American pay is slowly gaining, with average hourly earnings climbing 5.6% in the 12 months through March. But in some places, it is positively soaring.
Among the highest paying sectors for entry-level workers are technology, banking, management consulting and law. Top college graduates receive starting pay of more than $100,000 a year in those fields.
To be sure, some of the lucky few who get those jobs might be put off by long hours and sometimes unrewarding work once they get there.
In any case, wage growth is producing much higher pay at the top of the totem pole than at the bottom.
“What we’re seeing is clearly increasing inequality and the gap keeps growing,” Nicholas Bloom, economics professor at Stanford University, told the BBC.
“If you have a computer-science degree you can be earning $250,000 by 25, while if you left school at 16, you might be earning $25,000.”
It’s not just veteran workers who are enjoying increases.
Top global investment banks raised wages for interns by a whopping 37.2% for the current internship season from a year earlier, according to finance career site Wall Street Oasis, as cited by Bloomberg.
Proprietary trading firm Jane Street is doling out $16,356 a month to interns. That would translate to more than $196,000 a year.
Wall Street Oasis founder Patrick Curtis told Bloomberg that wage gains over the last year for beginning bankers at big time institutions are the largest he has witnessed since starting his company...
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