Average graduate base salary grows less than 1% in last year


According to new analysis by Korn Ferry Hay Group, the national average graduate base salary has grown less than 1% in the last year.

As well as showing the countries and careers with the highest and lowest salaries for new university graduates, the study shows that positive growth in salaries in regions across the UK was muted.

The North West showed the most growth with an increase of 10%, followed by the West Midlands at 6.1% and London with a 5.7% increase.

Areas such as Scotland and the South East showed increases of just 1.4% and 1.3% respectively, while the national average stood at just 0.9%.

In terms of global standing, and despite the slight rise, the UK has dropped two places to become the 7th highest paid nation for university graduates with an average salary of £26,268.    

The analysis also shows, however, the positive growth driven by the ever-evolving digital environment. For the second year in a row, STEM careers secure first and second place for careers offering the highest university graduate salaries – right across the UK.

In real terms, that means an entry-level engineer can make 18% above the UK national average, at £30,904, while a software developer can make 14% more than the national average at £30,000.

The average salary of an engineer across all regions is higher than the national average salary of a UK graduate in any other career. In London, that figure is 27.5% higher at £33,480.

Benjamin Frost, Korn Ferry Hay Group Global Product Manager, Pay, commented “It’s easy to blame Brexit for a worsening climate for those entering the workforce in the UK, but there is more than one variable to consider. The country’s drop in salary ranking is a prime example of how many factors go into determining pay when one nation is compared to another. Graduates however, who choose certain career paths – especially in science, technology, engineering and maths – can expect to make more than their peers.”

 

Wednesday, 12 July 2017

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Average graduate base salary grows less than 1% in last year