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Pay cut for City graduates

Published: Thursday, 31 January 2008   Category: Graduate Job sector Reports

Despite many industries currently offering graduates attractive starting salaries, investment banks and investment managers have cut salaries for new entrants.

The Association of Graduate Recruiters’ winter survey has shown that the average starting salary has fallen by around £500 to £35,000 as financial turbulence continues reports the Financial Times.

However, a career in law may be preferable for "salary hungry" students as their income is mush less affected by market strife which is directly beneficial to its employees, the report continues.

However, investment banks and fund managers are still predicting a 28 per cent increase in positions open to graduates in the coming year as may banks are keen to "cherry pick" the best talent for their firms.

Vacancies are expected to increase by around 16 per cent while salaries are predicted to increase by a more modest 2.1 per cent, according to the report.

Founded in 1968, AGR is an independent, not-for-profit organisation dedicated to supporting employers in all aspects of graduate recruitment.


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