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Annual review of graduate vacancies & starting salaries at Britain’s leading employers - page 19 / 38

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The Graduate Market in 2011

Chapter 3

Graduate Salaries

S t a r t i n g S a l a r i e s f o r G r a d u a t e s T h e s e c o n d p a r t o f t h e r e s e a r c h e x a m i n e s t h e s t a r t i n g s a l a r i e s t h a t t o p e m p l o y e r s a r e p l a n n i n g t o p a y n e w g r a d u a t e s d u e t o b e g i n w o r k i n 2 0 1 1 , c o m p a r e d w i t h s a l a r i e s p a i d t o g r a d u a t e r e c r u i t s w h o j o i n e d t h e i r o r g a n i s a t i o n s i n 2 0 1 0 . T h e s a l a r i e s q u o t e d a r e g e n e r a l l y t h e a v e r a g e n a t i o n a l s a l a r i e s t h a t h a v e b e e n p r o m o t e d b y e m p l o y e r s d u r i n g t h e 2 0 0 9 - 2 0 1 0 a n d 2 0 1 0 - 2 0 1 1 r e c r u i t m e n t r o u n d s . T h e f i g u r e s d o n o t i n c l u d e a d d i t i o n a l b e n e f i t s s u c h a s r e l o c a t i o n a l l o w a n c e s , r e g i o n a l w e i g h t i n g , s u b s i d i s e d c o m p a n y f a c i l i t i e s o r b o n u s s c h e m e s . A l t h o u g h t h e n u m b e r o f g r a d u a t e v a c a n c i e s a t t h e U K s l e a d i n g e m p l o y e r s i s s e t t o i n c r e a s e i n 2 0 1 1 , a t t h e m i d - p o i n t i n t h e g r a d u a t e r e c r u i t m e n t r o u n d , t h e a v e r a g e s t a r t i n g s a l a r y f o r n e w g r a d u a t e s r e m a i n s u n c h a n g e d f r o m 2 0 1 0 a t £ 2 9 , 0 0 0 ( s e e C h a r t 3 . 1 ) . D u r i n g t h e r e c e s s i o n , g r a d u a t e s t a r t i n g s a l a r i e s a t t h e t o p e m p l o y e r s c o n t i n u e d r i s i n g a n d m e d i a n p a y i n c r e a s e d b y 4 . 1 % i n 2 0 0 8 a n d 5 . 9 % i n 2 0 0 9 , i n p a r t d u e t o t h e c o n t i n u i n g h i g h r a t e o f i n f l a t i o n i n t h e U K . T h e i m p r o v i n g g r a d u a t e j o b m a r k e t i n 2 0 1 0 b r o u g h t a s u b s t a n t i a l j u m p i n t h e m e d i a n s t a r t i n g s a l a r y t o £ 2 9 , 0 0 0 , a y e a r - o n - y e a r i n c r e a s e o f 7 . 4 % .

Chart 3.1 How Starting Salaries for Graduates have Changed between 2003 and 2011

2011

£29,000

2010

£29,000

2009

£27,000

2008

£25,500

2007

£24,500

2006

£23,800

2005

£23,100

2004

£22,500

2003

£22,000

£15,000

£20,000

£25,000 Median starting salaries

£30,000

£35,000

Source - The Graduate Market in 2011

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