A new grad w/ a master obviously will make more, but I don’t think they’re considered Software Engineering I. Last I check, a master new grade make about $5-10k more than a BS new grad. Given the time difference in entry, the guy w/ the BS can easily make up that $5-10k difference by the time the guy w/ the master graduate. That’s not considering the guy w/ the master now have the loan from graduate school to pay. The pay difference is not that big. The salary from salary.com is pretty precise. According to salary.com, a 4-6 years software engineer III make around $80k. No way a new grad w/ a master make that much. I know many guys w/ master and worked for 4-5 years, and they’re still in the $80-90k range.