Not that it needed much confirmation, but a new analysis of salaries in London reveals that — shock horror — those who work in finance stand to earn the most.
The analysis by salary benchmarking site Emolument found that after taking into account gross salary and annual bonus payments, the top 10% of earners in London’s financial services sector make a whopping £290,000 a year on average.
If the thought of working in the City isn’t for you, or you’re worried about the fate of London’s financial sector post-Brexit, then be warned: working in the capital’s next most lucrative industry will see you make only half as much on average per year.
According to the analysis, the top 10 per cent of earners in the insurance sector make up to £153,000, while lawyers stand to earn as much as £136,000 per year.
It’s a starkly different picture at the bottom end of the scale, where the top average salary in the charity and non-profit sector is an altogether more humble £61,000. Those devoting themselves to the public sector and education stand to earn a slightly higher £67,000.
According to Alice Leguay, co-founder of Emolument, those just starting out in their careers are increasingly becoming less motivated by a lucrative salary.
“While finance remains in the lead when it comes to remuneration, young professionals are more and more reluctant to sign up just for the money”, she said, “which means that the financial sector has to work harder to incentivise millennials to either join the industry or remain for more than a couple of opportunistic years of training.”
She continued: “The attempt to attract top talent by injecting a stronger sense of purpose, flexibility and impact into financial sector jobs may be its biggest challenge yet.”
If you are one of the apparently dwindling number still looking for a six-figure salary, though, the research suggests it may be worth your while investing in an MBA. Those who’ve been to business school can command salaries of £290,000 a year, according to the Emolument analysis.
The top 10 per cent of earners with a PhD can expect to make £226,000, while a Master’s degree can help you earn an average salary of £194,000.