(We Chinese in America Media Editor Tang Zhao, March 21, 2022) According to media reports, technology and financial consulting companies are rushing for talents; college graduates from related departments have an annual starting salary of $100,000. The picture shows the trademarks of financial institutions such as Citibank, JP Morgan, and Wells Fargo. (Photo from Reuters)

This year's college graduates are expected to earn high starting salaries in the six figures if they enter big technology, financial and consulting firms.

In recent years, Wall Street banks, blue-chip consulting companies, etc., have increased their salaries to compete with large technology companies for talent. These small and medium-sized enterprises and some venture-funded start-up companies have not hesitated to spend a lot of money, with a salary of at least $100,000 plus stock subscription rights, to attract a rookie with no industry experience.

Take JPMorgan Chase, Goldman Sachs, Citigroup, and a number of other banks, which last year raised their first-year analyst salaries to $100,000, and soon increased their starting salaries by $10,000. As for large consulting firms, such as McKinsey & Co. and Boston Consulting Group, they have also raised their starting salary to a new bottom line of $100,000. The global head of recruiting at Rookies at Bain & Co. also said the company is also looking at six-figure starting salaries for new recruits.

In the context of a booming economic recovery and an extremely tight labor market, it is all right to attract talents with high salaries. However, for some old people, it is easy to generate jealousy and dissatisfaction, so that these new recruits are not welcome. The reason is that when these old people enter the job, the salary for the same position is about $70,000 to $80,000 at most.

Take Milly Wang, who works in an investment bank as an example. When she joined after graduating from Harvard in 2016, her starting salary was $ 85,000. But Anuhya Tadepalli, who just graduated from Cornell University's Economics and Management Department this year, was paid $110,000 for the same job at the same bank.

Wang Mili said she had heard many dissatisfied voices from her colleagues; Tate Barry also believed that it was crazy that a person who had just graduated from college could make so much money.

The U.S. workforce is 550,000 fewer than it was before the pandemic, according to the latest federal data, with many seasoned professionals retiring early or quitting their jobs to start businesses, compounding the shortage. In the past, well-known large companies that did not worry about no one seeking employment now also need new college graduates to fill the vacancies, especially when the competition for top talents is more intense.

The average worker earns about $42,000 a year, according to Census Bureau data, and most of them have never had six figures in their careers.

(Source: Compiled from Online Information)

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