UK Graduate Starting Salaries 2026: What to Expect by Industry and City
Last updated: April 2026
The average UK graduate starting salary in 2026 is £30,500 across the broader market, according to Bridgewater UK. At the top 100 graduate employers tracked by High Fliers, the median rises to £35,000. But these headline figures mask enormous variation: a first-year investment banking analyst in London earns more than triple what a charity sector graduate takes home. This guide breaks down exactly what you can expect by industry, employer, and city.
How Much Do UK Graduates Earn on Average?
The answer depends on which employers you include. High Fliers' The Graduate Market in 2026 report, which surveys the UK's 100 most popular graduate employers, puts the median starting salary at £35,000. This figure has risen steadily from £30,000 in 2021/22, representing a 16.7% increase over five years (High Fliers, 2026).
However, most graduates don't land roles at these top 100 firms. The broader average sits closer to £30,500 (Bridgewater UK, 2026), and many graduates at smaller companies or in lower-paying sectors start between £22,000 and £26,000.
| Measure | Salary | Source |
|---|---|---|
| Median at top 100 employers | £35,000 | High Fliers 2026 |
| Broader market average | £30,500 | Bridgewater UK 2026 |
| Range at smaller employers | £22,000 - £26,000 | ISE, Glassdoor |
The key takeaway: sector and employer size matter far more than your degree classification when it comes to starting pay.
Graduate Salaries by Industry
Industries vary widely in what they pay new graduates. The highest-paying sectors (law, banking, consulting) offer starting salaries two to three times what the lowest-paying sectors pay. Here is a breakdown of what to expect across the major graduate hiring industries in 2026.
| Industry | Typical Starting Salary | Source |
|---|---|---|
| Investment Banking (bulge bracket) | £55,000 - £65,000 | Glassdoor, Preplounge 2026 |
| Law (Magic Circle trainee) | £56,000 | LawCareers.net 2026 |
| Management Consulting (MBB) | £49,500 - £52,000 | CaseBasix, Preplounge 2026 |
| Technology (big tech) | £36,000 - £55,000 | Glassdoor, Levels.fyi 2026 |
| Retail (Aldi graduate scheme) | £50,000 | Aldi Press Centre 2026 |
| FMCG (Unilever, P&G) | £32,000 - £36,000 | High Fliers 2026 |
| Engineering | £28,000 - £35,000 | ISE, StandOut CV |
| Civil Service (Fast Stream) | £31,554 | Civil Service Careers 2026 |
| Healthcare (NHS Band 5) | £31,049 | NHS Employers 2025/26 |
| Teaching (England, outside London) | £31,650 | Dept for Education 2025/26 |
| Marketing / Advertising | £24,000 - £28,000 | Bright Network, Save the Student |
| Charity / Non-profit | £22,000 - £26,000 | CharityJob, Prospects |
Finance and Banking
Investment banking remains the highest-paying graduate career path in the UK. First-year analysts at bulge bracket banks (Goldman Sachs, J.P. Morgan, Morgan Stanley) earn base salaries of £55,000 to £65,000 in London, with total compensation (including bonuses) averaging £84,000 in the first year (Glassdoor, 2026). By the third year, total compensation can exceed £150,000.
Quantitative trading firms pay even more. Jane Street and Citadel are known to offer graduate base salaries above £80,000, excluding bonuses that can double total compensation.
Not all finance roles pay equally, though. Graduates joining Big Four firms (Deloitte, PwC, EY, KPMG) in audit or tax start at £28,000 to £33,000, roughly half what investment banking pays.
Law
Magic Circle law firms (A&O Shearman, Clifford Chance, Freshfields, Linklaters, Slaughter and May) pay first-year trainees £56,000, rising to £61,000 in the second year (LawCareers.net, 2026). Upon qualification, newly qualified (NQ) solicitors at these firms now earn £150,000 following a wave of salary increases driven by competition with US law firms operating in London.
Training contract salaries at mid-tier City firms range from £38,000 to £48,000, while regional firms typically start trainees at £25,000 to £30,000. For a full breakdown of how to break into UK law, see our spring week guide.
