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and how it progresses with age...
Quite often people ask us “where should I be” and very rarely are people given a barometer of how well they are doing in regards to their peers, so we looked at how much people tend to earn in each age group.
So, a little bit of a misleading title as this study actually looks at everyone from 23 to 40 years old!
Also, salary is by no means the best barometer of success, it is a very blunt statistic, but it’s arguably the best we have.
In reality, I’d prefer to analyse “happiness” or “success”, but these are so hard to define and very personal. We suggest you use our data as lines to guide you, not a stick to beat yourself with! If you are happy in your role, it’s much better than earning in the top 10% and hating your job.
Finally, our database has 8000 people and in addition, we only used the portions of that database that we had spoken to in the last 3 months, so the figures are recent, but not all-encompassing. Due to this smaller sample size, we do have spikes and dips in the data. It is best to draw a trend line and use that as a bit more of an idea of where people are at.
The Data
As the data is clear, high earners tend to pull away quickly. Examples include someone who has qualified very young (eg ACA big 4/ top 10), or a candidate that started young (AAT at 18) and got qualified (ACCA/CIMA) with 5+ years of experience at circa 23.
The key numbers are:
- By 25 years old, low earners are on around £20,000, mid range earners are on around 30k and high earners are already at £40,000.
- By 30, the baseline for most is £30,000, with high earners on circa £65k.
- By 35, some high achievers have reached Finance Directors and could be on easily £80k+ and mid earners are on around £52k – £55k.
- By 40, the top 10% figure is arguably less relevant. Finance Directors who are 40+ may be sitting in a large PLC with an excellent benefits package or in a Private Equity business, helping sell a business with a large bonus at the end of it. Many will be taking far more than the graph suggests.
What is interesting, is that experience clearly has a price, no matter the qualification level. By 40 the lowest 10% earned £32k+ and on average candidates have reached circa £60k.
Whilst this data is nowhere near perfect, it can give you a little insight into where people normally sit at certain points in their career.
Finally, we would always say, if you are happy, feel challenged, and are meeting your career objectives, then the rest is not important!
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