Continuing a long-term trend, the majority of Cornell's Class of 2001 entered the work force, according to the annual report of students' postgraduate activities from Cornell Career Services. The average salary rose just 1.7 percent after several years of larger increases.
A total of 52.7 percent of the 2001 graduating class took jobs, according to a survey and two follow-ups covering six months following graduation, reported Karin Ash, director of Cornell Career Services. Another 28.7 percent entered graduate or professional studies, while 18.6 percent undertook other endeavors. The response rate was 65.1 percent, Ash said.
"What I continue to hear from graduating students and recent alumni is that, even in a tight market, the Cornell degree makes all the difference in obtaining the interview," Ash said. "Today a 2002 graduate told me his new employer, a New York City technology firm dedicated to the securities lending industry, said the only reason he was interviewed was because his resumé indicated he went to Cornell."
Statistics on employment represent data collected at the time the survey was completed. Therefore, the report does not reflect offers rescinded later as a result of the dramatic turn in the economy.
"The graduates employed in consulting and technology were most affected by the elimination of positions before they started work or by layoffs several months after they began working. Students graduating in the Class of 2002 continue to face a challenging job market," Ash said.
The average starting salary for the Class of 2001 was $41,895, compared with $41,197 in 2000 and $36,203 in 1998. The highest average salary for those entering business or industry went to those in the technology sector at $56,588. The financial services sector was second at $51,444. The lowest average salary went to those entering the legal field (at the bachelor's degree level) at $32,506.
Ash said the number of graduates employed in the nonprofit/public service sector increased 5 percent over the previous year. "The federal government reports that it will be hiring more college graduates during the next 10 years to replace the large number of retiring 'baby boomers,'" she explained.
The highest average salary for those entering the public/nonprofit sector went to those in the government at $31,353. Next was labor, at $30,700; education, $27,446; and other nonprofit, $26,983.
The acceptance rates to law and medical schools for Cornell students continued to rise and are significantly higher than for students nationally. The acceptance rate for Cornell graduates to law school was 91 percent, compared with 67 percent nationally. The acceptance rate for Cornell graduates to medical school was 79 percent, and 89 percent for those with a 3.4 grade point average or above, compared with 50 percent nationally.
Law school was the top graduate/professional studies choice for Cornell graduates, at 19.9 percent. Engineering and medicine followed, with 18.2 and 16.3 percent, respectively. Other choices included biological sciences, 7.2 percent; computer and information sciences, 4.9 percent; education, 4.5 percent; physical sciences, 3.9 percent; veterinary medicine, 3.9 percent; psychology, 2.5 percent; and other health fields, 2.3 percent.
The seven college career offices at Cornell produce reports with more detailed information on the employment and graduate education of the students who graduated from their respective colleges.
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