Waiting for your degree results is an incredibly anxious time, not least because you might worry about how your grade could affect your career prospects. But how much impact does your degree class actually have on your potential earnings as a new graduate?
In short, your degree doesn’t impact your earnings as much as you might initially think. In fact, the average first salary post-graduation for those with a first is just £3.5k more than the average first salary post-graduation of those with a degree of any grade.
If your degree results aren’t as high as you would like, this doesn’t mean you won’t be able to get your foot on the career ladder and start earning a decent salary. We look at how your degree class could affect your earnings, and the options open to you if you miss a 2:1.
First-class degrees
Average first salary post-graduation: £30,420
It’s hardly surprising that graduates with first-class honours earn more than £30K on average in their first job after uni, the highest among all degree classes. However, very few roles specify a first-class degree. Of the 14,357 entry-level job adverts we looked at that were looking for a degree, not even 1% of roles specified a first-class degree.
The lesson here is clear, a first-class degree can boost your earnings, but not by much, and very few roles are looking for one.
2:1 degrees
Average first salary post-graduation: £28,427
Around 7% of entry-level roles with a degree are looking for a 2:1 and some of the big firms, in particular, are. Two of the Big Four accounting firms KPMG and Deloitte have maintained their 2:1 entry requirement despite other firms reducing their entry requirements to boost diversity.
2:2 degrees
Average first salary post-graduation: £28,391
It might surprise you to learn that there is only a nominal difference in salaries between the salaries you can expect to earn with a 2:1 vs a 2:2.
A number of top firms will hire at a 2:2 level including Amey, Lidl, and Experian and two Big Four accountancy firms, EY and PwC lowered their entry requirements recently to engage with a wider range of graduates.
Top companies open to hiring graduates with a 2:2
Graduate roles include: Graduate area manager
Average salary: £50,000
All graduates enter the ALDI graduate area manager scheme, a 12-month programme where they’ll take over the management of three or four stores.
You’ll get a competitive wage, a fully-expensed BMW 3 series and a variety of opportunities to progress in the company. After two or three years, secondments are available taking graduates to other parts of the UK, the US, or Australia and after five years in area management, many high-performing graduates move into a director role.
Graduate roles include: Accountancy, taxation
Average salary: £28,000 – £31,000
BDO is an international network of accounting, tax, and business consulting experts and their three-year graduate scheme allows graduates to learn on the job.
As well as doing a variety of rotations across business functions, you’ll work towards a Level 7 Accounting or Taxation Apprenticeship and a professional qualification such as ACA, CTA, or the ATT/CTA Tax Pathway.
Graduate roles include: Retail management
Average salary: £28,000 – £31,000
Bargain retailer B&M have a retail management graduate scheme which allows graduates to develop leadership skills whilst getting stuck in too.
You’ll get 18 months of training and development as well as in-store discounts!
Graduate roles include: Business, technology
Average salary: £32,000 – £38,000
There are two main schemes run by BT, the business programme and the technology programme.
Those on the business scheme will spend two years exploring the business as a whole or focussing on a specific scheme in marketing, legal, or analytics. The technology route will give graduates the chance to work on some pretty exciting projects and deploy their projects to millions of customers.
Graduate roles include: Business, marketing, construction, finance, land & planning
Average salary: £26,000 – £29,000
Barratt builds homes for everyone and their ASPIRE programme is for students of any discipline.
Over two years you’ll explore a variety of departments including finance, land & planning, and construction.
Graduate roles include: Civil engineering, business, technical
Average salary: £25,000 – £27,000
Balfour Beatty is a leading infrastructure group that finances, develops, builds, and maintains buildings such as offices and retailers.
There are two main graduate pathways, business, which looks at how the business operates, and technical, which works on the projects that the organisation delivers.
There’s a lot of variety and it’s definitely not all just construction!
Graduate roles include: Finance, tax, people advisory services, accounting
Average salary: £30,000 – £34,000
As we mentioned, EY is one of the two Big Four accountancy firms that have recently lowered their entry requirements.
They offer a variety of schemes in finance and accounting and provide training and support throughout the programme.
