According to the first joint graduate employment survey conducted by the three local universities on 9,668 full-time, fresh graduates, the starting pay of local graduates has increased, with SMU taking the lead with an average of $3,395. In 2011, SMU’s average starting pay was $3,388, the highest since its inception in 2004. NTU’s average starting pay was $3,239, while NUS’ was $3,249. However, the percentage of SMU students who found employment within six months of graduation continued to fall for two years from 99.9 per cent in 2010 to 95.6 per cent in 2011, and then to 91.7 per cent in 2012.