In 2024, early-career salary expectations are influenced by the competitive landscape and Gen Z’s priorities. According to the RippleMatch 2024 Salary Benchmarking Report (available to download for free here), competitive compensation is a top priority for Gen Z talent, many of whom value financial growth potential over other job attributes. This report provides a comprehensive breakdown of salary data across fields, industries, and job functions, with particular insights into the expectations and realities of entry-level roles and internships.
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Before we look at what companies today are offering interns and new grads, let's take a look at what students hope to receive as their starting pay. Their expectations for starting salaries vary significantly depending on their field of study, with STEM and business majors leading the way in higher expectations. RippleMatch’s 2024 Salary Benchmarking Report surveyed over 20,000 Gen Z students to capture these expectations, shedding light on what they hope to earn upon entering the workforce.
Salary Expectations by Major
STEM Majors
Students in STEM fields generally have high starting salary expectations, reflecting the high demand and technical skill requirements in fields like engineering, computer science, and data analytics.
Electrical Engineering majors top the list with an average expected minimum salary of $81,631, driven by demand for skills in power systems, electronics, and telecommunications.
Aerospace Engineering and Computational Science majors expect salaries around $79,000, recognizing the specialized knowledge required for fields such as aeronautics, space systems, and complex simulations.
Computer Science majors anticipate a minimum of $75,970, with roles in software development, cybersecurity, and AI promising lucrative career paths.
Data Science graduates expect around $74,749, as their skills in data analysis, machine learning, and predictive modeling are increasingly vital across industries.
Business Majors
Business-related fields also hold high salary expectations, especially in roles that involve data analysis, risk assessment, and management.
Statistics majors anticipate around $74,547, reflecting the need for strong quantitative and analytical skills in business intelligence, research, and market analysis.
Actuarial Science students, specializing in risk assessment for industries like insurance and finance, expect $73,817 on average.
Management Information Systems (MIS) majors expect $66,137, valuing the combination of technology management and business operations skills.
Finance and Economics students, aiming for roles in corporate finance, investment, and policy analysis, set their minimum expectations at $61,834 and $61,714, respectively.
Humanities and Social Sciences Majors
Students in humanities and social sciences, although often entering roles with historically lower starting salaries, have adjusted their expectations in recent years as companies increasingly value the critical thinking and communication skills they bring.
Humanities majors report the highest minimum expectation within this category at $78,176, with many aiming for roles in education, public service, or corporate communications.
Anthropology and Sociology students expect $68,999, believing their skills in cultural analysis, research, and social dynamics are valuable assets in diverse sectors.
Marketing and Communication students report more modest expectations, averaging around $52,159 and $53,454, respectively, often entering fields where pay can vary widely based on role and industry.
So how do these expectations stack up with what employers are offering candidates? Let's take a look at the averages across roles. This data is based on 1,100 roles spanning 20+ business functions. Collected from active job & internship listings posted by employers between August 1, 2023 - April 1st, 2024, this data provides up-to-date information on how companies with competitive early career programs are planning to compensate their interns and entry-level hires.
Software Engineering
Software engineering continues to top the pay scale among entry-level roles. High-demand skills in coding, software design, and systems architecture place software engineers at the forefront, with salaries ranging from $87,333 to $125,789. For top tech companies developing AI and machine learning products, salaries for new software engineers reach up to $200,000.
Engineering Disciplines
Other engineering fields, such as electrical and mechanical engineering, show stable salary ranges. Full-time electrical engineering roles start at $80,000, with high-end salaries nearing $126,000. Mechanical engineers have entry-level salaries around $80,000 but can reach up to $110,000, particularly in roles with defense or infrastructure companies.
Data & Analytics
Data science and analytics roles, especially data science positions at software companies, have some of the highest entry-level salaries, reaching up to $140,000. Data analyst roles, common in financial services and consulting, have a mid-range of $60,000 to $85,000, reflecting the demand for data-driven decision-making across industries.
Investment Banking
Entry-level roles in investment banking continue to command high pay, with an average salary range from $91,250 to $112,500. Notably, specialized roles such as investment analysts at top-tier financial firms offer starting salaries near $120,000, capitalizing on the sector's high-stakes environment.
