Posted on Tuesday 12th July 2016 by James Howell
Graduates from science, technology, engineering and mathematical backgrounds earn up nearly 20% more, according to a study.
A study conducted by The Hay Group has revealed that graduates from science, technology, engineering and maths (STEM) backgrounds earn nearly 20% more in their first role. The study from Hay Group sampled the salaries of 42,000 entry level graduate jobs and discover the average salary for graduates is £26,023.
The highest entry level salaries are given to university leavers from more technical backgrounds and they can earn over £30,973 in their first role. Global Graduate Practice Leader for Korn Ferry Futurestep, Vivienne Dykstra, says the growth in the UK's digital industries means companies must compete for the best graduate talent.
"With the digital sector now making up 10% of the UK's GDP, we're seeing a far greater demand for graduates with STEM qualifications," Vivienne says.
"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 is critical businesses offer strong starting salaries to really stand out from the crowd."
The need for STEM graduates is not concentrated in London and Vivienne suggests graduates consider opportunities in Scotland too.
"Graduates wanting to earn a higher-than-average amount, but not live in the capital, should consider locations north of the border where the average is £26,543," she says.
"Either way, with organisations looking to attract the best and brightest talent into their business, graduates entering the job market in 2016 can expect to see salary remuneration as a key differentiator in the job offers they receive."