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In November 2024, ScholarshipOwl investigated student perspectives regarding their future career and employment outlook. In this month’s survey, we learned that out of 13 areas of study presented, the most popular area of study – chosen by nearly one-fifth (18%) of respondents was Business, Marketing & Communications.
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When asked about their expectations regarding compensation, we found that the overwhelming majority of Gen Z students (93%) feel that employment perks will contribute to their future employment decision, with nearly two-thirds (61%) preferring employment with a company that provides education benefits such as tuition reimbursement and/or help with paying off student loans. Jobs that offer remote / hybrid work opportunities continue to be of interest to students as well, with more than half (53%) focusing on opportunities that offer this type of flexibility; however, 47% of respondents stated that they actually want to work on-site full-time rather than having a remote or hybrid work environment.
Regarding salary expectations, responses from students were varied depending on their chosen area of study; however, on average, respondents expect to earn $60,000 to $80,000 per year for their first full-time job after they graduate from college. These findings are similar to the National Association of Colleges and Employers (NACE) Winter 2024 Salary Survey, which reported that the average U.S. projected starting salary for 2024 bachelor’s degree graduates is $68,516, according to a Bankrate analysis. Interestingly though, nearly one-quarter (23%) of respondents to our survey indicated that they expected to earn $90,000 or more for their first full-time job after graduating with their bachelor’s degree, which is significantly higher than what most employers are paying newly-minted graduates, even among well-paying professions such as engineering ($75,379) or computer occupations ($74,502) according to the NACE study.
Who participated in the survey?
In November 2024, ScholarshipOwl surveyed 12,998 high school and college students on the ScholarshipOwl scholarship platform to learn more about their perspectives regarding their future job and career outlook.
Among the respondents, 61% were female, 37% were male, and 2% identified themselves as a different gender identity or preferred not to respond to the question. Nearly half (48%) were Caucasian, 21% were Black, 17% were Hispanic/Latino, 6% were Asian/Pacific Islander, 2% were American Indian/Native American and 5% selected “other” or preferred not to respond to the question.
More than half (52%) of the respondents were high school students, with the overwhelming majority high school seniors; more than one-third (37%) were college undergraduate students, primarily college freshmen and college sophomores; 7% were graduate students and 4% identified themselves as adult/non-traditional students.
Salary Expectations
Overall salary expectations
We asked the students, of the following best represents the annual salary you anticipate receiving for your first full-time job in your field once you have graduated college?
- 7% selected $15,000 to $30,000
- 7% selected $30,000 to $40,000
- 11% selected $40,000 to $50,000
- 14% selected $50,000 to $60,000
- 15% selected $60,000 to $70,000
- 14% selected $70,000 to $80,000
- 10% selected $80,000 to $90,000
- 8% selected $90,000 to $100,000
- 8% selected $100,000 to $125,000
- 3% selected $125,000 to $150,000
- 4% selected more than $150,000
Salary expectations by chosen area of study
We also asked the students to select the area of study that most closely aligns with their chosen major. We then analyzed the data to determine the average expected salary for each selected area of study.
- 8% chose biological & clinical sciences / health professions, with an average expected initial salary range of $60,000 to $80,000 per year
- 18% chose business, marketing & communications, with an average expected initial salary range of $60,000 to $80,000 per year
- 7% chose computer & information sciences, with an average expected initial salary range of $60,000 to $80,000 per year
- 5% chose education, with an average expected initial salary range of $40,000 to $60,000 per year
- 10% chose engineering, with an average expected initial salary range of $70,000 to $90,000 per year
- 2% chose English language & literature / world languages / philosophy, with an average expected initial salary range of $40,000 to $60,000 per year
- 2% chose history, government & political science, with an average expected initial salary range of $60,000 to $80,000 per year
- 4% chose legal professions and law studies, with an average expected initial salary range of $60,000 to $80,000 per year
- 1% chose mathematics / statistics, with an average expected initial salary range of $60,000 to $80,000 per year
- 1% chose parks & recreation / fitness studies, with an average expected initial salary range of $40,000 to $60,000 per year
- 11% chose psychology, sociology, ethnic & general studies & criminal justice, with an average expected initial salary range of $50,000 to $70,000 per year
- 5% chose visual & performing arts, with an average expected initial salary range of $40,000 to $60,000 per year
- 3% chose vocational / trade / technician occupations, with an average expected initial salary range of $40,000 to $60,000 per year
The value of perks and benefits
We wanted to find out which perks and benefits were most desired by students, and were especially interested in finding out if Gen Z students are seeking out roles that are remote-only or hybrid vs roles that are full-time at the job site.
We asked, “which of the following perks would significantly impact your interest in a particular job, beyond a competitive salary? Select all that apply.”
- 61% selected education benefits / tuition reimbursement / help with paying student loans
- 33% selected ability to work remotely some or all of the time
- 47% selected flexibility in choosing my own work schedule
- 13% selected employer-sponsored social events and activities
- 46% selected professional development / mentorship opportunities
- 13% selected free lunches / snacks
- 58% selected medical / dental benefits
- 59% selected pension / 401K / retirement savings benefits
- 49% selected paid vacation / paid holidays
- 7% selected perks won’t impact my decision – it’s all about the salary!
