The good news: College graduates this spring should enjoy the most welcoming entry-level job market in three years. The bad news: Many graduates will have to settle for less money or a job outside their preferred career path, according to a new outlook from global outplacement consultancy Challenger, Gray & Christmas Inc.

A survey of 170 employers by the National Association of Colleges and Employers found that they plan to increase hiring of new graduates across all majors by 21 percent. However, Challenger, Gray & Christmas CEO John Challenger warns graduates to not settle on one type of job.