A new survey has revealed that only 17% of recent graduates earn the salary they initially expected, pointing to a significant gap between expectations and reality in the UK job market. According to the study by RateMyPlacement, nearly half of graduates earn less than expected, while over a third earn more.
The survey also uncovered that sectors such as Law, Business, and IT offer higher salary satisfaction, with 45% of Law graduates reporting earnings above expectations. However, graduates from fields like Natural Sciences, Economics, and Arts/Humanities report higher levels of salary dissatisfaction, with many earning less than they anticipated.
The findings highlight the ongoing challenges faced by graduates in securing positions that align with their financial expectations, particularly in more competitive or niche sectors.
Sectors Exceeding Expectations
Graduates from fields like Law, Business/Management, and IT tend to have the most success in exceeding their salary expectations. In fact, 45% of Law graduates reported earning more than expected, followed closely by 43.9% of Business/Management graduates. Graduates in IT and Computer Science also fared well, with 33% reporting higher-than-expected salaries.
These fields benefit from strong industry demand and offer high earning potential, making them attractive choices for graduates looking to secure competitive salaries in their early careers.
Sectors Facing Challenges
On the other hand, sectors such as Natural Sciences, Economics, and Arts/Humanities are seeing a stark contrast. In these areas, many graduates are struggling to meet their salary expectations. In Natural Sciences, for example, 50% of graduates report earning less than anticipated, while nearly two-thirds of Economics graduates find themselves in a similar situation. Graduates in Arts/Humanities also face challenges, with 43% earning less than expected.
The data suggests that these sectors are facing tougher competition, fewer opportunities, or a lack of recognition in terms of salary compared to their more commercially focused counterparts.
Expert Insights
Oliver Sidwell, Co-Founder of RateMyPlacement, explained, “This data reveals the growing divide in salary outcomes across different fields. Graduates in sectors like Law, Business, and IT are well-positioned to exceed their expectations, but those entering fields like Natural Sciences and Humanities may face greater challenges in securing the salaries they were hoping for."
He emphasized the importance of understanding the realities of the job market: “Students need to be aware that salary expectations are heavily influenced by the demand in their chosen industry. Universities and career advisors must play an active role in ensuring students are equipped with the skills and real-world experience that make them competitive in the job market.”
Takeaways for Graduates
Graduates looking to exceed salary expectations are generally better positioned in high-demand fields like Law, Business, and IT. However, those entering sectors like Natural Sciences and Humanities may need to focus on gaining additional skills, building networks, and gaining experience to boost their employability.
The message is clear: aligning academic choices with job market demands, and seeking guidance from universities and career advisors, is key to ensuring a successful career post-graduation. For more resources and advice, visit the RateMyPlacement website.