Graduate roles include: Business, project management, technical operations, software development, and more
Average salary: £21,000 – £30,000
FDM Group is a recruitment company with offices globally. They recruit, train and deploy IT and business professionals to work with their clients to bridge digital skills gaps.
Graduates get the opportunity to work directly with FDM’s clients and develop their skills in a specific speciality.
Although the roles are heavily STEM and technology-based, FDM will accept applications from graduates without a degree in that area.
Graduate roles include: Design, quantity surveyor, technical and building services, construction
Average salary: £30,000 – £32,000
ISG is a global construction company that employs nearly 3,000 people. They provide graduates with a two-year programme where they gain experience across a variety of departments so that participants can get a full understanding of the business and project lifecycles.
You’ll get hands-on experience, mentorship, and the opportunity to work with some high-profile customers.
Graduate roles include: Engineering, operations, business strategy, commercial, data, and more
Average salary: £29,000 plus a £2,000 joining bonus
Jaguar Land Rover offers a range of two-year graduate programmes. As an employee, you’ll be able to access the Privilege vehicle lease and purchase scheme providing discounts on JLR vehicles.
A lot of the graduates will be based in a location in the West Midlands or Warwickshire, but it will depend on the specific role that you’re applying to.
Graduate roles include: Finance, banking, HR, technology, data science, and more
Average salary: £42,000 – £45,000
Lloyds offers a range of schemes including sustainable consumer banking and sustainable financial wellbeing, so there really is something for everyone.
Over two years you’ll go on a variety of rotations with many placements offering regional and international placements during the programme.
During the scheme, you’ll also be supported to achieve any relevant qualifications too.
Graduate roles include: Sales, logistics, buying
Average salary: £37,000
LIDL offers a variety of nationwide graduate opportunities, with many of their schemes including a company car. For roles in London, your wage will increase to reflect London weighting too.
Over 2 years, you’ll learn from experts across the business and work towards a full-time career with LIDL after the scheme ends.
Graduate roles include: Retail, manufacturing, logistics buying, supply chain, and more
Average salary: £35,000 – £45,000
Morrisons have ten different graduate schemes available across a variety of teams and locations.
All the schemes are two years long and graduates will be given a buddy and a mentor as well as training. They’ll have the opportunity to manage teams and projects while they develop their skills and experience.
Graduate roles include: Engineering, design, systems
Average salary: £30,000 plus £3,000 joining bonus
MBDA is a defence solutions company that has helped to design and manufacture 45 missile systems and countermeasure products that are currently in operation.
Each year, they provide funding towards further study and support their graduates towards chartership. You’ll also get structured on-the-job training and development.
Graduate roles include: Finance, electricity distribution, IT and digital, cyber security, HR, and more
Average salary: £30,000 – £40,000
With 12 different roles on offer, National Grid has a lot to offer graduates. Most of their roles are 18 months long, with just their finance scheme lasting three years.
You’ll get the opportunity to play a crucial role in defining National Grid’s network.
Graduate roles include: Actuarial, business solutions, operations, risk, and more
Average salary: £30,000 – £35,000
Another Big Four accounting firm, PWC, has lowered its entry requirements. As you might expect there are lots of opportunities for graduates with degrees in maths, accounting, and finance in particular.
You’ll gain structured learning and development, and opportunities to progress into a permanent position once your scheme ends.
Graduate roles include: Business, finance, technology
Average salary: £28,000 – £37,000
With opportunities in London and Hertfordshire, there are six different schemes available with Tesco. Within your first rotation, you’ll be expected to work in one of the stores for four weeks, to really understand the impact that your role has on staff members and customers.
You’ll get to learn online, and at Heart, the company’s onsite training academy.
What should I do if I get a third?
You’ll be pleased to know that thousands of jobs that require a degree do not specify the degree result and even if you’ve left your degree feeling disappointed, job adverts specifying a degree pay 25% more than those with no degree needed.
Remember, your degree result isn’t everything, and the fact that you have a degree can still help you along your career journey.
Spend some time looking at all the skills you’ve learnt whilst studying such as any work experience, extracurricular and sports activities, and any personal attributes you’ve acquired. All of these can make your CV stronger, helping you to impress hiring managers and secure a great role.
Ready to start your graduate job hunt? Check out all of our graduate roles here.
Read more: Tough time for 2023 graduates