We have just launched a new calculator that uses various sources to get an average graduate salary for the current year for 70 different subject areas. After working out all deductions including student loan payments, we combine this data with data on average house prices by property type so users can see areas that are affordable according to their search radius under the government's Help to Buy scheme.
Under the Help to Buy scheme property can be purchased with a 20% 5 year interest-free loan from the housing authority. This means people with a 5% deposit can purchase a home requiring only the 75% mortgage to repay for the first five years. The loan can be up to 40% in London, but we have limited our calculations to taking only 20%. The idea is that once the interest-free period comes to an end, for most people, income should increase as people climb the career ladder and are able to accommodate the help to buy repayment 5 years down the line via interest-only payments, remortgage or by paying it off.
The Higher Education Statistics Agency (HESA) releases data on new graduates and their employment and post-education careers. The most recent data is from 2016 but we have utilised the government's inflation index for salaries to forecast the expected salary for the current year within our calculations.
From all higher education data sources the average graduate salary across all subject areas and sexes was £21,500 in 2016. This would forecast to around £23,215 in 2018. The median in 2018 would be £22,675 . The lowest 25 percent would earn £18,360 in 2018 and the upper 25 percent would earn £26,995.
The highest median earning graduate would have studied Medicine & Dentistry related subjects at £32,395 this year.
The table table shows the full data forecast for 2018 UK graduates:
|Subject Area||Mean||Lowest 25%||Median||Upper 25%|
|Medicine & Dentistry||£31,855||£28,075||£32,395||£34,555|
|Engineering & Technology||£27,535||£23,755||£27,535||£30,325|
|Architecture, Building & Planning||£24,295||£19,980||£23,755||£26,995|
|Subjects allied to Medicine||£23,755||£22,675||£23,755||£24,295|
|Agriculture & Related Subjects||£21,600||£17,820||£22,140||£24,835|
|Business & Administrative Studies||£23,755||£19,440||£21,600||£26,995|
|Historical & Philosophical Studies||£21,600||£16,740||£19,980||£24,295|
|Mass Communications & Documentation||£19,980||£16,740||£19,440||£21,600|
|Creative Arts & Design||£19,440||£16,200||£18,360||£21,600|
|Total - All Subjects||£23,215||£18,360||£22,675||£26,995|
Location will play a big part of the salary provided, as well as the entire package may be more than just the headline gross figure quoted. We have only the averaged values within our tables.
Click here to try the graduate salary tool.