job offers by graduation chose to enter public accounting.  Twenty-three students or 77 percent of the students with offers by graduation chose to work for one of the Big Five accounting firms.  Three students or 10 percent of the students with offers by graduation chose to work for a large, regional or second-tier, national public accounting firm.

The remaining 13 percent, 4 students, of those with job offers by graduation chose to enter private accounting -- all in financial services.  These students accepted positions with Merrill Lynch, American Express, and a bank as a loan officer.

All but 2 of the 35 students planned on taking the CPA examination.  This represents 94 percent of the entire class, but what's most interesting is that the majority of students who were not employed by graduation and who accepted jobs in private accounting planned on taking the CPA examination.

 

Projected Starting Salaries (2.5 percent annual growth**)

 

Class of '01
Average***
Class of '02
Projected
Class of '03
Projected
Class of '04
Projected
Class of '05
Projected
Class of '06
Projected
$41,517 $42,558 $43,625 $44,719 $45,841 $46,991

 

 

Notes

*

According to the Bureau of Labor Statistics, the national average starting salary was $39,397 for bachelor's degree candidates in accounting in 2001.

Occupational Outlook Handbook, 2002-03 Edition
U.S. Department of Labor
Bureau of Labor Statistics
http://stats.bls.gov/oco/ocos001.htm

 

** According to the National Association of Colleges and Employers, the growth rate from January 2001 was estimated to be 3.9 percent for private accounting and 2.3 percent for public accounting.

The assumed growth rate of 2.5 percent is a weighted average of these 2 rates.  The weights were determined by dividing the number of 2001 graduates who accepted positions in public accounting (26 students) and private accounting (4 students) by the total  number of 2001 graduates who had accepted offers by graduation (30 students).  The weights were 87 percent for public accounting and 13 percent  for private accounting.

Winter 2002 Salary Survey: A study of 100 U.S. colleges and universities
National Association of Colleges and Employers
Bethlehem, PA  18017

 

*** Excluding initial, one-time signing bonuses

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