By Sector
Having been in a job for some time, or moving onto your second role with your new experiences and learned skills, you would expect your salary to rise. This generally is the case but there are certain sectors in which this pay rise may be more noticeable. According to the Association of Graduate Recruiters (AGR), of the top five starting salaries, those in the legal sector increase by the most in the first 5 years, from around £30,000 to around £68,000. Salaries in the armed forces increase the least from around £28,000 to £35,000.
General Salary Increases
Figures from the AGR into salary progression for experienced graduate show after one year of work graduates can expect a decent-sized pay rise, however it is hard to predict in the current economic climate exactly what that might be. Generally graduates will see better pay rises than those without degrees - do bear in mind that salaries and pay rises will be greater in areas where graduates are in demand such as London. Industry is also a key factor for how big salary increases will be.
If you are unaware of how your salary compares to others in your field with similar skills there are a number of websites available where you can find this out. Also after a year or two of experience you may be in a better position to negotiate a pay rise or a better benefits package.
How an MBA affects earnings
MBA graduates can expect to receive a significant salary increase after graduation, and in excess of 50% increase in the first three to five years.
For more information on MBAs see the Business Schools advice section.