We then asked, “If you were offered a job in your field that had a competitive salary, but that job required you to work exclusively full-time on-site vs. offering options for remote or hybrid work, how likely are you to accept the job offer?”
- 5% selected remote/hybrid work is highly important to me, so I would turn down the offer and look for an opportunity that better fits what I’m looking for
- 48% selected I’m very interested in jobs that offer options for remote/hybrid work, but I would still consider the offer, depending on the job responsibilities and other benefits/perks
- 47% selected I want to work on-site full time anyway, so I would happily accept the job offer
Key takeaways
The survey results indicate that most Gen Z students have reasonable expectations for an initial salary in their field; however, some students have an inflated expectations for a starting salary in their chosen area of study. Students are also interested in employer-sponsored benefits and perks as a sweetener in addition to a competitive salary.
Employers may be interested to know that the most popular benefits include tuition reimbursement / help with paying student loans, retirement savings benefits, medical/dental benefits, paid vacation/holidays, scheduling flexibility, and professional development/mentorship opportunities. The least popular benefits are free lunches/snacks and employer-sponsored social events and activities, implying that when young workers begin their career, they are focused on working and professional development rather than the social aspects of a work environment.
While more than half of the respondents are interested in remote/hybrid work, they would still consider a competitive job offer depending on the job responsibilities and other benefits/perks offered by the company.
Overall, it is clear that Gen Z students are aware of what they bring to the table, and they expect a competitive compensation package comprised of a combination of salary and benefits.
What can Gen Z students do to ensure they are prepared for the job market after graduation?
A college degree can help a student get started on their career path, but in and of itself, a degree doesn’t guarantee employment, and it also doesn’t guarantee a competitive compensation package. Students need to take additional steps while they are in school to truly be ready for the job market:
- Prioritize applying for scholarships with ScholarshipOwl so you can pay for college with debt-free sources rather than being burdened by student debt. Student debt can make your post-graduation life a lot more challenging because you’ll need a higher starting salary to cover your living expenses AND your student loan payments.
- While in high school, gain work experience through either paid or volunteer roles. This work experience can be in a retail, restaurant, or customer service position, or could be in a public service role.
Work part-time while in college, and full-time during breaks. This not only helps pay for college; it also enables you to gain valuable work experience.
Ideally, at least some of these opportunities should be related to your chosen area of study. You can find these opportunities right on your college campus – for example, you can work in the office of your major department, or you could work for one of your professors as a teacher’s assistant.- Paid or unpaid internships while in college are key to future success. All of these opportunities should be related to your chosen area of study, and should be progressively responsible over time, showing future employers that you are already gaining valuable skills and experience that would benefit their company or organization.
- Take advantage of networking and career-building opportunities at your college. Get to know your professors by being a frequent visitor during their office hours. Spend time in your college career center, and schedule mock interviews with staff so you’ll be ready for interviews as well as job fairs on campus. Let faculty and staff know that you are interested in gaining work experience in your field through internships and jobs, and ask them for referrals as well as letters of recommendation.
- Create a professional resume that incorporates your education, skills, and experience. Look online for examples of resumes to get ideas for how yours should look. Key tips:
- Make sure your resume is only one page long.
- Choose a professional font, such as Calibri or Times New Roman. Use just one font throughout your entire resume. All text should be black.
- Use boldface for emphasis. Only italicize the names of publications – otherwise, avoid italics. If you choose to use an underline, only do so for headers.
- Make sure there is plenty of white space. This will give your resume a clean look and will make it easier for employers to quickly see important content.
- Use bullets to showcase your job-related skills and experience in a “Highlights” section.
- Don’t include your photo in your resume.
- Avoid “creative” looking resumes unless you are a graphic designer or other visual artist. If you are an artist, then look for examples of resumes from other creatives to get ideas for how you could add some flair to your resume while still maintaining a professional look. And if you are a creative, be sure to link to your online portfolio to show samples of your work, even if all you have are college projects.
- Create and build your LinkedIn profile, and update it continually while in college and beyond. Early on, your profile might be a bit sparse if you don’t have much work experience, but you can have an expansive education section where you list each of the courses you’ve taken, and you can also list any honors, awards, and scholarships you’ve earned in the Honors & Awards section. You can also provide detailed job descriptions for any roles you’ve held, whether they are paid or unpaid. Be sure that your profile photo looks professional. If you don’t have one, consider using a LinkedIn AI profile photo generator app to have some nice options to select from.
- Know how and where to search for jobs online. Top job search sites include:
Going to college is an important first-step towards independence and self-sufficiency, but there is so much more that students need to do to be ready for the job market. By being well-prepared for your career, you’ll be more likely to land a great role with a competitive salary and benefits package. And that all-important first job after college will set you up for future career success, enabling you to build upon that experience to attain more challenging roles later on.
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