Career research is vital to anyone who intends to determine a career path. Aside from choosing a career path and sector you will enjoy working in, your first burning question is likely to be how much should I expect to earn in different sectors. The starting salary, average salary, and maximum salary you can attain in a private sector or public sector job could steer the direction you take. Therefore, our career advice and data on the average salary by job type and highest-paid sectors, are invaluable.
In this article, we tackle various pay expectation topics, including:
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What is the most money I can make in the UK?
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Graduate salaries by degree type
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High paid internships
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Highest average salary by location
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Top paying jobs by sector
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How to negotiate a salary increase
What Is The Most Money I Can Make In The UK?
The most money you can make in the UK and your hourly salary will depend on a number of factors. Job seekers, comprising school leavers, graduates, and individuals already in the workforce, will need to take these into account when setting realistic expectations and career goals.
Five critical areas that will affect your potential hourly pay and average salary in the UK, include the following:
1. Age
Age can have an impact on average salary due to various factors. Typically, as individuals gain more experience and progress in their careers, their salaries tend to increase. Younger professionals may start at lower entry-level positions with lower salaries, while older professionals who have accumulated more years of experience and expertise, such as management skills and communication skills, may occupy higher-level positions, such as Chief Executive, with higher salaries. However, it's important to note that individual circumstances, industry norms, and the rate of salary growth can vary significantly, and age alone should not be the sole determinant of salary.
2. Occupation
Occupation plays a significant role in determining the average salary. Different industries and job sectors have varying salary structures based on factors such as supply and demand, skill requirements, educational qualifications, and market dynamics. Some professions, such as Doctors, Engineers, or Executives in high-demand fields, tend to command higher salaries due to the specialised knowledge and expertise they possess. On the other hand, occupations with a larger pool of qualified candidates or those that require less specialised skills may have lower average salaries. It's essential to research and understands the salary ranges associated with specific occupations when considering career choices or negotiating salaries.
3. Education
Education has a significant impact on the average salary levels. Higher levels of education, such as an undergraduate degree, advanced degrees or specialised certifications, are often associated with increased earning potential. Obtaining a higher education level demonstrates a commitment to learning, develops specific skills, and can qualify individuals for more advanced positions or industries with higher salary ranges. Certain professions, such as medicine, law, or engineering, require extensive education and professional qualifications, which are often reflected in higher average salaries. However, it's important to note that education is not the sole determinant of salary, as factors such as experience, industry demand, and individual performance also play significant roles in compensation.
4. Experience
Experience is a crucial factor in determining average salary. As professionals gain more years of experience, they often become more proficient and valuable in their respective roles. With increased experience, individuals can demonstrate a track record of successful accomplishments and a deeper understanding of their field. This enhanced expertise can lead to promotions, more senior positions, and higher salaries. Employers often recognise and reward the value of experience, considering it an indicator of reliability, knowledge, and ability to handle complex challenges. However, the extent to which experience directly influences average salary can vary depending on the industry, job market, and individual circumstances.
5. Gender
The gender pay gap is less pronounced than it was years and decades ago. However, a career path can still be dominated by one sex or another, which continues to create a disparity between the average salary of men and women. Other factors at play include career breaks to start a family and potentially returning to work in a part-time job, rather than a full-time position.
Graduate Salaries By Degree Type
The average graduate starting salaries for 2023 now exceeds £26,000 per year. Your actual graduate starting salaries will depend on the subject and sector of graduate roles, and a higher salary from university graduates is enjoyed by those working in Internet and Digital Media, Banking, Management, Military and Defence, and Insurance.
When considering the long-term prospects of your career, it's essential to keep in mind that a few years of experience can yield a significant impact on your earning potential. This is evident in research conducted by UniStats and HESA, which provides valuable insights into the financial growth of university graduates over time.
By adhering to the appropriate research paper format, these studies shed light on the earning trajectories of individuals within their chosen professions after five years in the workforce. While your initial graduate starting salary in the UK might fall below your expectations, it is crucial to maintain a broader perspective and recognize the potential for substantial financial growth as you gain experience in your field.
While your graduate starting salary in the UK may be below what you expect, a few years of experience can make a significant difference. National Statistics data from UniStats collected by HESA shows what university graduates earn after five years of working in their chosen profession.
As you can see from the salary data for graduate jobs after five years, the highest-paid jobs and highest-paying degrees are as follows:
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Medicine and Dentistry
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Veterinary Science
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Economics
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Engineering and Technology
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Mathematical Sciences
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Architecture, Building, and Planning
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Nursing
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Computer Science
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Subjects Allied to Medicine
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Business and Administration Studies
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Physical Sciences
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Education
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Combined
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Languages
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Law
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Biological Sciences
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Social Studies
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English Studies
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Historical and Philosophical Studies
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Psychology
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Mass Communications and Documentation
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Agriculture
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Creative Arts and Design
High Paid Internships
The highest-paid internships in the UK can vary across industries and sectors. Here are some industries known for offering well-compensated internships:
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Investment Banking and Finance: Internships in prestigious investment banks and financial institutions often offer high salaries. These internships can provide valuable experience in areas such as mergers and acquisitions, trading, or investment analysis.
