When choosing between possible degrees, you might be interested in how much money you can potentially earn after you graduate. Your exact salary will depend on the employer, the position you apply for and any previous work experience you might have. But in this post, we’ll cover which degrees have the potential to earn you the most.
The factors that influence graduate salaries
As of 2019, the average salary for a graduate in the UK is thought to be £22,399. This figure is calculated by a survey that’s sent to graduates six months after they’ve finished their degrees. As this is quite soon after graduation, many are in entry roles or still finding permanent work.
If you’re a graduate, then the salary you earn might be higher or lower depending on the industry you’re starting a career in, the university you graduated from and where in the UK you are.
London’s average salary for graduates is £24,991 whereas graduates in Wales can expect around £20,600. Living costs vary from region to region and salaries usually reflect that.
For example, costs in London are much higher for rent, transport and other payments which is why graduates receive a little more than they would in other regions.
Finally, the employer you work for influences the salary you’ll receive. The biggest employers often offer great starting salaries for graduates but the application process is very competitive. You’ll find you’re applying alongside hundreds of other graduates for one role but if you’re successful, you’ll earn a good salary and receive great benefits.
The degrees that typically lead to the best salaries
Finance or Economics
Students who graduate with degrees in finance or economics can move into roles that offer excellent salaries. 2019’s figures show that the starting salaries for economics graduates range from £18,900 to £30,100.
It’s a competitive industry to enter which is why it’s so important to have the right degree and network with professionals who can help you in the future. Your starting salary might fall within the above figures but once you progress and achieve success, your salary will increase significantly.
Law
The average starting salary for law graduates can be as high as £25,000 per year. You could work for a law firm, assisting solicitors and learning the skills you’ll need to eventually become one in the future.
Many graduates who have an undergraduate degree in law go on to complete further qualifications that will help their career prospects. In 2018/2019, 32.8% of law graduates surveyed were completing further study.
There are other routes into a law firm but the most common is with a law degree. Having one proves you’re passionate about law, although there’s no need to specialise in a legal field just yet.
IT and Communications
Organisations of all sizes rely on IT to function. It only takes one system failure for business operations to fail. This is why every major company has a large IT department that monitors the IT network and makes sure everything is running smoothly.
Because of the lack of IT specialists available and the importance of a well-managed IT department, starting salaries for IT graduates are high. Organisations are willing to pay up to £31,300 as a starting salary for the very best graduates.
The more experience you have and the more good work you do, the higher that salary can go. To achieve a role like this, you’ll need to complete a degree in computer science, computing or IT.
Medicine
The UK is always looking for the next generation of doctors. To qualify in a medical role, you’ll need to complete a degree and several years of training before you earn a permanent position.
Trainee doctors (those in foundation training) earn a basic salary of £27,689 to £32,050. This depends on how many hours you work (including overtime), and whether you work nights or weekends. This means it’s a little harder to know the exact average wage for graduates of medicine.
However, when compared to all other degrees, a study found that graduates who’d studied medicine were likely to earn 60-70% more in the future.
Again, it’s important to remember that there’s no way of knowing the exact salary you’ll earn when choosing a degree to study. However, certain degrees typically lead to roles that provide good salaries in the future, like medicine, business, engineering, economics and IT.
Still unsure which degree is right for you? At Newcastle University, we offer a diverse range of exciting undergraduate courses to choose from. Browse our Subject Areas to find out more.