Theresa May has recently taken over from David Cameron as Prime Minister of the UK in one of the most challenging times in recent history.
As politicians and the Prime Minister’s salaries are funded by the UK tax-payer, there is always open debate and dialogue as to whether the pay matches the job role. Salary benchmarking site Emolument have analysed the PM’s salary against a number of other professions to see just how much she’s worth.
As PM, Teresa May now earns £143,000 per year. But how does this compare to the private sector?
Let’s start with Investment Banking. Investment bankers have notoriously good salaries and they compare very well against the PM. VP and Director level roles and MDs all receive more than £143,000 and MDs make an average of £450,000. Likewise, Buy Side (Fund & Portfolio Managers) salaries largely beat the PM, except for VPs which are slightly behind on £119,000.
Although as a direct salary comparison, Investment Banking and Buy Side is more lucrative, the potential earnings post-employment are much better for the unique position of PM. Previous Prime Ministers have gone on to have very lucrative opportunities – from after-dinner speaking to book deals.
Moving away from banking to look at other sectors and disciplines. The Prime Minister’s salary comes up trumps against marketers, consultants, developers and legal professions within managerial positions. Consulting overtakes the PM when you get to Partner level at £174,000.
Alice Leguay, Co-Founder & COO at Emolument.com said: ‘The challenge with top government officials’ pay is finding a comfortable ground between attracting top leaders and talent into politics away from the private sector, and being sufficiently low as not to offend taxpayers.’
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