£25k at 24

Is this a good salary for my age? I live in London.

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Your age doesn't really factor in to whether it is good enough or not.

Your qualifications, experience and sector you work in will be the main factors that need to be considered when analysing whether it's a good salary or not.

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Just started in finance with the opportunity to acquire a qualification.

Reply 2

Mega0448

My general rule of thumb is to always take £5k off any London salary to compare to the rest of the U.K.

Reply 3

username738914

Original post by Mega0448

My general rule of thumb is to always take £5k off any London salary to compare to the rest of the U.K.

Doesn't always work that way. The differential in pay at the top end of the scale is usually much higher than £5k.

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Reply 4

Mega0448

Original post by Princepieman

Doesn't always work that way. The differential in pay at the top end of the scale is usually much higher than £5k.

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Ha not everything is related to your IB jobs...!

If we are talking in general, most jobs pay around £5k extra. I'm talking about teaching/public sector etc. Just look at any national employer and their London weightings.

Reply 5

username738914

Original post by Mega0448

Fair game! Some headteachers make serious dinero in London though, from figures I've seen..

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Reply 6

GiantKiwi

Original post by Princepieman

Fair game! Some headteachers make serious dinero in London though, from figures I've seen..

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Headteachers make next to nothing compared to the Academy bosses o.O

Reply 7

inhuman

Original post by J-SP

Well yea, but what is a defining factor of qualifications and experience?

And why sector? Good can be in absolute terms, or even in relative terms between sectors. Many people don't make that kind of money so compared to them it's a good salary.

Reply 8

inhuman

Original post by J-SP

Well it isn't age. If you haven't got the relevant qualifications or experience, it doesn't matter how old or young you are. It's not like there is a top age restriction on achieving qualifications or experience either.

The sector you work in will highly influence the pay. I know people in exactly the same job who are earning £75,000 + bonus in top professional services firms and who have less experience and qualifications than their equivalent in a government department who is on less than 40% of that.

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I am sure none of those people are 24.

Maybe an exceptional exception here and there.

Reply 9

username738914

Original post by inhuman

I am sure none of those people are 24.

Maybe an exceptional exception here and there.

I know a few in that ballpark.

Reply 10

username738914

Original post by iainvg

Headteachers make next to nothing compared to the Academy bosses o.O

True.. It's impressive to say the least.

Reply 11

username738914

Original post by inhuman

I am sure none of those people are 24.

Maybe an exceptional exception here and there.

J-SP speaks the truth, age isn't really a big factor if at all in how much you get paid.

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Reply 12

spv

30k as fresh out of graduation, foundation 1 dentist at 23.

Age isn't everything....

Reply 13

999tigger

What is wrong with doing a bit of research and find what the equivalent jobs pay?

Reply 14

inhuman

Original post by Princepieman

I know a few in that ballpark.

Traders at GS/MS/whatever other shitty bank? Good for you.

Reply 15

inhuman

Original post by Princepieman

J-SP speaks the truth, age isn't really a big factor if at all in how much you get paid.

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Probably less and less as we progress into modernity. But in the past it was the defining factor.

And sorry, I am not going to take you seriously if you say something like age not being a factor at all.

I mean in the literal sense you are correct, people don't look at age, but at experience, however, the two are in most cases so heavily correlated that to say age is irrelevant is naive. In fact, in many studies age is taken as a proxy for experience.

Reply 16

inhuman

Original post by J-SP

No not that instance. Although the same theories still apply. Comparative roles I know of for people who typically are that age can still vary significantly between sectors.

A 24 year old could have easily not worked a day of their life and have no qualifications/education to their name. Another 24 year old could have an under graduate degree, a post-graduate professional qualification and 3+ years relevant experience. The salary expectations and what would be a "good salary" for either of those two people are going to be vastly different.

Sorry but so what?

The OP's question was completely general. You can have a bar chart showing wages by age. You can have one by sector. You can have one combing the two.

I am not saying you are wrong, but in the grand scheme of things, earning almost 20% more than the median income at age 24 is "good", considering that in all likelihood OP will earn as his career progresses.

https://en.wikipedia.org/wiki/Income_in_the_United_Kingdom

Reply 17

username1177050

pretty poor for a london salary to be brutally honest with you

Reply 18

username738914

Original post by inhuman

Traders at GS/MS/whatever other shitty bank? Good for you.

Mix, not all of them are traders. Some private equity, some IB, some in hedge funds, some at tech companies etc.. Since when are GS/MS shitty banks? lol

Reply 19

inhuman

Original post by Princepieman

Mix, not all of them are traders. Some private equity, some IB, some in hedge funds, some at tech companies etc.. Since when are GS/MS shitty banks? lol