Assessment and Salaries Data


The global average salary has gradually increased since 2011 signalling a steady recovery from the deep global recession. The fastest rate of growth was experienced in 2012, symptomatic of the increase in confidence in the global economy.


Chart 2 – Global average salary in US dollars (USD)


Global average salary (USD)


Asia Pacific: Australasian employers (Australia and New Zealand) offer the highest salaries in the Asia Pacific region, approximately $19,000 above the regional average. According to the Australian Graduate Survey, the median starting salary for new bachelor degree graduates aged less than 25 and in their first full-time employment in Australia is AUD $52,450 . At $11,230, Central Asia (Azerbaijan, Kazakhstan and Kyrgyzstan) falls far below the regional average salary.


Chart 4 – Average salary in Asia Pacific


Western Northern


Eurpoe


2013 2012 2011 3 Year - Average


1 Global cost of Talent,


http://universumglobal.com/2013/11/global-cost-of-talent- index/


Employers are seen to offer the highest compensation on the whole, with Denmark and Norway offering the highest salaries. Southern Europe, by contrast, draws the lowest salaries. Countries classified within this sub region i.e. Cyprus, Greece, Italy, Malta, Spain and Turkey have fared poorly in the global recession and are laden with heavy government debt that has had a domino effect on business viability, at the local and national level. Switzerland ($92,550) offers the highest salaries in Western Europe with Swiss respondents displaying a greater preference for Masters Candidates. Swiss employers, furthermore, display steady year on year compensation.


Chart 3 – Average salary in Western Europe


Average salary - Western Europe European Global average - Asia Pacific


operations in emerging markets, they are increasingly willing to pay more for candidates who they see as critical to establishing a foothold in each region. Over time, it is likely that differentials with local companies will diminish, as they respond by trying to attract talent for equivalent positions globally with more competitive salaries and bonuses.


Chart 5 – Salary differentials between local and multinational employers by region


$60,000


$50,000 $40,000


$30,000 $20,000 $10,000 0%


11% 6% Africa & Asia


Middle East Domestic Recruiters


Pacfic


Eastern Europe


Western Europe


Latin America International Recruiters Salaries by industry Australasia


Central Asia


East Asia


South Asia


Southeast Asia


2 Grad Stats, Employment and Salary Outcomes of Recent Higher Education Graduates, http://www.


graduatecareers.com.au/wp-content/uploads/2013/12/ GCAGradStats2013.pdf


Comparing local and international employer compensation The gap between domestic and multinational recruiters is most significant in the Asia Pacific at 27%, equating to a shortfall of $10,000. Comparatively, Western Europe boasts the narrowest gap with local pay at 6% less than their international counterparts. Eastern European domestic recruiters exhibit the second highest pay gap at 20% below international recruiters.


Northern Europe


Southern Europe


Western Europe


Globally, a 35% gap exists between domestic and international employers – however this gap is seen to shrink over time. Multinational companies coordinate recruitment on a global level, and do not want to drive top candidates away from key geographies because of a salary differential. As international companies set up


The Pharmaceutical sector is the highest paying sector with an average salary of $34,880 and offers the highest average Postgraduate salary at $40,590 (offered by national, regional and global employers). It is the financial industry, who follows a close second in terms of postgraduate salaries, whilst leading with the highest Undergraduate salaries at $31,690. The average starting salary for the Pharmaceutical sector, at $31,570, a mere $120 behind.


In comparison to postgraduate candidates, the highest compensation gap exists in Pharmaceuticals at 29%. A postgraduate degree is equally a favourable option in Consulting, Finance and Other industries, all of whom post an average compensation gap over 20%. Undergraduate and postgraduate salaries are drawn closer in Technology with a 15% compensation gap. n


Industry Average Salary (USD)


Consulting Finance


General Industry Pharmaceuticals Technology Other


$28,720 $33,620 $28,200 $34,880 $32,460 $23,340


Average Average (USD) Compensation Gap


Undergraduate Postgraduate (Undergraduate Salary (USD)


$26,500 $31,690 $26,910 $31,570 $30,970 $22,020


$32,530 $37,890 $31,840 $40,590 $35,580 $27,560


23% 20% 18% 29% 15% 25%


vs. Postgraduate) US & Canada Global Average Compensation Gap 27% 20% 14% 14% 35%


5% 10% 15% 20% 25% 30% 35% 40%


0%


www.agr.org.uk | Graduate Recruiter 23


$69,600


$34,850 $33,440


$29,360 $21,740 $28,920


$51,020


$51,400


$11,130 $36,140


$20,230


$22,550


More information: Interested employers can contact QS at Christina@qs.com for other detailed information about various reports QS produced to support employers to identify the best graduates globally


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