Finding your first graduate job after university can be both an exciting and scary prospect. This is what you have been working so hard for over the last few years. All those hours in lecture halls and the library were for your future career. Now you have some important decisions to make.
Once you’ve settled on the industry you want to enter into, you may be starting to think more specifically about what you want from your first graduate role.
A specific company culture, structured training, a clear progression path? One of the most important things that graduates look for in their first job is a good starting salary.
What’s the average graduate starting salary in the UK?
According to Save the Student, the current average graduate salary in the UK is £23,000. However, graduate salaries have been reported to be anywhere between £16,000 and £70,000!
Graduate salaries do vary depending on the role, industry, and type of business you want to work for.
This can make it difficult to know what to expect and many employers will ask graduates what their salary expectations are.
So, how can you know what is fair and realistic?
A good indicator of what you can expect to earn in your first graduate role is to look at your peers. What are other graduates with your degree earning?
Regardless of what sector they went into following their degree, the statistics below reflect the average starting salaries of graduates from specific subject areas.
Banking and Accountancy
Accountancy salaries average at £23,180 but vary significantly depending on location and company size. Banking graduates boast an average starting salary of £45,000.
Business, Marketing and Management
A starting salary in Retail Management will likely be in the range of £12,000-£22,000 while a career in HR will be more like £25,000. The average starting salary for Marketers is £21,565.
Qualified Teachers in England and Wales start on a salary of around £22,224 and £27,819 in London.
Humanities degrees are fairly flexible and graduates have a range of careers to choose from. Their starting salaries average out at £23,000.
Many students choose to study law for the large pay packet at the end of it, however initial graduate salaries do vary a lot. Law graduates can expect to earn anywhere between £16,000-£30,000.
Many maths graduates enter into the finance sector where starting salaries are reasonably high. They’re starting out on an average of £25,840.
For a full list of subjects and their average salaries, take a look here.
Money’s isn’t everything!
While your graduate starting salary will undoubtedly be important to you, try not to get too hung up on it. There’s no point earning £40,000 a year if you’re working all hours of the day and hate what you do.
You’ll be spending a lot of your time at work and money is definitely not everything! Be sure to choose a career that you can be passionate about.
If you enjoy what you do, you’ll be motivated to work harder, stick at it and ultimately be more successful. The financial rewards will follow.