When Dan Sheyner began his job search in the fall, the Mathematical Methods in Social Sciences major received offers from several companies. He eventually decided on Mercer Management Consulting, where he was offered a signing bonus and a competitive package.
“I really think that for most of these companies it’s standard to give a signing bonus,” the Weinberg senior said.
Signing bonuses are common for NU graduates taking jobs in certain “high demand areas” such as finance and consulting, said Lonnie Dunlap, director of career services.
Graduates nationwide are less likely to get such perks, according to a survey by National Association of Colleges and Employers. Although the economy is better for graduates than it has been over the past few years, only 42 percent of employers surveyed nationwide plan to offer bonuses to new hires. A similar study in 2000 showed that 72 percent of employers gave bonuses that year. The expected bonuses ranged from $750 to $10,000.
For NU students, there was an increase of signing bonuses last year from the “exceptionally low” amount two years ago, Dunlap said, and initial signs for this year look good.
While job-hunting season is not over, Dunlap has noticed an increase in the numbers of students receiving signing bonuses, which she attributes to the increase in recruiters and upturn of the economy.
“Students are starting to get multiple offers,” Dunlap said.
Although many NU students don’t head directly to the job market right after graduation, some who have found jobs say they are in a better position than their predecessors.
“The job search was a little bit easier than I anticipated,” Shruti Wadgaonkar said. The Weinberg senior accepted a job with Chicago insurance company Guy Carpenter & Company, Inc. as a risk broker.
She said although she received a signing bonus, it didn’t influence her decision to join the company.
Sania Dada, a Weinberg senior, accepted a job at JP Morgan and said everyone she knows in her field had multiple job offers, a contrast from her friends who graduated last year and struggled to find employment.
“I talked to a girl at JP Morgan who said that we are in the same position, but she started with a lower salary,” Dada said.
Dunlap said signing bonuses vary by industry and are most common in the business, consulting and financial sectors. There are occasionally signing bonuses in the fields of education and engineering as well. She added that NU graduates are desirable commodities in an increasingly competitive job market.
“Signing bonuses are seen as a competitive signing tool and Northwestern students are seen as the most competitive of applicants,” Dunlap said.
Reach Diana Scholl at [email protected].
