Last year, the WSJ reported that graduates from top universities don’t earn enough to pay off loans for their master’s degrees in a number of disciplines. According to the article, “At New York University, graduates with a master’s degree in publishing borrowed a median $116,000 and had an annual median income of $42,000 two years after the program, the data on recent borrowers show.” Still, many alumni tell PL that they wouldn’t have a job in publishing at all without their master’s program. Graduates report that, even after internships and interviews, getting a master’s—with the networking opportunities and internal job […]
Compensation
Salary Updates: Penguin Random House, Simon & Schuster
Further to the news that Penguin Random House will raise its entry level salaries to $45,000 at the beginning of 2021, they wrote in an internal memo that “second and third level non-exempt roles” will also receive raises, with “minimum salaries of $50,000 and $55,000 respectively.” The minimum salary for exempt-level positions in New York City will increase from $58,500 (the legal minimum in New York City) to $60,000. PRH locations outside of NYC with entry-level salaries that differ from the New York offices will “hear individually how these changes may impact them.” Additionally, Simon & Schuster employees told PL […]
Penguin Random House To Raise Starting Salary to $45,000
Penguin Random House announced to employees internally on Monday that it will raise its entry-level salary from $40,000 to $45,000 in 2021. The change will apply across all positions and those at a lower salary level will get a raise to meet the new base. Once it becomes effective, the boost will once again have PRH providing the highest entry-level salary among the largest trade publishers. In September Macmillan Trade announced that they would raise their US entry-level salary to $42,000, effective December 27. Elsewhere, a representative for Simon & Schuster told PL that they increased their starting salaries this […]