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Technology: Internships in the technology sector, particularly with leading tech companies or startups, can offer competitive salaries. Roles in software development, data science, artificial intelligence, and cybersecurity are in high demand and can provide lucrative internship opportunities.
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Consulting: Internships with renowned consulting firms are often well-paid. These internships provide exposure to various industries, strategic problem-solving, and client management. Consulting internships are prevalent in fields such as management consulting, strategy consulting, and IT consulting. For further insights into consulting careers, read our guide - Salaries Of Associates And Managers At Leading Consulting Firms.
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Law: Internships with prestigious law firms in the UK can offer high salaries. Interns may work on cases, conduct legal research, and gain insights into the legal profession. These internships are competitive and typically target law students or graduates.
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Engineering: Engineering internships, especially within sectors such as oil and gas, aerospace, or technology, can offer attractive compensation. Interns may work on engineering projects, design, or research and development initiatives.
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Pharmaceutical and Healthcare: Internships within the pharmaceutical industry or healthcare sector, particularly in research and development or clinical trials, can provide substantial compensation. These internships often require specific scientific or medical knowledge and skills.
It's important to note that the availability and compensation of internships can vary based on factors such as company size, location, and demand for specific skills. Additionally, the duration of internships and the benefits provided may also impact the overall value of the internship experience. Researching specific companies, networking, and staying updated on internship opportunities in your chosen field can help you identify the highest-paid internships available in the UK.
Data collected by ratemyplacement.co.uk from almost six thousand students confirms our advice by identifying the industries paying the highest intern salary in the UK:
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Banking - £25,010
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IT - £23,095
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Law - £22,218
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Accountancy - £20,722
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Business - £20,233
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Engineering - £17,751
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Science - £17,056
The placement year average salary in the UK for internships is of course slightly lower than these, but you could expect to earn:
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Banking - £21,256
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Law - £19,275
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Accountancy - £18,598
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Business - £18,460
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Science - £18,279
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IT - £17,816
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Engineering - £17,811
Highest Average Salary By Location
We have previously conducted research, collected data, analysed national statistics, and reported on the highest salary by location. As you may expect, the highest paying jobs are located in London in the private sector.
Many employers with job opportunities offering a higher salary are located in the capital. However, private and public sector employees can find high-paying jobs in many major cities and regions. For insights into the average salary for your existing or potential job title in different locations across the United Kingdom, we recommend reading our articles Best Cities To Find A Job In The UK and High Paid Jobs By Region.
Top Paying Jobs By Sectors
If you are seeking a top-paying job, it helps to know which business sector has the highest median salary. Should you work in the financial industry, public relations, or sales industry? There are many industries you could focus your career research on, and we make it easy for you with the following data.
Discover the highest-paid sectors for full-time employees or view the average salary for jobs and careers in the following business sectors:
You may also be interested in exploring our online resources and reading our guides to the highest-paying jobs:
How To Negotiate A Salary Increase
Negotiating a pay rise can be an important step in advancing your career and improving your financial situation. Here are some key tips on how to get a pay rise to help you navigate the process effectively:
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Research and preparation: Before entering salary negotiations, gather information about industry standards, market rates, and the salary ranges for similar positions. Websites like Check-a-Salary and industry-specific resources can provide valuable insights. Determine a realistic and reasonable salary range based on your experience, skills, and the value you bring to the organisation.
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Document your achievements: Compile a list of your accomplishments, contributions, and additional responsibilities you have taken on since your last salary review. Highlight specific examples of how your efforts have positively impacted the company, such as increased revenue, cost savings, or successful projects. Having this evidence will strengthen your case for a salary increase.
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Choose the right timing: Timing is crucial when negotiating a salary increase. Request a meeting to discuss your salary when you have recently achieved a significant milestone, completed a successful project, or received positive feedback. Avoid discussing salary during periods of organisational or financial uncertainty.
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Demonstrate your value: During the negotiation, clearly communicate the value you bring to the business. Emphasise your skills, expertise, and unique contributions that differentiate you from others in similar roles. Discuss how your work aligns with the company's goals and how investing in your growth will benefit the company in the long term.
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Practice effective communication: Develop a persuasive pitch that highlights your achievements, skills and the value you bring. Clearly articulate your desired salary increase while remaining professional and respectful. Practice your negotiation points beforehand to ensure you communicate confidently and effectively during the meeting.
