When choosing a graduate job, different students will have their own objectives. Some will want to select a career that seems to really benefit society, while others may want to shape the future of business. Still, how much is money valued compared to other factors?
Recent research by a management consultancy suggests that graduates are more "concerned" with the salaries of jobs, particularly given the difficult economic climate and the increase in living costs. 93% of those surveyed revealed that the basic salary was an "important or very important factor" in choosing their career. In a way, this is not surprising, but it might be going too far to say that salaries are the only influential factor affecting which career path graduates choose.
It seems that for those graduates surveyed, remuneration was very important. 51% were motivated by financial benefits, 45% by the future earnings outlook and 37% by bonus potential. This will probably also be the case for current students who will first want to get a financially secure job and then consider how to shape their career path a few years down the line. Still, it is unlikely that students will choose a career purely based on financial criteria. For example, careers in human resources offer an average starting salary of over ??25,000, but that does not mean that the career will particularly appeal to you. Also, careers in finance generally offer even higher salaries, but in some cases the working culture may be much tougher as a result.
Still, it looks like there were some graduates surveyed who chose careers since they genuinely wanted to make a difference or that they were passionate and interested in the career path. These are actually things that will help you to stand out at interviews and demonstrate how you can contribute to the company. If you have your heart set on a particular career, but it doesn't offer that favorable remuneration compared to other sectors, you should still go for it, unless you feel that it will definitely not be enough for you to live comfortably. Currently, salaries seem to be a priority for students, but as the economic situation improves, decisions may change.
In the end, you need to choose a career that you are interested in and feel that you can do well in, both when you start and in the long-term. Also, you need to consider the importance of happiness in the workplace and understand that careers with higher salaries generally have more pressured work environments. Of course, the overall financial package will play a part, but it should not be the decisive factor when choosing your graduate job.
Arnab Datta