Consulting
MBB firms (McKinsey, BCG, Bain) offer graduate analysts base salaries of approximately £49,500, with total compensation reaching £60,000 to £63,000 when bonuses are included (CaseBasix, 2026). Bain leads slightly with total compensation of £63,000 at the analyst level.
Big Four consulting (strategy and advisory divisions) starts graduates at £32,000 to £37,000, significantly below MBB but still above the national average.
Technology
Graduate software engineering salaries at major tech companies vary significantly. Amazon starts graduate software engineers at approximately £37,000 (Glassdoor, 2026), while Meta's entry-level engineers earn around £55,000. Total compensation at big tech firms, including stock grants and bonuses, can push first-year earnings well above £80,000 (Levels.fyi, 2026).
At smaller tech firms and startups, graduate developers typically earn £28,000 to £35,000, though equity or share options may increase long-term compensation.
Not sure which industry fits your skills? Whali helps you search companies by sector, find the right contacts, and send personalized outreach emails in minutes. Start your free trial ->
Public Sector and Education
The Civil Service Fast Stream starts graduates at £31,554 with progression to £45,000 to £55,000 upon completion (Civil Service Careers, 2026). It remains one of the most structured development programmes in the public sector.
NHS Band 5 roles (the entry point for qualified nurses, midwives, and allied health professionals) start at £31,049 (NHS Employers, 2025/26), rising to £37,796 at the top of the band. Scotland pays more: Band 5 tops out at £41,424 north of the border, a difference of £3,628 per year.
Teachers in England start at £31,650 outside London, rising to £38,766 for inner London (Department for Education, 2025/26), following a 5.5% pay award in September 2025.
The Surprise: Retail
Aldi's Graduate Area Manager programme starts at £50,000 with progression to £98,050 by year eight, plus a company car (Aldi Press Centre, 2026). This makes it one of the highest-paying graduate schemes outside of finance, law, and consulting. The trade-off is demanding hours and operational management responsibilities from day one.
Top-Paying Graduate Employers in 2026
Some employers consistently pay well above the industry average. Here are the highest-paying graduate roles in the UK, ranked by base starting salary.
| Employer | Graduate Starting Salary | Sector |
|---|---|---|
| Jane Street | £80,000+ | Quantitative Trading |
| Citadel / Citadel Securities | £70,000+ | Quantitative Trading |
| Goldman Sachs | £60,000 - £65,000 | Investment Banking |
| J.P. Morgan | £60,000 - £65,000 | Investment Banking |
| A&O Shearman | £56,000 | Magic Circle Law |
| Clifford Chance | £56,000 | Magic Circle Law |
| Meta | £55,000+ | Technology |
| Aldi | £50,000 | Retail (Area Manager) |
| McKinsey | £49,500+ | Management Consulting |
| £45,000 - £55,000 | Technology |
These figures represent base salary only. Total compensation at many of these employers (including bonuses, stock, and signing bonuses) can be 30 to 100% higher.
Graduate Salaries by City and Region
Where you work in the UK significantly affects your pay. London commands the highest graduate salaries, but the difference shrinks dramatically when adjusted for cost of living.
| City / Region | Average Graduate Salary | Relative to London |
|---|---|---|
| London | £32,000 - £35,000 | Baseline |
| Cambridge / Oxford | £28,000 - £32,000 | 5-12% below |
| Edinburgh | £27,000 - £29,000 | 12-18% below |
| Bristol | £26,000 - £28,000 | 15-20% below |
| Manchester | £26,000 - £28,000 | 15-20% below |
| Birmingham | £25,000 - £27,000 | 18-22% below |
| Leeds | £24,000 - £27,000 | 18-22% below |
The London Premium (and Why It Might Not Matter)
London graduate salaries are typically 15 to 22% higher than equivalent roles in regional cities. Most large employers also offer a London weighting allowance of £2,000 to £5,000 on top of base salary.
But higher pay does not equal more spending power. Average rent for a room in London runs £800 to £1,000 per month, compared to £450 to £650 in Manchester, Leeds, or Birmingham. When you factor in transport, food, and utilities, graduates in regional cities often have more disposable income despite earning less on paper.
