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Average Salary?

Good day all,

I've been reading through some of the past posts looking at the career options that some of you have been choosing, and the potential earnings you think you could make.

Either I've been looking at the wrong sources, or many people on these boards are well and truly overestimating their worth and potential future earnings (£60,000+ in many cases). In one instance, a graduate was talking about starting an office job on £38,000 per year.

Looking at LearnDirect Job descriptions, Monster.co.uk and SalaryExpert.com, the average national earnings are around £24,000 annually, which also backs up what I read in the Guardian a few months back.

Even looking at Prospects.ac.uk for average graduate earnings, the top earnings are for people aged between 40-45 with an average of £37,000 annually.

Am I missing something here?

How are these average earnings worked out and are they realistic?

Please, discuss :biggrin:

Scroll to see replies

Reply 1

Geniusx

£38,000 per year is a possible starting salary for a front office position in an investment bank, not for a normal office job. There will be a few who will start above £30,000-ie. bankers, lawyers,consultants. The majority will start on salaries between £18,000- £27,000.

Reply 2

fblade

Geniusx

and thats not even factoring in their bonuses lol

Reply 3

la fille danse

I'm going to be a teacher, and I will start on around 24K (if in inner London).

Reply 4

GJimbo

Ok, and how many people actually get employed in those position?

The competition must be intense for those positions with very few being successful.

P.S. I live in Leeds, so there'll be a big difference in earnings compared with London (lower living costs up here)

Reply 5

fais

GJimbo

But because of the lower living costs, you'll probably have the same amount in your pocket to play with at the end of the day.. the whole comparing salaries is moot anyway (massive differences notwithstanding): you could have a lower salary but still be earning more just because of the said difference in living costs..

Reply 6

GJimbo

So, someone earning £38,000 annually in the City of London is approximately the same as someone earning £22,000 annually in the North (taking living expenses in to account)?

Anyway, my point is that many people on here believe they will be on £38,000+, yet the average national wage is just £24,000 and according to Prospects, graduates don't even see their earnings reach the £30k mark until their mid-thirties.

I'm just confused with what people claim to be earnings and what the actual statistics say. There is a massive deviation between the two.

Reply 7

Killer7

Don't be fooled. Even in London, only very few earn that much. But work your way up and you could earn a lot. Someone I know got a graduate job at PwC who’s been with the company for 5 years and is now earning a base salary of £65'000 annually

Reply 8

fais

GJimbo

So, someone earning £38,000 annually in the City of London is approximately the same as someone earning £22,000 annually in the North (taking living expenses in to account)?

Actually yes, it's quite possible. I've personally chosen to take job offers at home (Midlands but close enough to North) rather than to move down South despite the apparent difference in salaries..

For example, say you were on a 38k City job. Chances are you'd have to work more than average (9-5) hours for them, which means unless you want no free time whatsoever you'll want to live in an area nearer the City - some of which don't even start below 200pw. Bills and taxes to boot you could be paying about 1k a month just for your apartment. That's 12k out of your salary straight off that I don't have to worry about staying in my home city. So already it's 26k vs 22k and I'm sure food expenses, congestion charges and even things like clothing (most City people dress smart; not so much an issue in a 22k desk job in the North) would take care of the rest.

Of course all this depends on how modest/lavish a lifestyle you wish to lead but those in the City aren't generally known for their humility :smile:

GJimbo

Anyway, my point is that many people on here believe they will be on £38,000+, yet the average national wage is just £24,000 and according to Prospects, graduates don't even see their earnings reach the £30k mark until their mid-thirties.

TSRers aren't usually a good reflection of the average (especially those looking at these forums). Most are academically very competent and clearly have some sort of initiative/drive about them to be out here. A quick glance at the forum topics show lots are bickering about which top 10 uni to go to for an already prestigious course... clearly not the primary concern for the 'average' (pre-)undergraduate.

So I wouldn't be surprised if the average starting salary for those around here to be a lot higher than the national average. Admittedly the competition is fierce, but this isn't a problem for the type of people who frequent these types of forum.. they're all going for the best jobs in the City which do have starting salaries akin to those you've mentioned (see here for a good guide - it is from a recruitment agency though, so take with hefty pinches of salt).

At the end of the day, the jobs usually talked about in these forums aren't average and generally are paid as such.

Wow that's a big post.. I'm sure some of it must make sense :redface:

fais

Reply 9

180

GJimbo

Remember that there are a hell of a lot of dumb people out there who are getting paid very little if anything at all. £35,000+ in your first year after graduation is only really going to happen if your with Goldman Sachs or the like.

Reply 10

GJimbo

So basically, most graduates on these boards herald from London and the South East with middle class families? Well, that certainly explains it then :biggrin:

I was just curious in the difference between the expected salaries of graduates on these boards, and the actual data available on these career websites.

Reply 11

supernova2

Average TSR student = More nerdy than average student = more money.

Reply 12

seaweasel

Remember these numbers are averages. I'm on less than minimum wage at the moment (although I'm leaving my job this week).

Reply 13

bep

The-Lennon

haha yeah right. There are a lot of swinging dicks in the city. The alpha male type tend to do well, not nerds.

Remind me again who is the richest guy in the world..

Not exactly the "swinging dick" type, is he?

Reply 14

bep

The-Lennon

sorry but who does bill gates work for? This thread is about salaried jobs you complete idiot.

Very nice. His salary is still close to a million dollars.

Reply 15

supernova2

bep

Very nice. His salary is still close to a million dollars.

1mil isn't very much on the grand scale of things for a yearly salary you know. The top hedge fund earners can take 1bil+ a year.

Reply 16

~Sam~

supernova2

Average TSR student = More nerdy than average student = more money.

Not if you want a career in journalism, I'm probably going to be starting on about 10k! :frown:

Reply 17

180

supernova2

1mil isn't very much on the grand scale of things for a yearly salary you know. The top hedge fund earners can take 1bil+ a year.

You're right there, and whoever thinks that Bill Gates gets an kind of technical salary is an idiot.

Reply 18

bep

180

You're right there, and whoever thinks that Bill Gates gets an kind of technical salary is an idiot.

Yeah, 1million a year is peanuts. Only puts him in the, what, top 0.5 percent of earners?

What do you mean by technical salary?

Reply 19

ChemistBoy

Most people on here do grossly over-estimate their earnings potential because they all think they are going to get 'that job' that pays lots of money. Also being intelligent doesn't mean you earn more money, I wish it did!