Finance and Business Analysts
Finance and business analyst roles, common across various industries, offer competitive salaries, with starting pay typically around $70,000 to $80,000. Financial analysis roles, especially in sectors such as global markets and trading, push these figures higher, offering significant upward mobility.
Accounting
Accounting roles see average entry-level salaries between $60,000 and $90,000. The top percentile, comprising roles in tax and audit at prestigious firms, can exceed $100,000, while the majority of entry-level roles fall between $60,000 and $80,000.
Sales
Sales roles vary widely depending on industry and function, with average entry-level salaries between $49,762 and $62,500. The highest-paying positions tend to be technical sales roles at technology companies, which leverage specific knowledge in tech products. Sales leadership programs in consumer packaged goods (CPG) companies also offer competitive compensation.
Human Resources & Recruiting
Human resources roles, particularly in recruitment, have a median starting salary around $50,000. University recruitment roles at tech companies have a higher maximum of $70,000, while general HR roles often fall within a lower starting range. The demand for talent acquisition roles, especially within the tech sector, has improved compensation for entry-level recruiters.
Marketing and Content Creation
Marketing roles at entry level range between $50,000 and $62,000. Strategic marketing roles command higher salaries within this field, especially at tech firms and media agencies, whereas roles in traditional content and communications have a more conservative pay scale of $42,000 to $52,000.
Internships remain a pivotal step for students and recent graduates, with compensation that varies significantly by industry and technical requirements. Here are some of the highest-paying internships by function – for all internship listings, download the report here.
1. Software Engineering Internships: Among the highest-paid internship roles, software engineering positions offer an average maximum rate of $57/hour, with a lower average around $30/hour. Large, publicly traded tech firms are leading the charge in terms of intern pay, as they compete for top technical talent with specialized skills in back-end, mobile, or security engineering.
2. Investment Banking Internships: Investment banking internships are among the most lucrative, with hourly wages reaching up to $44/hour and an average minimum of $27/hour. Internship roles in capital markets and global investments are particularly well-compensated, recognizing the skill and commitment required for financial analysis and strategic investment.
3. Finance & Business Analyst Internships: Internships in finance and business analysis roles offer competitive hourly pay, typically from $24 to $38/hour, with the highest compensation offered to interns working in trading, equities, and capital markets. General finance roles, while still competitive, are lower on the pay spectrum and typically fall around $28/hour.
4. Marketing & Communications Internships: Marketing internships span roles in digital marketing, SEO, and product marketing, with hourly pay ranging from $22 to $41. Digital marketing and B2B marketing roles in tech and logistics industries tend to offer higher compensation, while traditional marketing internships average around $25/hour.
Regional differences in salary and intern compensation continue to shape hiring practices across the United States. Our report highlights key regions where entry-level and internship pay varies substantially, influenced by factors such as cost of living, industry concentration, and local talent demand. For students and employers alike, these regional insights are crucial for setting competitive, location-specific compensation expectations.
Certain states offer significantly higher starting salaries, particularly in urban centers known for their robust tech, finance, and consulting industries.
New York: Entry-level roles in New York have a median salary maximum of $90,000, with finance, technology, and legal roles commanding particularly high pay. New York’s thriving finance sector, encompassing investment banking and capital markets, contributes to its competitive compensation.
Massachusetts: Boston’s strong focus on technology, healthcare, and higher education means that Massachusetts ranks among the highest-paying states, with entry-level roles reaching a median maximum of $90,000. Key industries include biotech, pharmaceuticals, and software development.
California: Known for Silicon Valley and its tech-driven economy, California’s entry-level roles reach up to $82,500 at the median maximum. Roles in software engineering, data science, and product management are among the highest compensated, reflecting the competitive landscape in the state’s major tech hubs.
Washington: With a median maximum salary of $92,500, Washington stands out for tech roles, especially in Seattle. The presence of leading tech companies such as Microsoft and Amazon drives compensation levels for entry-level roles in software engineering, cybersecurity, and product management.
In states with lower costs of living, entry-level salaries tend to be moderate but competitive within their respective markets. These states attract companies looking to balance competitive wages with operational cost efficiency.
