Ranked: The grad jobs that will get you the biggest salary straight out of uni
In light of the shifting governmental strategies where students are increasingly responsible for paying off larger portions of their student loans at an earlier stage, it has become exceptionally crucial to attain a well-paying job following graduation.
For graduates interested in pursuing a career in Accounting or Law, their ultimate aspiration is to obtain a position in prestigious firms such as The Magic Circle or The Big Four. However, how do the different career options outside of these industries fare in comparison?
Recently conducted research by the Institute of Student Employers (ISE) reveals that the typical annual income for graduates in the United Kingdom is an impressive £33,229. However, it should be noted that this figure is skewed towards bigger companies and those operating within the financial sector.
Telegraph Money has compiled information regarding the most lucrative job opportunities available for recent graduates in the UK. Therefore, if you are seeking motivation or ideas on what to pursue after completing university, here are the top graduate roles that offer the highest starting salaries.
Accounting, surprisingly enough, ranks the lowest on this list. A position at one of The Big Four firms is considered the pinnacle of graduate schemes. Securing a job at KPMG, EY, Deloitte, or PwC is the ultimate ambition for those who have managed to conquer the demanding application process.
However, when compared to the other occupations mentioned, the initial pay in the field of accountancy may not be as lucrative as anticipated. According to the 2022 Hays UK Salary and Recruiting Trends report, which collected information from 23,000 employers, the average wages for entry-level trainee accountants who are members of the Association of Chartered Certified Accountants (ACCA) vary from £19,000 to £25,000.
While graduates who chose the alternative certification from the Chartered Institute of Management Accountants (CIMA) varied in terms of their earnings, their salaries fell within the range of £21,000 to £25,000.
According to the findings of the survey, it appears that the typical initial income for a position at the leading quartet companies amounts to approximately £30,000.
Moving forward, the next step involves securing a position in a reputable Retail Scheme. For graduates who have previously held part-time retail jobs during their university years, commencing at an entry-level position within a supermarket chain and gradually progressing can potentially result in significant financial benefits.
When it comes to employment opportunities for recent graduates, Aldi provides a starting wage of £50,000 for their graduate area managers, which later increases to £90,615 after the eighth year. Conversely, individuals who obtain a managerial position at Lidl can expect to earn up to £37,000. The salary range at Tesco varies between £28,000 and £37,000, depending on the specific graduate scheme you choose to pursue.
While it may not have the highest initial salary, the civil service fast track program offers a starting wage ranging from £27,000 to £28,000. However, upon completion of the three-year program, this amount drastically increases to an impressive £45,000 to £50,000.
Additionally, within the government sector, the annual salary for the NHS Graduate Management Training Scheme amounts to £27,702. Similarly, individuals who embark on their journey with the National Audit Office can anticipate earning over £25,000 in Newcastle and exceeding £30,000 in London.
Consulting is considered a top choice for fresh graduates in terms of job opportunities, depending on their starting point. Starting salaries for graduates in this field can range from £30,000 to £50,000, depending on the consulting firm they join. The renowned companies of Bain, McKinsey, and BCG offer starting salaries of approximately £49,500 to their first-year analysts.
Companies like Newton provide a beginning salary of £45,000-£50,000 along with a sign-on bonus of £2,500. They also assure employees that their pay will rise as they progress in their careers and with each passing year.
The typical annual income for consultants in the UK is approximately £85,000, so joining one of these graduate programs could potentially lead to substantial financial success within a few years.
The Magic Circle holds the same appeal for law students as The Big Four has for those pursuing a career in accounting. It serves as a coveted opportunity for them to secure a lucrative salary. Prominently, Magic Circle firms are known to provide financial assistance to recent graduates as they undertake the Solicitors Qualifying Exam, which was implemented in 2021. These grants can be substantial, with amounts ranging from £12,500 to £17,500 in 2022.
Starting salaries for trainee lawyers fresh out of university start at approximately £45,000-£50,000 per annum, contingent on the area of employment. Nevertheless, once a graduate attains professional status, their income experiences an exponential increase, with numerous companies compensating newly qualified solicitors with over £100,000 and up to £180,000 at the pinnacle of the industry.
It's not unexpected that Investment Banking is among the top choices for securing a highly lucrative job opportunity as a fresh graduate. Recognized as one of the most challenging industries to break into for entry-level professionals, the initial remuneration for an investment banker exceeds £70,000. Undoubtedly, this income would swiftly enable you to settle your student debt without delay.
Several prominent investment banks like Rothschild, JPMorgan Chase, Evercore, and Goldman Sachs also provide generous incentives by the end of the initial year, with certain bonuses reaching up to £50,000.
Lastly, the ultimate objective, the sole aspiration for recent graduates seeking the most lucrative remuneration, is discovered to be securing employment within the private equity industry, which has been identified as the highest paying career field for individuals with a degree.
Private Equity, a concept that was unfamiliar to me, entails investing in and revitalizing companies that are privately owned. At present, the salary for recent graduates is approximately £75,000 per annum, accompanied by yearly bonuses varying between £25,000 and £100,000. It is imperative for me to swiftly discover a path to enter the field of Private Equity.
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