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Consider a holistic approach: Salary is not the only factor to consider in negotiations. Think about other components that can enhance your overall compensation package, such as additional vacation time, flexible working hours or work from home opportunities, professional development opportunities, stock options, or bonuses. Be open to discussing these alternatives if a substantial salary increase is not immediately feasible.
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Be open to compromise: Negotiations involve give and take. Understand the constraints and limitations of the group, and be willing to find a middle ground. If your initial request for a specific salary increase is not met, explore other possibilities, such as phased increases over time, performance-based bonuses, or a commitment to revisit the salary discussion after a certain period.
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Remain professional and positive: Approach the negotiation process with a positive mindset and maintain a professional demeanour. Avoid making ultimatums or becoming confrontational, as it can harm your professional reputation. Focus on the mutual benefits of reaching an agreement that satisfies both parties.
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Get it in writing: Once you have reached an agreement, make sure to document the details of the salary increase in writing. This will prevent any misunderstandings or miscommunications in the future and provide clarity for both you and your employer.
Remember, negotiating a salary increase is a skill that improves with practice. Be confident, well-prepared, and persistent in advocating for your worth, and you'll increase your chances of achieving a favourable outcome.
Highest Paying Jobs And Average Salary FAQs
Here we answer your frequently asked questions on the highest paying jobs and average salary for different sectors.
WHAT ARE THE HIGHEST-PAYING JOB SECTORS?
The highest-paying job sectors vary depending on factors such as location, industry, and individual qualifications. However, some sectors generally known for offering the highest-paid jobs include:
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Medicine and Healthcare: Specialised Doctors, Surgeons, Anesthesiologists, and other medical professionals often earn high salaries.
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Law: Partners in prestigious law firms, Judges, and top Corporate Lawyers can command substantial pay.
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Engineering: Certain engineering fields, such as petroleum engineering, electrical engineering, and computer engineering, often offer highly competitive salaries.
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Finance and Investment Banking: Professionals in investment banking, private equity, hedge funds, and high-level finance positions tend to receive significant compensation.
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Information Technology: Skilled Software Engineers, Data Scientists, and IT Managers can often secure well-paying positions.
WHAT IS A GOOD SALARY FOR A 30-YEAR-OLD UK?
A good salary for a 30-year-old in the UK can vary depending on factors such as location, industry, education, and personal circumstances. However, a salary range of £30,000 to £50,000 per year can generally be considered a good salary for many professionals in their 30s in the UK.
IS 55K A GOOD SALARY?
Whether £55,000 is considered a good salary depends on various factors, including where you live, your lifestyle, and personal financial goals. In the UK, £55,000 is above the national average income, so it can generally be considered a good salary. However, the cost of living in certain areas, personal expenses, and individual circumstances should be taken into account when evaluating the adequacy of a salary.
WHAT ARE THE BEST-PAYING JOBS FOR GRADUATES?
Some of the best-paying jobs for graduates vary based on the field of study, skills, and demand in the UK job market. Here are a few examples:
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Medicine and Healthcare: Specialised Doctors, Surgeons, Dentists, and Psychiatrists often earn high hourly pay.
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Law: Corporate Lawyers, Barristers, and Legal Consultants can command a high median salary.
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Engineering: Fields such as petroleum engineering, chemical engineering, and software engineering often offer top-paying jobs.
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Investment Banking and Finance: Graduates who enter roles in investment banking, private equity, and financial management can often earn significant salaries.
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Consulting: Management Consultants, Strategy Consultants, and IT Consultants can receive high remuneration.
HOW MUCH CAN I EARN WORKING IN DIFFERENT SECTORS?
Earning potential in different sectors can vary significantly. Some sectors generally known for offering high earning potential include:
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Financial Sector: Investment banking, private equity, and asset management tend to be high-paying sectors.
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Tech Companies: Positions such as software engineering, data science, and product management often offer competitive salaries.
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Medicine: Specialist Doctors, Medical Consultants, and Surgeons, can earn substantial incomes.
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Law Careers: Lawyers working at prestigious law firms or in corporate law and family law can command high average salaries.
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Engineering: Certain engineering disciplines, such as petroleum engineering or aerospace engineering, often provide the highest salaries.
WHAT IS THE AVERAGE UK SALARY BY INDUSTRY, AGE, AND EDUCATION?
The average salary in the UK can vary based on industry, age, and education level. Here is a general overview:
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Industry: Salaries can differ across sectors. For example, finance and banking tend to have higher average salaries compared to other sectors, such as retail or hospitality.
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Age: Salaries generally increase with age and experience. Younger individuals typically earn less from employers than those with more years of professional experience.
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Education: Higher education qualifications can lead to higher-paying jobs. Graduates with advanced degrees often have better employer earning prospects compared to those with lower levels of education.
It's important to note that these are general trends, and individual circumstances, skills, and location can significantly impact salary levels.