The UK’s highest paying jobs: Where’s the money at ?
(Photo from : Mirror.co.uk)
The deadline for 2017 graduates to apply for jobs is looming, no corporate stone should be left un-turned, infinite applications should have been sent off and intimidating assessment centres and interviews are undoubtedly on the horizon. So, we are asking what are the highest paid jobs that graduates could aspire to have in the future?
According to 2016 data from The Guardian the current highest paying jobs in the UK are:
- Brokers including stockbrokers, traders on the stock exchange, foreign exchange dealers, insurance brokers
Average salary: £133,868
Unsurprisingly, brokers rank top, although this figure is subject to the lack of reliable data on the lower and upper pay ranges, because there is a relatively small number of brokers in the PAYE system. The Wolf of Wall Street profession is a demanding job with long hours being the least of your concern. The highly pressured job requires a level head, good decision making and the capability to handle risk. The first few years are gruelling as brokers work to build up their portfolio, reputation and absorbing every trick in the book to be the best out there, but with that salary it could all be worth it.
- Chief executives including vice-presidents, chief medical officers, civil servants (grade 5 and above)
Average salary: £123, 577
These titles must be earnt. If you have years of relevant experience, an impeccable track record and an MBA you may be lucky enough to take on one of these positions. Unfortunately, with shareholders having a binding vote and say on executive pay, this salary only comes with proof of outstanding performance.
- Marketing directors including Sales directors
Average salary: £87,890
In charge of strategizing and implementing the organisations marketing, these head marketers enjoy a comfortable reward. But there is more to the job than an advertising campaign, marketing directors must have a solid knowledge of every competitor and the market environment to ensure the company will be successful. And at the end of the day, be ready to explain to the shareholders what happened if it doesn’t all go to plan. The salary of marketing directors is under scrutiny as retailers and competitors from rival brands put on the pricing pressure.
- Aircraft pilots including first officers of airlines, flight engineers, flying instructors, helicopter pilots
Average salary: £86,915
This job requires no degree, but does ask for good GCSE passes in Maths, English, science and a second language and at least two good A-levels and the desire to fly. However, the commercial pilot license that gives pilots access to the higher salaries comes at a price of £100,000, and only after completing 1500 hours flying time are you fully qualified. Pilot Kare Lohse recommended that “to be a pilot, don’t do it for the money” the environment for a pilot varies from job to job, some jobs offer great work perks, others offer a fantastic lifelong travel experience and others just offer the opportunity to be a glorified taxi driver.
- Financial managers and directors including investment bankers, Treasury managers
Average salary: £84,675
With the lowest starting salaries in this list (averaging £24,793) there is decreasing incentive for graduates to take this path. It is also becoming harder to get to the top in finance as “demand has risen for candidates with the right financial skills – it’s not just about the bottom line and balancing the books now” says Anthony Walters, spokesperson for the Association of Chartered Certified Accountants (ACCA). Managers and directors must now be the best of the best, who can spot an opportunity to power a company forward.
- In-house lawyers including attorneys, legal consultants
Average salary: £80,210
Law is now one of the most competitive professions with the average vacation scheme having 15 applications each place, the salary is a reward for the success of getting into the industry. To become a lawyer, it is necessary to obtain a law degree or postgraduate diploma and after this, trainees will need to complete a legal practice course (LPC) and win a two-year training contract.
- Air Traffic controllers and flight planners
Average salary: £81,132
Air traffic controllers can expect to earn around this amount for their entire career, therefore, there isn’t great opportunity for a pay rise, but with no need for a degree and only needing 5 GCSE’s and an air traffic controller’s license, that doesn’t seem like a bad deal. The salary is due to the job being incredibly high pressure, the actions of a controller or planner have responsibility for thousands of lives at one time and requires the ultimate concentration and focus.
- Medical Practitioners
Average salary: £78386
Unfortunately, medical practitioner salaries are down by 2.5% since 2015 due to pay freezes and cuts but if an individual has what it takes to qualify it can be an extremely rewarding profession. Qualifications needed to be a practitioner are:
- A university degree from a medical school recognised by the General Medical Council.
- Two years of foundation training
- Two years of core medical training
- Four to six years of specialty training or three years of training as a GP.
Finally, to stay registered with the GMC, all doctors are expected to gain continuing professional development points every year. Now that’s a lot of training.
- IT and telecommunications directors
Average salary: £78,071
A degree and several years of experience will land a job as director of IT in a large company. Unlike marketing and finance where cuts are being made, IT are increasingly more valued and shareholders are said to be increasingly willing to allow individuals with the right skills to be paid more as companies place more value on technology.
- Financial institution managers and directors includes Bank manager and insurance manager
Average Salary: £75, 169
The job description: “Overseeing the activities of banks and personal credit institutions”, does not sound like the most exciting job but to earn the higher salaries you only need to have the experience and to have passed the Financial Conduct Authority’s test which allows you to control a bank. With the numerous services banks and insurance companies offer there is sure to be something that makes this 9 to 5 worth it.
That is the round up for the highest paying jobs according to average salary, of course, there are exceptions to these: top judges can easily triple the salary of an in-house lawyer, a highly experienced consultant surgeon will earn six figures and of course if you plan on inventing a social media site to rival Facebook, you will be earning an IT directors average, yearly salary in a day.
By Justine Mullan-Redwood