The truth about graduate pay in banking

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Today's students aren't supposed to be that interested in pay. Something, though, must be driving hundreds of thousands of students to apply for jobs at places like Goldman Sachs and money surely has something to do with it.  - Investment banks pay graduate joiners more than any other industry.

So says a new report by student research company High Fliers. As shown in the chart below, average graduate starting salaries at investment banks in the UK are now £47k. This is 57% higher than graduate starting salaries in media, and it doesn't even include bonuses.

The bad news is that while banking still pays inordinately well, it's almost certainly become harder to get into. High Fliers says investment banks' graduate recruitment fell by 38% between 2007 and 2017 and that graduate offers in 2018 have fallen by a further 6% on last year.

High Fliers based its investment banking research on interviews with Barclays Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, RBS and UBS.

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