New figures from the UKโs largest job site reed.co.uk reveal that the class cohort of 2016 expect to earn an annual average salary of ยฃ28,362 for their first role post-graduation. Thatโs ยฃ396 (1.4%) more than the average graduate salary on offer, which currently stands at ยฃ27,966.
The reed.co.uk data shows that the gap between anticipated starting salaries and the actual pay on offer has sharply narrowed over the past five years. Since 2012, graduate salary expectations have risen by more than a third (37%) from ยฃ20,664. In contrast advertised salaries have only seen growth of 10% over the same time period.
The research reveals that todayโs newly minted graduates feel very positive about entering the jobs market. Almost two thirds of those asked said they feel confident they will be able to secure a job shortly after graduating and 73% believe they will find work within three months of starting their job search.
And thereโs reason for graduates to feel more upbeat and confident than recent years; employment opportunities have grown significantly year-on-year, with the number of graduate job vacancies advertised in Q1 2016 up 11% on Q1 2015 (and a massive 83% compared to the same time in 2012).
Commenting on the latest research, Lynn Cahillane, Communications Manager atย reed.co.uk said: โTodayโs graduates have a lot to contend with. With hefty student loans to pay paired with rising living costs, itโs little surprise that theyโre looking to earn more now than a few years ago.
“The good news is that the future looks bright for the thousands of graduates entering the job market for the first time, with more job opportunities and more attractive pay packages on offer this year.โ
Graduates are willing to go the extra mile to get the job they want; three quarters of those surveyed said theyโd be willing to relocate for the right role. London remains the best place for them to head since the capital boasts the highest density of graduate vacancies, closely followed by Manchester and Birmingham. Graduates working in London can also look forward to taking home the highest average salary of ยฃ30,002.
Top 10 cities with the most grad positions
| City | Avg Salary Offered | |
| 1 | London | ยฃ30,002 |
| 2 | Manchester | ยฃ26,451 |
| 3 | Birmingham | ยฃ26,046 |
| 4 | Leeds | ยฃ24,329 |
| 5 | Bristol | ยฃ27,102 |
| 6 | Reading | ยฃ30,225 |
| 7 | Nottingham | ยฃ25,750 |
| 8 | Cambridge | ยฃ27,499 |
| 9 | Liverpool | ยฃ33,967 |
| 10 | Slough | ยฃ28,878 |
Salary offered by industry breakdown
| Industry | Salary offered | Salary expected | % difference | |
| 1 | Accountancy | ยฃ50,466 | ยฃ34,567 | +46% |
| 2 | Construction & Property | ยฃ40,963 | ยฃ29,850 | +37% |
| 3 | Purchasing | ยฃ36,360 | ยฃ41,176 | -12% |
| 4 | Strategy & Consultancy | ยฃ33,858 | ยฃ31,321 | +8% |
| 5 | Health & Medicine | ยฃ33,497 | ยฃ31,541 | +6% |
| 6 | Motoring & Automotive | ยฃ32,934 | ยฃ47,842 | -31% |
| 7 | Energy | ยฃ31,936 | ยฃ30,218 | +6% |
| 8 | FMCG | ยฃ31,767 | ยฃ31,802 | +0.1% |
| 9 | IT & Telecoms | ยฃ31,360 | ยฃ37,151 | -16% |
| 10 | Financial Services | ยฃ30,365 | ยฃ26,045 | +17% |
