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Graduate starter salaries rise

National forecasts have shown that the average graduate starter salary is set to increase by 4%, rising to £26,000 this year.

This would be the largest rise in graduate starting salaries since 2007, should the forecast made by the Association of Gradute Recruiters be proved right. This has fuelled rumours that the nature of the labour market is changing, with lower interest in pure profit and a greater weight placed on the development sectors.

Although statistics show that around 5-10% of graduates fail to find work in their first year after university, an Oxford University spokesperson told Cherwell, ‘Oxford is in a particularly strong position when it comes to student employment, because recruiters in all professions value the skills that the tutorial system and the rigours of an Oxford education provide.’

They added, ‘This translates into very high employment rates and well above average salaries as well.’

Oxford graduate statistics show that in 2010, job vacancies posted on Oxford’s careers website rose by 71% from the previous year, whilst 75% of employers report that Oxford students are more likely to have better initiative and problem-solving skills than students from other universities.

60% also report that Oxford students are more likely to have all eight of the CBI’s employment skills. This translates into the graduate salary as well. Those students who go on to full time employment have a median salary 20% higher than the UK national average six months after graduating. Of those students, 20% earn more than £30,000 pounds a year, in comparison to 10% of the UK average.

One recent Oxford history graduate, now at law school and employed by a top London law firm, told Cherwell, ‘I am extremely happy with my starting salary and I definitely think being an Oxford graduate gave me a big head start in getting a very competitively paid job.’

However she added, ‘I have lots of friends who are also Oxford graduates and working very hard in demanding jobs whilst being paid half as much as I will be. The level of salary goes with the career path you choose, the Oxford degree is a great help in getting the job you want but won’t raise your salary compared to graduates from other universities.’

According to 2012 statistics released this year, the highest graduate starter salary is still investment banking, at £45,000, whilst those entering the retail industry earn £24,000. Those in the public sector earn the lowest, with a starting salary of £23,000.

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