Finance is where the money is
Bankers’ are famous for their bonuses and therefore it’s no surprise that Finance has come out on top, paying their top earners an average of £290,000 – a staggering £137,000 more than Insurance companies, who came second in this study.
One of the big surprises comes from the world of Consulting. Often hailed as a very lucrative career path (especially for graduates) pays its top earners a fairly average £118,000.
Doing it for the cause
In last place behind public sector workers, charity & not for profits come out bottom of this list. The average top wage is £61,000, which is similar to some starting salaries in top tech companies.
|Industry||Top earners’ compensation*|
|Energy, Mining, Chemicals, Environmental||£143,000|
|Recruitment & Executive Search||£124,000|
|Technology & Telecoms||£120,000|
|Consulting & Professional Services||£118,000|
|Apps, Web, eCommerce||£113,000|
|Pharmaceuticals & Biotech||£110,000|
|Transportation & Logistics||£103,000|
|Construction & Real Estate||£92,000|
|Media & Communication||£88,000|
|Retail & Trade||£77,000|
|Services, Tourism, Restaurants||£72,000|
|Sports, Culture, Recreation||£72,000|
|Public sector & Education||£67,000|
|Charity & Not For Profit||£61,000|
The study also looked at top earners in relation to their level of education. An MBA (Master of Business Administration) really pays off – it’s the education option of choice for the Finance industry. Those with an MBA are shown to enter in higher paid positions or use it to boost their earnings later on in their career.
Unsurprisingly, remuneration matches education level. Thos without university education on average earning £34,000 less than those with a Bachelor degree. Although the difference between salaries is dwarfed when you take into account tuition fees and the expense of university living costs.
|Degree||Top 10% earners’ compensation*|
Alice Leguay, Co-Founder & CMO at Salary Benchmarketing site Emolument.com said: ‘While finance remains in the lead 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. The attempt to attract top talent by injecting a stronger sense of purpose, flexibility and impact into financial sector jobs may be its biggest challenge yet.’