Research has revealed that science, technology, engineering and maths (STEM) graduates in the UK can earn nearly 20% more than their fellow peers. The research also suggests that those graduates who don’t want to relocate to London to find a well-paid role should consider looking further North to find higher graduate salaries.
The Hay Group study which looked at the salaries of 42,500 entry level positions across 770 organisations, sampled 25 jobs across multiple industries and showed that the average university graduate can expect to earn £26,023 in their first role. The study also showed that those within customer service roles could earn up to 30% less than their peers.
Graduates in a STEM career such as software development or engineering could see their salaries increased by 19% to £30,973 and 17% to £30,370 which would make them the highest earning entry level roles in the country.
The study also saw the UK ranked fifth in the world for average graduate salary. Topping the list was Germany with an average graduate salary of £40,272, the United States (£36,255), Australia (£35,599) and the Netherlands (£34,269).
London topped the list of locations with the highest graduate salary with an average salary of £27,845, whilst those graduates in the West Midlands have an average pay check of £24,462. Graduates in Scotland can expect to earn over the UK average at £26,543.
Vivienne Dykstra, global graduate practice leader for Korn Ferry Futurestep, said: “With the digital sector now making up ten per cent of the UK’s GDP, we’re seeing a far greater demand for graduates with STEM qualifications.
“This demand is being reflected in the salaries that newly-qualified students can command. With digitally savvy talent at a premium, the graduate recruitment market is a competitive place. Employers need to look at ways to differentiate themselves. Alongside providing opportunities to develop and grow, it’s critical businesses offer strong starting salaries to really stand out from the crowd.”