Embarking on your career with your first full-time position can be exhilarating, yet one significant concern often lingers: salary.
When faced with the question of your salary expectations, how can you respond effectively? What should you anticipate, and how can you ascertain whether the offer you receive is competitive?
It's entirely normal to feel uneasy discussing salary, particularly early in your career. You are not alone in this sentiment. As a career adviser with years of experience assisting university students in navigating their first salaries, I have compiled some valuable tips to help you approach this important topic with confidence.
Understanding Average Entry-Level Salaries
The landscape of average entry-level salaries is highly variable, influenced by several factors including industry, geographic location, job responsibilities, and the candidate's educational background.
For instance, as reported by the Guardian, the median starting salary for UK graduates at leading employers was approximately £33,500. According to HESA however, this indicates that, in 2023, recent graduates in full-time employment were more commonly earning between £24,000 and £27,000.
While it may be tempting to rely on general averages, focusing on specific data relevant to your circumstances will significantly enhance your success in salary negotiations.
How to Determine Your Target Entry-Level Salary
Investing time in research can yield substantial benefits in terms of your confidence regarding expected earnings. I recommend establishing a target salary range based on averages from various credible sources.
Begin by narrowing down the job types you are interested in and identifying a few specific roles (e.g., business analyst, marketing coordinator). Then, focus your research on salaries within the geographic area where you wish to work, as location heavily impacts salary due to varying costs of living.
For example, a business analyst position in London will likely command a different salary than a similar role in rural Wales. Consistency in the types of positions and locations you examine will facilitate a more accurate salary range.
Online Tools for Research
Numerous free online resources can assist you in determining a suitable salary range while accounting for the myriad factors involved. Here are a few recommended platforms to begin your research:
Engage Your Network
Sometimes, the most valuable insights come from trusted connections. Speaking with individuals in your field, such as former internship managers or peers from your degree programme, can provide nuanced understanding regarding compensation.
When approaching these conversations, be mindful of the relationship dynamics to ensure the individual does not feel pressured to disclose personal salary information. For instance, you might initiate a discussion during a lunch catch-up by saying, “I am excited about entering my first full-time role! I’m currently assessing what constitutes a fair salary for entry-level business analyst positions in London. Based on your experience, do you have any insights on typical pay ranges for such roles?”
If direct connections are unavailable, consider reaching out through alumni networks or professional associations.
Professional Associations
Professional associations pertinent to your chosen career field can be invaluable resources. They often compile salary data, highlight industry trends, and provide additional salary tools. Information may be accessible to non-members or available through discounted student memberships.
Graduate Outcomes Data
If you are a recent or soon to be graduate, your university likely has graduate outcomes data that tracks where alumni are employed within 6 months of graduation. This data can serve as a benchmark for expected salaries. If you cannot find this information easily, utilise the aforementioned online resources.
Anticipate Your Budget
As you transition into your first full-time job, it’s essential to project your expected cost of living against your anticipated salary. This foresight will enable you to assess whether potential offers align with your financial needs. Important factros to consider are:
Average rent in the area
Transportation costs (car, insurance, public transport)
Student loan repayments and other debts
Monthly living expenses (groceries, cleaning supplies, etc.)
What will your take-home pay be after tax? (You can use this tool to estimate!)
Savings goals
Discretionary spending on leisure activities
One-time expenses
Emergency fund requirements
Although estimating expenses may not be the most exciting task, it provides clarity on what you would like or need to earn in your first role.
Strategies to Achieve Your Target Salary
Understanding the compensation landscape is crucial, but securing a job that meets your salary expectations is equally important. Here are some strategies to help you succeed:
Utilise Salary Filters: When searching for jobs, filter by experience level and salary to focus on opportunities that meet your financial criteria. Keep in mind that not all postings disclose salary information, so this method may exclude suitable options.
Demonstrate Your Fit: Throughout the application process, highlight how your qualifications align with the role’s requirements. Tailor your CV and cover letter accordingly, and prepare to showcase your strengths in interviews and excel at answering common interview questions.
Highlight Unique Skills: Identify any additional skills or experiences that may set you apart from other candidates. Highlighting these attributes can significantly enhance your appeal to potential employers. In any role meeting desirable elements in a job description will enhance your chances of success 10 fold.
Prepare for Salary Discussions: Anticipate salary related questions and discussions before receiving an offer to ensure you are well-prepared.
Learn to Negotiate: If your offer does not align with your research, negotiating can be a beneficial course of action. Understanding your value through salary research, speaking with recruiters, and knowing your minimum acceptable salary will empower you during negotiations. Remember employers are not closed to negotiation if done the right way!
Deciding Whether to Negotiate or Accept an Offer
Unless an employer explicitly states a fixed salary cap or if all new graduates are offered a standard salary, I recommend negotiating, even for entry-level positions. Many employers anticipate negotiation, and you may miss out on additional compensation or benefits if you do not advocate for yourself.
Consider the complete benefits package, including elements such as:
Start date flexibility
Relocation assistance
Signing bonuses
Remote work options
Evaluating the total offer beyond just salary can yield a more comprehensive understanding of its value. However, bear in mind that a lower base salary may affect long-term salary growth, as future raises are often calculated as a percentage of the base pay.
Ultimately, if your research indicates that the offered salary is competitive and meets your needs, you are in a prime position to accept without negotiation.
Landing your first job is an exciting milestone. By applying these strategies, you can confidently establish your value and maximize your offer and approach your first full-time position with greater assurance and clarity regarding your salary expectations.
For further careers support please visit https://www.jlcareerservices.com/blog or get in touch now to start your journey to a brand new career.
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