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Graduate salaries and NMW rise

It's obviously really nice to see the NMW rise, but att
the same time as someone who's about to graduate, looking at jobs for uni leavers which start at about 28k. It feels increasingly depressing knowing that I've accumulated 50k worth of debt and 3 years of my life to essentially earn 3k more / year than an 18 year old entering full-time employment.

I know the money Grads earn throughout their life is considerably higher than grads but from my position where I am rn its a little disheartening.

Anyone else feeling this???
Original post
by edsc
It's obviously really nice to see the NMW rise, but att
the same time as someone who's about to graduate, looking at jobs for uni leavers which start at about 28k. It feels increasingly depressing knowing that I've accumulated 50k worth of debt and 3 years of my life to essentially earn 3k more / year than an 18 year old entering full-time employment.
I know the money Grads earn throughout their life is considerably higher than grads but from my position where I am rn its a little disheartening.
Anyone else feeling this???

the same time as someone who's about to graduate, looking at jobs for uni leavers which start at about 28k. It feels increasingly depressing knowing that I've accumulated 50k worth of debt and 3 years of my life to essentially earn 3k more / year than an 18 year old entering full-time employment.
Welcome to the real world.

That's not surprising actually, because employers hire based on skills and experience. You can guess how much experience the average graduate has.

Just did a quick calculation using NMW for 21 year olds: £24,420 for a standard 9-5. Not that much different from the £28k that you mentioned. The London Living Wage rate is £13.85 per hour and that works out at about £27700 for people in London with the same 9-5 hours, which isn't that far off from the £28k figure.

Employers really aren't paying you to have a few extra letters after your name. They are compensating you for the value you give them. If you're not giving them equal value or more than what you're being paid, there's no reason to hire you - basic economics.

I know the money Grads earn throughout their life is considerably higher than grads but from my position where I am rn its a little disheartening.
If you have done a degree, you should have at least learned to think critically. I would re-examine the paper that you are quoting this from and really read through the study. On what basis is this true? Why is it true? What are the limitations of the study? Is the study still relevant based on the current economic climate? Which country is it based in and does it translate over to the UK or your situation?
If you have looked through the material, you would quickly find enough holes to poke at the study and you would quickly realise the basis of the study is weak at best.
If you are interested in this sort of thing, then I recommend reading up the economics of education/education economics/whatever they call it nowadays.

Anyone else feeling this???
Join the club. It's not just recent grads either.
Not all graduates manage to secure a graduate level job after uni. Also, how would you define a grad job and how would that be different to a regular job?
Graduating with a degree doesn't automatically make you more qualified than other candidates. It just shows you that you managed to get through 3 years of study and you passed all levels of study. It doesn't mean much more than that to employers, in my opinion. It won't differentiate you in terms of job performance, whether you will fit in, how you approach the job, etc.
Where your degree does mean something is if the specific job concerned requires that specific degree before the employer can hire you in accordance to their regulations e.g. to become an architect, you would need a bachelor's in architecture; to become a doctor, you will need a degree in medicine; to become a barrister, you would need a law degree. If the job doesn't need a degree or a degree that you have, then at most it's just a piece of paper with your name on it.

I would try to graduate with flying colours, because if you do apply for grad jobs the final grade will be used to shortlist applicants (terrible way to go about it, but there you go). You would then need to prove your ability through other means e.g. what you did outside of your degree, what professional qualifications did you take (if relevant), who you have met with. It's not going to get any easier.
The standard medium sized (or larger) employer would have hundreds of applicants who just have a degree next to their name i.e. no experience, no skills, etc. They are not likely going to prefer you over the next candidate just because you have a nicer name.

