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Economic=graduate starting salaries

Anyone know what kind of starting salaries economic graduates start on? I only know of City (only the business courses) and their average starting salaries are £30k, with the odd exception starting at £40k or even £50k if they have already gained experience!!

What about the other unis offering economics.....?

Reply 1

BazTheMoney

£30,000? You'll be lucky! The average nationally is probable closer to £18,500.

Reply 2

faa

OP

BazTheMoney

£30,000? You'll be lucky! The average nationally is probable closer to £18,500.

yeh but you dont realise just how many contacts they do have with the FTSE 100 firms. Put it this way, when i was an open day at city last year, the head lecturer for investment and financial risk management BSc, had just finished recruiting for (it was either jp morgan fleming or CSFB). They were paying him to recruit their graduates, so naturally he chose his best students from Cass (city uni business school).

My friend who went there, after his first year, he ended up working for Credit Suisse First Boston in the summer, in switzerland!!!

I will admit, i was more under the impression that the average economics graduate starting salary was £30k. I know a recruitment consultant that said that goldman will recruit a level leavers, with straight A's for about £24k starting....

with reference to that reading degree- i didnt think that reading would be that well-reputable in the city....??

Reply 3

BazTheMoney

Well, GS is one of the biggest IB firms in the world, it shouldn't be taken as the norm. Most Economics graduates end up flipping burgers in McDonalds or working 9-5 in an office for the first few years, then they might be a decent job.

Reply 4

BazTheMoney

deianra

McDonald's!? But I'd prefer to cut tomatoes for Pret a Manger :frown:

Is that acceptable? McDonald's hold a large stake of the company anyway.

Alas...my vegetable cutter dream taken away

tomatoe cutter!? You set your standards high don't you!!! :eek:

Reply 5

faa

OP

are we on about those students that graduate from not-so good universities studying economics? I mean i doubt the graduates from ucl, lse, warwick and that would be "burger-flipping" for too long?

Reply 6

BazTheMoney

faa

are we on about those students that graduate from not-so good universities studying economics? I mean i doubt the graduates from ucl, lse, warwick and that would be "burger-flipping" for too long?

You'd be suprised...

Remember Economics graduates have too compete against Maths, Business, Management, Finance, Physics, Computer Science, Engineering, Accounting and Statistics grads for places at the Blue Chip firms; all of which are seen as equally helpful.

Reply 7

Cellardore

11

yes, but you should remember not to expect to just walk into a job when you get your degree, it's not as easy as that. The job market is very competative so you need to have as much work experience behind you as possible, you need to stand out.

Reply 8

faa

OP

good point! Thats why i decided to do a 3rd year of a levels so that i would have slightly more than most of the people i'd be competing with when we all have our degrees in a few years time. Surely though there are some degrees that would be more beneficial for an economist or investment banker.....I mean, physics wouldnt be extremely relevent, would it?

Reply 9

BazTheMoney

Neither's Economics, in truth. In real terms Physics is just as good as Economics, both show your comfortable with numbers and can apply data.

Reply 10

faa

OP

BazTheMoney

Neither's Economics, in truth. In real terms Physics is just as good as Economics, both show your comfortable with numbers and can apply data.

yeh thats true actually! I just hope that with myself wanting to devote 3 years of my life to economics, it shows that i do throughly enjoy the subject more. Someone without an economics degree might get in the job and realise "what am i doing here", whereas an economics graduate will have a little more knowledge of what to expect.

Reply 11

BazTheMoney

faa

yeh thats true actually! I just hope that with myself wanting to devote 3 years of my life to economics, it shows that i do throughly enjoy the subject more. Someone without an economics degree might get in the job and realise "what am i doing here", whereas an economics graduate will have a little more knowledge of what to expect.

Erm, most people don't give a **** about their degree, really. Just doing a degree dosen't mean you always enjoy it; most people I've talked to do their course because they find the subject area easier than doing another subject; of course that doesn't mean they hate it, but not all students love it.

And the drop out rate is equal across all subject, for an IB firms the risk of taking on an Economics or Maths graduate is equal, in fact the latter is probable better suited.

Reply 12

PrincessParadox

deianra

The Reading ISMA centre's International Securities Investment and Banking course has an average graduating salary of 29K I think (and that was about two or three years back).
QUOTE]

where did you get this info from?

Reply 13

PrincessParadox

yeah i've got their brochure...but there's no salary info in there as far as i could see... i think Drogue also mentioned this
maybe it's in the postgraduate pack?

What does your mum think of ISMA?

Reply 14

BazTheMoney

Whilst we’re on the point of what is useful for IB, the most helpful thing you could have for a career in the City is the ability to speak a foreign language to a competent level of fluency. Nowadays, that is pricelss.

Reply 15

TheWolf

15

Economics course + internship at an IB is a much better route than just dive into an ISIB course imo. :rolleyes:

Reply 16

TheWolf

15

deianra

But you'd be very, very, very lucky to get an internship. And also, a Economics course at what uni? Reading's not that bad, honest.

Reading is not that bad...but it is hardly internationally renowned :smile:

Reply 17

BazTheMoney

Internships aren't actually that hard to come by. Sure, at the top end of the scale: GS, PwC, Morgan, Barclays ect, it's competitive; but if you're willing to drop down a level, there's lots of places avaliable.

Reply 18

BazTheMoney

deianra

Ah yes. I have to stop thinking like that. :redface:

I'm going to confess that I've never looked at ISMA in that much detail before, because I knew I didn't want to do ISIB (finance...X went up by 0.37%...zzZZzzz). But the thing with ISIB is that they teach you the stuff you'd learn on the internship. Surely a headstart is a good thing?

In truth, an IB would probable rather teach you things their way than have to undo the stuff you've been taught my a university because it's fine in theory, but not in real life.

Reply 19

BazTheMoney

deianra

Fair enough. But with slogans like "Our dedicated Career Development Unit is available to help you find an internship in an investment bank during the summer vacation," I still get the overwhelming impression that it exists purely to get the students into IBs.

It probable is, and it's probable quite successful because that's all they concentrate on. But, long term, your degree becomes irrelevent and you're graded on your own merit. If you have what they're looking for: mathematical ability, data analysis skills, another language ect, you have every chance of getting an internship with a good firm.

Economic=graduate starting salaries

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