Engineering a starting salary of $61K – yeah!

If you think all the salaries being offered to fresh young grads are rice-and-beans low, you haven’t talked to any chemical engineering majors.

Their starting pay for this year is $65,142, second highest in the National Association of Colleges and Employers just released list of majors with the best salaries. The top spot went to petroleum engineers, a scarce lot of barely 500 graduates in recent years. In a year when salary freezes and reductions were common, they will earn $3,000 more on average than last year.

In fact, engineers claim eight of the 10 highest salaries in NACE’s annual survey, and they’ve been near the top for a few years.

The top five this year are:

1.  Petroleum engineering  - $86,220

2. Chemical engineering  - $65,142

3. Mining / mineral engineering – $64,552

4.  Computer science  - $61,205

5. Computer engineering – $60,879

Others in the top 10 include electrical engineering, manufacturing engineering and information sciences; each will start at salaries above $53,000 on average.

“Many of the engineering disciplines benefit from an imbalance in the supply/demand ratio,” NACE executive director Marilyn Mackes said in a report on salaries last summer. That scarcity of candidates leads to higher pay.

B-school graduates salaries start around $45,000 to $49,000 this year, a small drop from last year.

NACE will give more entry level college grad salary details in April. The 2009 grads experienced a 1.2 percent drop in average salary, to $49,353.

This year’s average declined to  $48,351 based on NACE’s preliminary estimate. Many newcomers start their first job out of college at $30,000.  The average figure covers liberal arts majors, b-school and the techies too.