A graduate earning £27,000 in Manchester with annual living costs of £15,000 has roughly £12,000 in disposable income. A graduate earning £33,000 in London with living costs of £23,000 has just £10,000. The London premium effectively evaporates for most graduates outside of high-paying sectors like finance and law.
Looking for opportunities in your target city? Whali lets you search for companies and contacts by location, then craft personalized cold emails to the people who matter. Try it free ->
How Graduate Salaries Have Changed (2021 to 2026)
Graduate starting salaries have risen faster than inflation over the past five years, driven by a tight post-pandemic labour market and competition for talent in high-paying sectors.
| Year | Median at Top 100 Employers | Year-on-Year Change |
|---|---|---|
| 2021/22 | £30,000 | - |
| 2022/23 | £32,000 | +6.7% |
| 2023/24 | £33,500 | +4.7% |
| 2024/25 | £34,000 | +1.5% |
| 2025/26 | £35,000 | +2.9% |
The biggest jumps happened in 2022 and 2023 when high inflation and a tight labour market forced employers to raise offers. Growth has since slowed as inflation normalised, but the baseline has shifted permanently higher.
The sectors driving the largest increases were law (Magic Circle firms raised trainee pay by over 25% between 2022 and 2025) and finance (banking analyst salaries increased by roughly 15% over the same period).
How to Maximise Your Starting Salary
Knowing the benchmarks is only half the equation. Here are three practical ways to push your starting salary toward the upper end of the range for your industry.
1. Target the right employers. Within any sector, the top 20% of employers pay 30 to 50% more than the average. Research specific company pay ranges rather than relying on industry averages.
2. Negotiate (yes, even as a graduate). According to Glassdoor, 73% of employers expect candidates to negotiate. Even graduate scheme salaries sometimes have flexibility, particularly at smaller companies. For more on this, see our salary negotiation guide for graduates.
3. Use cold outreach to access unadvertised roles. Many of the highest-paying graduate positions are filled through direct outreach or referrals rather than job boards. A well-crafted cold email can get you in front of hiring managers at companies that pay above market rate.
Ready to reach out to your target companies? Whali finds verified email addresses, researches companies for you, and generates personalized emails that actually get replies. Get started free ->
FAQ
What is the average UK graduate starting salary in 2026?
The average UK graduate starting salary in 2026 is approximately £30,500 across the broader market (Bridgewater UK). At the top 100 graduate employers tracked by High Fliers, the median is £35,000. The gap exists because the High Fliers figure reflects only the largest and highest-paying employers, while most graduates join smaller companies that pay between £22,000 and £28,000.
Which industries pay graduates the most in the UK?
Investment banking leads with starting salaries of £55,000 to £65,000 at bulge bracket banks, followed by Magic Circle law firms at £56,000 for first-year trainees and MBB consulting firms at £49,500 to £52,000. Quantitative trading firms (Jane Street, Citadel) pay the highest overall, with graduate base salaries exceeding £70,000 before bonuses.
Is it worth moving to London for a higher graduate salary?
For most graduates outside of finance, law, and consulting, the London salary premium of 15 to 22% is offset by significantly higher living costs. A graduate earning £27,000 in Manchester typically has more disposable income than one earning £33,000 in London, once rent and transport are factored in. The London move pays off primarily if you are entering a sector where London salaries are 50% or more above regional equivalents.
How much do graduate software engineers earn in the UK?
Graduate software engineers in the UK earn between £28,000 and £55,000 depending on the employer. Amazon starts graduates at approximately £37,000, while Meta pays around £55,000 at the entry level (Glassdoor, 2026). Smaller tech companies and startups typically offer £28,000 to £35,000, though stock options may increase long-term total compensation.
Are graduate salaries keeping up with inflation?
Graduate salaries at top employers have outpaced inflation over the past five years, rising from £30,000 in 2021 to £35,000 in 2026 (a 16.7% increase according to High Fliers). However, this growth has been concentrated at larger employers and in high-demand sectors. Graduates in lower-paying industries (charity, marketing, retail) have seen smaller increases and may still feel the squeeze from higher living costs, particularly in London.