The Average Graduate Salary Drops By 11 Per Cent In Just Five Years

And those are just the professional jobs...

11

by Sophie Wilkinson |

The average graduate starting salary has dropped by a whopping 11 per cent over five years, from 2007-2012. In real terms, this means that the average you could expect to earn upon completing a costly three-year (at least) degree, is £21,702 a year.

The pay drops aren't only in what your dad might call 'softer' professions, such as – hello! – the media, but also in traditionally well-paid medical jobs. In medicine, the highest starting salary dropped by 15 per cent, and the highest starting salary in dentistry dropped by nine per cent.

The research conducted by TheCompleteUniversityGuide.co.uk, acknowledges that not everyone is going to get into professional work immediately, and will instead work in a bar or restaurant or clothes shop somewhere.

The gap between those who have taken on a professional role and those who work in hospitality or a shop has also widened. In 2007, a graduate in professional work would have on average £4,034 more on their payslips each year, whereas now, this has risen to £7,174 (that's a rise of 77 per cent).

Dr Bernard Kingston, the principle author of the report, told the BBC: 'These figures show a continuing decline in the graduate premium across many subjects, and must be a concern to students when choosing what to study at university when tuition fees of up to £9,000 a year in England and Wales.'

However, a spokesperson the Department for Business, Innovation And Skills doesn't want anyone to be put off by these statistics, saying: 'A degree is still one of the best routes to a good job and a rewarding career. Typically those with a degree earn considerably more over their lifetime, an estimated £165,000 for men and £250,000 for women.'

It was recently reported that up to three quarters of graduates will never pay back the entirety of their student loans, as they will become written off if still not fully repaid by the graduate's 50th birthday.

Bleak.

Follow Sophie on Twitter @sophwilkinson

This article originally appeared on The Debrief.

Just so you know, whilst we may receive a commission or other compensation from the links on this website, we never allow this to influence product selections - read why you should trust us