The starting salary for a university graduate has fallen by 11 per cent in the last five years, according to research released by TheCompleteUniversityGuide.co.uk.
The research shows that the average starting salary has dropped from £24,293 to £21,702 in real terms between 2007 and 2012. Graduates in English, French, Law and architecture are among those who have seen the largest fall in starting salaries in the time period.
Out of the 66 subject areas which were researched, only 2 saw an increase in graduate starting salaries. Graduates in Materials Technology and Librarianship & Information Management both saw an increase in their starting salary of 13 per cent and three percent respectively over the five year period.
Dom Anderson, NUS Vice-President for society and citizenship said: “Graduates are leaving our universities with world-class skills and knowledge and have the ambition to make important contributions in the UK but they are facing an incredibly bleak labour market”.
“Graduates are queuing up for jobs in an incredibly competitive market, which leaves little incentive for employers to raise their wages”, he added.
The Department for Business, Innovation and Skills said: “A degree is still one of the best routes to a good job and rewarding career. Typically, those with a degree earn considerably more over their lifetime – an estimated £165,000 for men and £250,000 for women.”
Earlier this year it was reported that although currently a third of all graduates were still unemployed after 6 month of graduation there will be more graduate jobs available this year than any time since 2007.