The UK Home Office has announced that from April 4, the minimum salary requirement for the Skilled Worker Visa will increase from £26,200 to £38,700, a staggering 48% rise.
Since last December, the new UK work visa policy has been anticipated, and now it's finally confirmed!
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Image source: GOV.UK
In fact, the significant hike in the visa salary threshold undoubtedly puts immense pressure on graduates hoping to work in the UK. It means they need to enhance their professional competitiveness and make greater efforts to secure high-income job opportunities.
Although the immigration authorities later clarified that eligible international students can still benefit from a 70% discount on the £38,700 threshold,
for those aiming to find jobs in the UK, the current employment landscape will be even tougher than in previous years!
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Image source: GOV.UK
This should serve as a wake-up call for students preparing to study in the UK: it’s imperative to understand the future employment prospects and salary levels for their chosen fields in advance.
2024 Graduate Employment Survey
Recently, UK research institute High Fliers Research released 'The Graduate Market in 2024' report, based on recruitment data from 100 leading UK employers.
The report covers graduate recruitment demand and salary levels, competition by sector, and the universities most targeted by top employers.
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Source: HFR
It provides valuable insights for graduates entering the workforce and can offer data-driven inspiration for those who have yet to decide on their major or university.
2024 UK Graduate Starting Salaries at Highest in Recent Years
According to the statistics, the median starting salary for UK graduates has increased for the third consecutive year! By 2024, it has reached £34,000 (approximately RMB 300,000), up £500 from 2023, setting a new recent high.
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Source: HFR
Top 20 UK Universities Targeted by Employers
Data shows that the University of Birmingham returned to the top spot in 2024, replacing the University of Manchester which had held the position for two years.
Among G5 universities, only UCL made it into the top ten, ranking seventh, while Cambridge and Oxford surprisingly fell out of the top ten, ranking 13th and 15th respectively. LSE dropped off the list entirely.
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Source: HFR
The report notes that due to high talent demand in accounting and related services, the public sector, technology, investment banking, retail, and law, employers tend to target universities with strong programs in these areas when posting job openings.
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Source: HFR
Investment Banking Remains the Highest-Paying Industry in the UK
By sector, investment banking offers the highest median salary for graduates at £55,000 (nearly RMB 500,000); followed by law at £50,000; and consulting in third place at £47,500.
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Source: HFR
Other notable high-paying sectors include oil & energy, retail, accounting and related services, consumer goods, banking & finance, and technology.
Graduate Recruitment Numbers Rise in 2024
According to the data, UK employers' target number of graduate hires for 2024 is set to increase by 1.5%. Over two-fifths of employers expect to add more positions in 2024, while a quarter plan to maintain hiring at 2023 levels.
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Source: HFR
However, due to economic conditions, a third of employers will cut back on hiring, including some high-paying popular sectors like accounting and consulting, technology, and media.
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Source: HFR
In summary, although the overall hiring trend predicted in the report shows moderate growth, competition to enter high-paying, popular industries and secure a work visa remains intensely fierce.
The 24Fall application season is drawing to a close, and 25Fall applicants should start planning and preparing now. We wish all students navigating the fiercely competitive UK master's application process success in securing their offers!
Whether for postgraduate study or post-graduation employment, we hope everything goes smoothly and you receive your dream offer with a bright financial future!
For more admissions case studies and questions about studying abroad for a master's, feel free to contact a CheersYou（清柚教育） consultant through the details below.