Reply 2

Original post
by MindMax2000
the same time as someone who's about to graduate, looking at jobs for uni leavers which start at about 28k. It feels increasingly depressing knowing that I've accumulated 50k worth of debt and 3 years of my life to essentially earn 3k more / year than an 18 year old entering full-time employment.
Welcome to the real world.
That's not surprising actually, because employers hire based on skills and experience. You can guess how much experience the average graduate has.
Just did a quick calculation using NMW for 21 year olds: £24,420 for a standard 9-5. Not that much different from the £28k that you mentioned. The London Living Wage rate is £13.85 per hour and that works out at about £27700 for people in London with the same 9-5 hours, which isn't that far off from the £28k figure.
Employers really aren't paying you to have a few extra letters after your name. They are compensating you for the value you give them. If you're not giving them equal value or more than what you're being paid, there's no reason to hire you - basic economics.
I know the money Grads earn throughout their life is considerably higher than grads but from my position where I am rn its a little disheartening.
If you have done a degree, you should have at least learned to think critically. I would re-examine the paper that you are quoting this from and really read through the study. On what basis is this true? Why is it true? What are the limitations of the study? Is the study still relevant based on the current economic climate? Which country is it based in and does it translate over to the UK or your situation?
If you have looked through the material, you would quickly find enough holes to poke at the study and you would quickly realise the basis of the study is weak at best.
If you are interested in this sort of thing, then I recommend reading up the economics of education/education economics/whatever they call it nowadays.
Anyone else feeling this???
Join the club. It's not just recent grads either.
Not all graduates manage to secure a graduate level job after uni. Also, how would you define a grad job and how would that be different to a regular job?
Graduating with a degree doesn't automatically make you more qualified than other candidates. It just shows you that you managed to get through 3 years of study and you passed all levels of study. It doesn't mean much more than that to employers, in my opinion. It won't differentiate you in terms of job performance, whether you will fit in, how you approach the job, etc.
Where your degree does mean something is if the specific job concerned requires that specific degree before the employer can hire you in accordance to their regulations e.g. to become an architect, you would need a bachelor's in architecture; to become a doctor, you will need a degree in medicine; to become a barrister, you would need a law degree. If the job doesn't need a degree or a degree that you have, then at most it's just a piece of paper with your name on it.
I would try to graduate with flying colours, because if you do apply for grad jobs the final grade will be used to shortlist applicants (terrible way to go about it, but there you go). You would then need to prove your ability through other means e.g. what you did outside of your degree, what professional qualifications did you take (if relevant), who you have met with. It's not going to get any easier.
The standard medium sized (or larger) employer would have hundreds of applicants who just have a degree next to their name i.e. no experience, no skills, etc. They are not likely going to prefer you over the next candidate just because you have a nicer name.

This is so fair, and yeah exactly how I feel.

I'm fortunate enough to have been working and been promoted alongside my undergrad as well as a couple ot internships that's along the realm of what I want to work as. But still. I do not think it will be anything alongside someone who has worked fto for the past 3 years
Original post
by edsc
This is so fair, and yeah exactly how I feel.
I'm fortunate enough to have been working and been promoted alongside my undergrad as well as a couple ot internships that's along the realm of what I want to work as. But still. I do not think it will be anything alongside someone who has worked fto for the past 3 years

I'm fortunate enough to have been working and been promoted alongside my undergrad
Kind of curious what this is.

as well as a couple ot internships that's along the realm of what I want to work as.
Curious to know what this is. Well done on the internships. They will help differentiate you from the competition.

But still. I do not think it will be anything alongside someone who has worked fto for the past 3 years
Unless they're trainees as well, then it wouldn't make a difference.
On the other hand, apprenticeships and entry level jobs are difficult to secure for anyone leaving school. It will be just as difficult, if not more so, for graduates.

Reply 4

UK professional salaries outside of finance and tech have barely risen in over a decade, and that includes graduate salaries. Minimum wage has risen quite a lot since then (which I think is a good thing by the way!), with the result being that a lot of graduates will soon be starting essentially on or very close to the minimum wage. As MindMax says, employers aren't paying you for having some extra initials after your name, but you are right to query why the education and qualifications you are gaining don't always attract much of a premium from employers. There are factors at play here, such as the UK's stagnant productivity and a mismatch between what universities are producing and what employers want, but that doesn't really help people who are, or about to, graduate and are looking at jobs, many of which will require degree-level qualifications, which pay not that much more than what will soon be the minimum wage.

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