New figures released today indicate that 2012 graduate starting salaries have experienced an average drop of 13.2% compared to last year.
A survey produced by the Association of Professional Staffing Companies (APSCO) unveiled the surprising figures after compiling analysis from more than 60 recruiters.
A statement released by KPMG suggested that any such falls in starting salaries are likely to be related to the sheer volume of candidates vying for a limited number of roles. Such a disparity means that salaries are becoming compressed as employers hold all the cards in such a bustling marketplace.
An official KMPG statement suggested:
“Pay growth remains muted as the number of candidates looking for roles increases, with the economy remaining ‘fragile’.”
These figures make particularly interesting reading when set against the findings of a 2011 Higher Education Statistics Agency (HESA) study, which looked at how salary expectations were undeniably related to the grade which you achieved as a graduate.
The study indicated that the qualifications you obtain, alongside your choice of subject, will ultimately determine what your wages are likely to be.
Figures showing salaries by degree averages revealed that there is a £8,000 difference between those qualifying with upper second class honours (2:1) - £38,123; and those with lower second class honours (2:2) - £30,437.
Individuals who graduated with a first class honours (1st) qualification earned an average of £38,753 in 2011, while Brits with third class honours (3rd), in contrast, enjoyed an annual pay of £26,535.
These figures certainly suggest that the work which you put in at university will be reflected in your salary upon graduation....something which may be difficult to fully appreciate while you are studying.
Have you got a specific figure in mind regarding the starting salary you are anticipating from your first graduate job
? Have you done any significant research into the subject?