The eye-popping earnings of university graduates in high-flying corporate industries have been disclosed, and one expert predicts that they will only continue to increase.
The Aussie Corporate group polled more than 2,500 corporate employees at various phases of their careers regarding their pay.
The organization met with lawyers, finance professionals, and consultants, some of whom were recent college graduates and others who had senior positions.
The survey revealed that lawyers in Sydney earn an average of $97,000 in their first year, rising to $107,000 the following year.
In finance, the statistics are much higher, with all of the major corporations giving entry-level salaries of at least $125,000.
In the meantime, first-year consultants average $67,000 in Sydney and somewhat less in Melbourne.
The Aussie Corporate conducted the poll and received responses from more than 2,500 corporate individuals.
Graham Cooke, the head of consumer research at Finder, told the Daily Mail Australia that he was not shocked by the hefty salary.
Aussie Corporate, in presenting the data, stated, “The purpose of our Salary Guide is to inform you of what to expect in your pay packet and ultimately to promote pay transparency in corporate Australia.”
A little less than half of the 2,500 entries were from Sydney, while 25% came from Melbourne, 10% from Brisbane, and 5% from Perth.
Graham Cooke, the head of Consumer Research at Finder, stated to Daily Mail Australia that he was not surprised by the hefty compensation.
He stated, “Australian wages tend to be rather high in comparison to those of other nations. In addition to a high cost of living, high-skilled graduate employment tend to offer rather high starting salaries.
‘Technical and analytical positions, such as programming and coding jobs, tend to have greater starting pay than the majority of other careers.’
In addition, the expert disclosed that an increasing number of Australians anticipate salary increases in the near future, indicating that the figures may increase even more.
In December, Finder showed that 51% of Australians anticipate a wage increase during the next 12 months, a figure that fell below 40% during the pandemic.
Mr. Cooke stated, “We haven’t seen significant wage growth up until now, but there does appear to be a public expectation that wages will need to rise in order to keep up with rising costs and inflation.”
Therefore, Australians anticipate a pay increase, which is intriguing.
Sixty percent of men anticipate a pay increase within the next twelve months. Among women, only forty percent’
51% of the responses to the Aussie Corporate poll came from men.
Approximately 65% of the responders were Caucasian, with the majority of comments coming from attorneys.
Sydney’s first-year attorneys earned the most at $97k, while Adelaide’s earned the least at $74.25k.
In Sydney, attorneys with more than ten years of experience earned an average of $275,000, whereas in Adelaide, they earned an average of $149,000.
Allen and Overy paid its first-year associates an average of $115,000 annually.
In investment banking, Credit Suisse pays its entry-level analysts a staggering $180k, while associates are compensated $250k.
Meanwhile, Baker McKenzie provided $450,000 to attorneys with over ten years of experience.
The survey also revealed that government roles pay up to 15% less than private practice at the same level, with the disparity widening with rising seniority.
In investment banking, Credit Suisse pays its entry-level analysts a staggering $180,000 on average, while associates receive $250,000 annually.
Its directors earn an average of $450,000, making it the most lucrative of the major financial institutions.
Others pay less, but even the lowest, Goldman Sachs, pays its first-year employees over $125,000.
Management consultants in their first year of practice make $67,000 in Sydney, somewhat less in Melbourne, and $71,000 in Canberra.
This climbs to a national median of $74,000 in the second year and continues to rise substantially year after year.
Management consultant grads can earn $66k at Deloitte, $69,250 at EY, $67k at KPMG, and $73k at PwC (shown).
A management consultant with over ten years of experience may expect to make $200,000 per year in Sydney, but just $178,000 in Melbourne, $194,000 in Brisbane, and $150,000 in Canberra.
Deloitte provides $66k, EY $69.25k, KPMG $67k, and PwC $73k to recent grads.
KPMG offers third-year consultants $108k, while the other Big 4 firms provide six-figure salaries at varying points.
All four, however, provide incomes in excess of $180,000 after 10 years, with Deloitte and EY providing over $200,000.
Aussie Corporate also examined several other industries, but insufficient data was collected.
The Australian Tax Office announced the highest-paying occupations in the country at the end of the previous year.
It was discovered that surgeons are the highest-paid profession at $406,068 annually, followed by finance professionals at $279,984.
Judicial and other legal professionals ranked seventh with a median salary of $189,538, while financial investment managers ranked tenth with a median salary of $155,882.