020 7228 8281

A few factors worth knowing if working in UK

Best paying jobs, Best paying universities, Best growing salary rate jobs

The cost living in India is one of the lowest globally while the UK is one of the most expensive places to live. This can partly explain the difference in salary. When we think of our career opportunities, you have to take into consideration a number of factors. These factors include gender, experiences, personal preferences, and of course, compensation and benefits of the job.  For example, if Brexit were to occur, London workers were to consider opportunities on the continent, is London still the most financially attractive city?

Best paying jobs, best paying universities, best paying companies (finance and legal)

Top cities wage rankings change periodically from year to year depending on the population growth, business successes, infrastructure of the city and general competiveness.  As a country with one of the largest GDP in the world, many people would see UK as an obvious choice. But upon further studies, this option may not be as easy as it seems.

Here are some factors you might want to consider when you are faced with the decision of whether to work in the UK or in other European countries.

Living in such expensive city like London, not all employers can afford to ensure their employees earn a wage that meets the costs of living, not just the government minimum.

The “national living wage” is another name of the National Minimum Wage, and is £8.21 per hour (as of April 2019) across the whole country. National Minimum Wage is a statutory minimum and all employers have to pay it to their employees over 25 years of age. The rates are provided annually by the Resolution Foundation and overseen by the Living Wage Commission, based on the best available evidence about living standards in London and the UK. On the other hand, the Real Living Wage is calculated based on the cost of living. This wage has different rates for London and the rest of the country, recognising the higher costs of living in London. The rate is £10.55 per hour and the rate for the rest of the UK is £9.00 per hour.

This map by Totally Money shows you what salary people will need to be earning to buy home at that dream location.

The required salary for each station is deduced by taking the media price of one bedroom properties available within one kilometre of each station. An initial 10% deposit, and 40% of earnings spent on monthly repayments on a 25 year mortgage is applied.

What are the best paying jobs for graduates?

Tuition fees were one of the hottest topics of the UK recent general election, and with students facing the potential prospect of further tuition fee increases, young people today have to face certain important decisions about their education which will affect their career when they leave university.

Once a fresh graduation leaves university, they may no longer have to stress over dissertations, but now it’s the real time for proper hard work: putting that qualification to use. There are a few hard hitting facts on UK graduate employment.

-The best course employment rates are dentistry (92%) and education (89%).

-The courses with the highest unemployment rates are computer science (13%), mass communications (12%), and creative arts (10%).

-Three and a half years after graduation, medicine and dentistry students can expect to earn the most, while those on communication courses can expect to earn the lowest.

-The University of Edinburgh has the highest graduation employment rate in the country (94.5%), while the University of Oxford has the lowest (90.2%)

Top Universities of best paying graduate job

Best paying graduate job- Overview

Best paying graduate job excluding (finance)

Are degrees worth it?

We found a survey of 1,800 professionals, and results show that more two third of degree holders do not regret making the decisions of spending extra time at university, though this feeling it not equally share among them. Majority of them (PHD holders/ MBA holders) consider their degree to be worthwhile, many will have started their career with a high cost starting salary. The immediate earning sacrifice is a clear signal that graduates not only enjoyed further education at university but also yielded substantial career-related benefits from higher degree.

Does education impacts an entire career?

MBAs are particularly favoured in the finance industry and an additional boost to pay checks. As a result, the top 10% MBA holders are paid £290,000 per year. Even for those who have reached the more senior position within their industry, education continues to affect earning: top earners with a post-graduate degree earn more than those with just a bachelor’s degree , who themselves earn more than those without any degree.

Most worthwhile degrees

Most popular degrees among best paid graduates

Do you pay attention to your starting salary and what to expect after 15 years?

In fact, very few people go into a career with a real understanding of what to expect to earn after 5, 10 or 15 years into a career. This factor have a big impact on people’s living and life plans for long term.

The rate at which salaries increase with time and experience actually varies dramatically for different professions. Average salaries in local government, accounting, marketing, HR and media vary by just £5000 (less than 16%) for executives with less than 5 years’ experience.

Average salaries by profession and experience levels

On the other side, 15+ years into a career the difference between media and local government is as much as £63k, with media executives earning 87% more Marketing, media and accounting professionals can expect to get their biggest pay rises after 5 years’ experience, with 75%, 83 % and 67% respectively. HR professionals see an 85% increase when they reach 10 to 15 years’ experience. management roles.

