UK graduates getting 22k

Graduate starting salaries have continued to rise, with university leavers now taking home an average pay packet of 22,000.

12:32 12 July 2005

Graduate starting salaries in the UK have continued to rise, with university leavers now taking home an average pay packet of 22,000.

The Graduate Recruitment Survey 2005 revealed that those working for blue-chip firms this year are earning 1,000 more than 2004's graduates, which is the biggest increase in the last five years.

A growth in the number of job vacancies open to graduates has led to less competition for each role, on average 32.9 applications are made per vacancy and this has encouraged higher wages.

The survey showed that vacancies have risen by 11.3 per cent, with the biggest increase found in the IT and accountancy sectors.

"By advertising for increasing number of graduates, employers are investing in the future," Association of Graduate Recruiters chief executive Carl Gilleard said.

"With intense competition for the best graduates, employers must keep on their toes."

Mr Gilleard believes that employers are learning the value of hiring graduates and will need to improve their recruitment campaigns and benefits package to continue attracting the right quality of staff.

London graduates could find themselves earning up to 26,000, while taking a role at an investment bank could net graduates around 35,000 and some law firms offer a 28,500 starting salary.