Texas: Texas offers a median maximum of $75,000 for entry-level roles, particularly in cities like Austin and Dallas, where the tech and energy sectors are thriving. Texas’s lower cost of living and business-friendly policies make it a prime location for tech startups and energy companies alike.
Illinois: Home to Chicago’s diverse economy, Illinois has a median maximum of $75,000 for entry-level roles. Key industries include finance, manufacturing, and logistics, with Chicago serving as a central hub for business and commerce.
Georgia: With a strong healthcare and logistics industry, Georgia offers entry-level salaries with a median maximum of $80,000. Atlanta, the state's economic center, continues to attract major employers in these fields, balancing higher wages with a relatively lower cost of living compared to the Northeast or West Coast.
States with a more moderate demand for talent, or a focus on industries like manufacturing and retail, often report lower entry-level salaries. Companies in these regions often offer competitive pay relative to local living costs.
Ohio: Entry-level salaries in Ohio offer a median maximum of $77,500, especially in roles within manufacturing, logistics, and healthcare. Ohio’s relatively low cost of living and business-friendly policies appeal to employers aiming to reduce operational expenses.
Colorado: Known for its rapidly growing tech sector, Colorado offers a median maximum of $70,000 for entry-level roles, particularly in cities like Denver and Boulder. This emerging tech market offers competitive pay, though slightly lower than tech-dominant states.
Florida: With a median maximum of $80,000 for entry-level roles, Florida's pay scales align with its expanding finance, tourism, and healthcare industries. The cost of living varies widely across the state, making it an attractive option for companies and professionals looking to strike a balance between pay and lifestyle.
Regions with a concentration of tech giants, financial institutions, or specialized industries tend to offer the highest hourly rates for internships.
Washington: Internship wages in Washington can reach a median maximum of $40.5/hour, driven largely by tech internships in Seattle. Companies like Amazon and Microsoft offer high-paying internships to attract top talent in competitive fields such as software engineering and data science.
California: With tech hubs like Silicon Valley, California offers a median maximum internship wage of $37.75/hour. Fields like software engineering, cybersecurity, and product management are among the highest compensated, reflecting intense competition for top students.
Delaware: Known for its financial services industry, Delaware provides high-paying finance and accounting internships, with a median maximum wage of $35.5/hour.
States with a mix of industries and balanced cost of living offer mid-range intern compensation, making them appealing for both employers and students.
New York: While slightly lower than West Coast tech hubs, New York internships offer a median maximum of $28/hour, with finance, media, and consulting roles in high demand. NYC remains an attractive destination for students due to its robust professional network and diverse opportunities.
Massachusetts: Known for its high concentration of educational institutions and research facilities, Massachusetts internships pay a median maximum of $30/hour, particularly in biotech and healthcare roles.
Minnesota: With strong healthcare and manufacturing sectors, Minnesota internships pay an average maximum of $40/hour, particularly in corporate roles within the Twin Cities area.
Regions with fewer high-tech or financial institutions generally report lower median wages for internships but remain competitive locally.
Ohio and Indiana: In Ohio and Indiana, the median internship wage maximums hover around $25/hour, with roles primarily in manufacturing, logistics, and healthcare. These states remain popular for companies seeking operational efficiency and local talent pools.
Georgia: In Georgia, the median maximum is around $24/hour, with a focus on logistics, distribution, and healthcare roles, especially in Atlanta.
Virginia: With a range of industries from defense to healthcare, Virginia internships average around $22.5/hour at the high end, with some variability based on the role’s technical requirements and proximity to major metropolitan areas.
Our 2024 Salary Benchmarking Report emphasizes that competitive salaries are essential to attract and retain top Gen Z talent, especially in high-demand fields like software engineering, data science, and investment banking. For job seekers, understanding salary benchmarks across industries and regions is invaluable for negotiating compensation, while employers benefit from offering clear, transparent pay ranges that align with market standards. As entry-level and intern roles become more specialized, aligning compensation with skill requirements will continue to shape early-career recruitment in the years to come.
Download the full salary benchmarking report here. And to learn how you can more effectively recruit Gen Z talent, click here.