Per Bloomberg

Graduates of computer sciences are projected to earn 4% less compared to a year ago. 2023 graduates are expected to earn just $72,843 on average.

The National Association of Colleges and Employers found that there would be a 4% drop in projected earnings for 2023 graduates in computer science. This is much higher compared to other disciplines that are considered part of the pipeline into tech roles.

Majors in math and engineering were projected to see just 0.7% in starting salaries. NACE executive director Shawn VanDerziel shared why the expected starting salaries dropped for computer science majors.

VanDerziel: “The drop in starting salary for computer science majors is likely the result of recent recalibration among tech companies, which have traditionally offered top dollar,”

Layoffs.fyi showed how in January alone, there were already over 120,000 job cuts as companies have started to let go of the employees they added on during expansions throughout the pandemic. The layoffs came as the companies started to experience growth slowdowns, with 424 tech companies laying off their employees.

Despite the decline, NACE projects that computer science graduates will still receive the highest salaries for new grads, second only to engineering. A NACE survey found that 69% of employers note that they want to hire finance graduates, compared to computer science at just 67%.

Recently, it was found that Gen Z workers were only placing 20% of their annual salary into their 401(k). It was found that this age group only had $33,000 in retirement savings.

Baby Boomers had the most median retirement savings at $162,000, with Gen X following with a little over half at $87,000. Millennials reportedly had median retirement savings of $50,000.

Roughly 47 million workers quit during the "great resignation" of 2022, with 80% saying they regret their decisions.

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Resources:

Bloomberg

NACE