Want a six-figure salary? Financial services and the law are still the best options
Emolument analysed 57,000 UK salaries to compare remuneration patterns across various industries to find those where employees are the most likely to end up earning more than £100,000.
Financial services is the only industry in which a large majority of employees earn more than £100,000 per year. After 12 years of experience, 60% are earning at this level. This is more than 20 times the average of the UK population. Although law is the second best-remunerated profession, only 30% are earning £100,000 after 11 years.
Across all sectors, employees will have to wait at least 11 years before they can expect to receive a £100,000 package.
The worst sectors were public sector and not-for-profit organisations, where just 5% earn more than £100,000. It also takes those top earners far longer – an average of 17 years – to hit the mark.
Alice Leguay, co-founder of Emolument, said: “While the current picture puts financial services at the top of the high paying list for experienced employees, trends are changing for those recently in the job market as technology giants work hard to close the pay gap with the financial sector. A battle for talent is playing out which will drastically impact earnings by sector over the coming five years, causing reshuffling at the top.”