Do you consider yourself wealthy?

1,555 professionals were asked on how much wages they have to achieve for them to feel wealthy. Results shown that the majority of professionals don’t feel wealthy until their wages figure reached within the 1% wealthiest part of the population. In addition, perception of wealthy evolve dramatically throughout a career.

“I’m not rich, I pay taxed”. Said by a professional working in London. Others working in Singapore, Switzerland and UAE feel wealthy with far lower earnings those working in the UK, despite higher and similar costs of living. Those locations’ tax rates are far lower than UK, therefore this allows professionals to keep more of their income.

By age

Interestingly, younger working class’s earning close to £100,000 per annum in their twenties feel wealthy as they are likely to be outliers and compare favourably to their peers who are in lower-paid jobs. On the other hand, more mature working class with 15+ experiences become used to higher standards of living, these high earners are already financially responsible for a family, and are more likely to surround themselves with colleagues and friends earning similar amount.

Who is most wealthy by industry?

Only 1 in 4 bankers considers himself wealthy: Surprisingly, this figure is in line with other industries. This figure shows that perception of wealthy is entirely relative to your career. For tech employees, despite substantial increase in remuneration for technology workers in the last decade, they feel poorer than those working in the public sector (15% of technology workers feel wealthy versus 16% of those working in the public sector).

Considering current levels of frustration with their jobs and the industry as a whole, it is not surprising themselves in one of the most regulated industries with ever-shrinking pay-outs and poor social perception of their choice of career, as well as huge standard of living costs which many struggle to maintain.

How much do the top earners make in the UK?

From Emolument’s latest study, there is an analysis of 52,000 salaries from London professionals to find out how much top earners in each industry can expect to bring in. Result show that finance is the obvious path for those willing to ensure a high income.

Finance is the industry to earn big: At £290,000 per year, finance’s best paid employees earn almost twice as much as those in other industries.

For consultancy, everything is not what it seems. Graduates are often lured into consulting by high starting salaries, but further up the food chain consultant’s earning potential is still a way off banking salaries: consulting’s top earners make £118,000 per year, ranking only 7 out of 20, behind industries such as law, recruitment and technology.

Even though some banks have already announced they would be looking to relocate some of their front office activities to continental offices (such as Goldman Sachs to Paris) after Brexit. Until now, London still offers the highest reward for front office professionals in banking.

While finance remains in the leaf when it comes to remuneration, young professionals are more and more reluctant to sign up just for the money, which means that the financial sector has to work harder to incentivise millennials to either join the industry or remain for more than a couple of opportunistic years of training.

It is no secret that the Finance industry is among the most lucrative and best paid.

So how much money do you need to make to feel rich?

The average Londoner thinks you need to earn £52,859.67 a year to live your best life in London. But that number varies a lot based on how much you actually earn. Londoners on less than £20,000 think you need £46,571, and those earning more than £100,000 think you need £79,576. So the more Londoners earn, the more they think they need to earn.

Who is under the most pressure?

By industry

According to the stress levels in the office, results show that real estate professionals are the most pressured, while technology specialists enjoys a more nurturing work environment. More than two thirds of construction and real estate employees report have worked until becoming ill. The industry seems to have a long road ahead if it wishes to take well-being at work into consideration.

By country

Perception also vary wildly across countries, with German workers reporting the worst work environment of the surveyed countries. France has the lowest pressure score of all countries, mostly thanks to a strong separation between personal and work time (only 9% of employee say their boss invade their personal time), emphasised recently by a new employment law which means that employee have right to disconnects from works outside office hours.

This article raises the very valid question between work and life balance in London: is it worth fighting out in cities where daily life demands large financial resources, and therefore tend to involve long commutes, and a stressful environment?

Living in London, the capital city of England is expensive compared to many places in the world. For ambitious workers looking to move to London, the higher base salary may be more than outweighed by the higher cost of living and a more stressful quality of life. At the end of the day, London is still one the best cities which guarantees the same quality of lifestyle, meanwhile still carrying the same desirability among people who look working in London for their future.

Leave a Reply

Your email address will not be published. Required fields are marked *