Are you looking to start your career in London? One of the most important things to consider is your starting salary.
But how do you know what a good starting salary in London is? In this article, we’ll explore the factors that affect starting salaries in London and give you some guidance on what to expect.
Factors that Affect Starting Salaries in London
There are several factors that can affect your starting salary in London, including:
- Industry: Different industries offer different salaries. For example, finance and technology tend to offer higher salaries than hospitality or retail.
- Experience: Your level of experience can also impact your starting salary.
Someone with more experience might be able to negotiate a higher salary than someone just starting out.
- Location: The area of London where you work can also affect your starting salary. Certain areas like the City of London tend to have higher salaries than other areas.
- Company Size: The size of the company you work for can also impact your starting salary. Larger companies tend to offer higher salaries than smaller ones.
Average Starting Salaries in London by Industry
Now that we’ve explored some of the factors that can impact your starting salary, let’s take a look at some average starting salaries by industry in London:
Finance Industry
- Investment Banking: £45,000 – £60,000
- Hedge Funds: £35,000 – £50,000
- Accounting: £25,000 – £35,000
Technology Industry
- Software Development: £30,000 – £45,000
- Data Analysis: £25,000 – £35,000
- Cybersecurity: £30,000 – £40,000
Hospitality Industry
- Hotel Management: £20,000 – £25,000
- Chef: £18,000 – £25,000
- Restaurant Manager: £20,000 – £28,000
Tips for Negotiating Your Starting Salary in London
If you’re not satisfied with the starting salary offered to you in London, there are a few tips that can help you negotiate:
- Research: Do your research and find out what other people in your industry with similar experience are earning.
- Sell Yourself: Highlight your skills and experience during the negotiation process.
- Show Flexibility: Be open to negotiating other parts of your compensation package like bonuses or vacation time.
- Pick Your Timing: Wait until the end of the interview process to discuss salary so that the employer has a better sense of your value.
The Bottom Line
The average starting salary in London can vary depending on several factors including industry, experience level and company size. Do your research before accepting a job offer and don’t be afraid to negotiate. With these tips in mind, you can ensure that you get a fair starting salary in London.