Local Finance

New college grads look at total compensation package

Times are tough. So, it's not surprising that new college grads fortunate enough to land jobs have more than just the amount of their paycheck on their minds.

In fact, according to responses from the nearly 20,000 graduating seniors taking part in the 2011 Student Survey by the National Association of Colleges and Employers, the Top 5 attributes sought by the class of 2011 are:

1. Opportunity for personal development
2. Job security
3. Good insurance benefits
4. Friendly co-workers
5. High starting salary

By contrast, for those graduating from 2008 through 2010, "opportunity for advancement" never fell below second place. This year, it's not even on the Top 5 list.

It's likely the effect of the recession and the competitive job market influenced this change in priorities. In 1982, under similar economic conditions, survey participants also cited "opportunity for personal development" as the most important attribute of a job or employer.

Regardless, if you're entering the workforce for the first time it's important that you take steps toward securing your financial future. This includes:

• Determining which benefits plan best suits your needs
• Maximizing contributions to your 401(k) or other employer-sponsored retirement plan
• Building up cash reserves that cover at least 3 to 6 months of living expenses

For more information on how to build a solid financial foundation, consult a financial advisor. He or she can help you develop a strategy to meet your short-term and long-term financial goals.

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Brokerage, investment and financial advisor services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients.

© 2010 Ameriprise Financial, Inc. All rights reserved.
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