Graduate Starting Salaries in 2013/14
The following guide provides information on the starting salaries for graduates in 2013/14.
Since there are a number of ways of calculating and comparing starting salaries (e.g. by degree, by sector, by university, by life-time earnings), we’ve provided some links to some further tables below.
Compare Graduate Salaries:
- Graduate Starting Salaries by Job Sector
- Graduate Salaries by Subject Degree
- Average Starting Salary (see below)
What is the Average Graduate Starting Salary in the UK?
The answer to this depends on whether you want the average amount that graduates are making 6 months after University (regardless of if they have a graduate job) or if you want the the average starting salary offered by graduate recruiters.
According to HECSU’s What Do Graduates Do? Report, the average salary for UK graduates in full-time employment six months after graduation range between £18,000-£24,000.
However, The Association of Graduate Recruiters (AGR) and HighFliers.co.uk published a report that stated the average starting salary was £29,000, while TheBigChoice.com has this a little lower at £26,500.
The AGR figure is the more reliable one as it looked at recruitment practices across 197 of its members in different sectors including law, engineering, retail, business, manufacturing and energy. The HighFliers.co.uk survey only looked at the leading graduate employers in the UK. After some research by GraduateFog.co.uk, it was discovered that the AGR survey and statistics were bases on large graduate recruitment schemes for big in-house names such as PWC. Most of these jobs were based in London too. As such, the “true” figures might be much lower those not applying employers in the Times Top 100 Graduate Recruiters.
Which Industries offer the Highest Starting Salaries?
According to the latest reports, the highest starting salaries are in Investment Banking (£45,000) and Law (£38,000). The highest salaries tend to be in banking, finance, law and medicine. See a full list of the highest paying graduate industries here.
And which Subjects…?
Graduate salaries can vary by degree, since students from certain degrees may apply to different types of jobs. However, the highest paying degree is Dentistry (£31,143) followed by Medicine (£29,146) and surprising Chemical Engineering (£27,151). See a full list of subject degrees by highest average starting salary here.
What is the Average Graduate Employment Rate?
The latest figues show that 61% of graduates find employment 6 months after leaving University. Data from HESA and the DLHE also shows that the average unemployment rate for for higher education leavers in 2010/2011 was 7.6%. The highest unemployed rates for graduates are in London (9.1%), however this figure is explained by the large amount of graduates who move to London to find a job (20%). You can read more about graduate employment rates here.
How do Graduate Salaries Compare Across Different Geographic Locations?
It’s a rather well known fact that graduate starting salaries are highest in London. Graduates in London will earn an average of £27,000, compared to £24,000 for those outside the city. Given that the majority of the investment banking and law industry is based in London, it also explains why that figure is skewed.
The Gender Imbalance in Graduate Salaries
According to PayScale.com, there’s a very large discrepancy still in the market between men and woman graduates. The average male starting salary is £30,900 compared to £24,356 for females. This was based on a large survey of almost 200,000 graduates at Monster.com
Which Universities Provide the Highest Starting Salaries After 6 Months?
The University you attend obviously has a big influence on the average starting salary. Graduates from top Universities such as Oxford, Cambridge and LSE earn more than graduates from other regions. London-based University graduates also earn more money.
The following data ranks the highest salaries for University leavers after 6 months. Data is taken from the DLHE (Destination of Leavers from Higher Education) survey salary data and is based on stats from 2005/6 – 2009/10.
- London School of Economics: £29k
- Imperial College London: £28.8k
- St George’s, University of London: £27k
- University College London, University of London: £25k
- Royal Veterinary College, University of London: £24.9k
- University of Cambridge: £24.9k
- King’s College London, University of London: £24.8k
- University of Oxford: £24.8k
- Queen Mary, University of London: £24k
- City University: £23.7k
Other Useful Resources: