Earning £60k aged 23.

[sandycracks]

If someone told you that their child was 23 and already earning £60k, would you believe them?

My point is that London really is a different country. So yes it is relevant where people live when they post on lots of threads, especially those about money.
So if someone said my friends child lives in London and earns £60k this might not be that unusual. Where I live (ex mining town) it is totally unbelievable.

I know of someone working in London who was sponsored by an investment bank throughout their secondary schooling and university course, who was taking home at least £60k a year in their mid-twenties and in their early thirties is earning around £150k, still in the financial sector. Working their little socks off the whole time, mark you. I don't think they are particularly unusual for their chosen career, either.

In London definitely achievable with 2 to 3 years experience in some tech / software roles especially at consultancies, investment banks and fintechs, especially if they have soft skills as well as technical abilities.

I wouldn't disbelieve them, it's hardly impossible for someone to have done well at a decent university, gone on to a city graduate scheme and done well in a specialism to be on a similar salary.

It would depend wouldn't it, if I knew about the DC in question and knew they had zero work experience/hadn't got a degree or didn't seem to have ever mentioned prior any achievements or a career path in an industry or trade then I'd be dubious yes but at the same time I'm not sure I'd care really - if it's true good for them, if it isn't and their parents are being dishonest then that's a bit pitiful but none of my business. What someone else's DC does (or indeed does not) earn has absolutely no impact on my own bank balance or life.

yes I know of a few who are earning that and more, London based corporate jobs after getting good degrees from good Universities

Comes at a cost though - higher living costs, long hours, pressure etc

Depends on the job their child is in.

Finance, law, consultancy and huge amount of tech (especially fintech) are London though, and these still pay the highest early career salaries in the country by a long shot.

Depends on the job but yes! I had friends who earned more than that straight after they graduated (sadly not me though 😂)

Maybe. Depends how well I knew them/the parents.

What about you @sandycracks , would you believe them?

Why would they lie?

Yes. My brother started in IT at an American bank straight out of university and was on more than that.

CBA to read all posts but some are hilarious. Just because you don’t earn that, or your friends don’t, it doesn’t mean others don’t.

Yes, in IT it is possible.

Not just in law/finance.
My 24 year old daughter is earning just under
60k as an Assistant Deputy Principal at a secondary school in London.

SO.

Why do you ask OP and what are the specific circumstances? Apparently it is impossible to earn £60,000 a year at 23 unless you live in London. And at the same time earning £60,000 a year is the norm in London.

Please enlighten us on what inspired your question.

It's very high but definitely possible.

I used to work for an investment bank (in a lowly back office role!) and the graduate scheme starting salary was £45k. That was 15 years ago so I can well believe a similar position could pay £60k now.

Yes - I was earning that when I was 27, and that was <ahem> a while ago now... so it's totally possible.

I thought the law was notoriously badly paid for newly qualified people ?
what aspect of the Law is this 23 year old invoved in ?

It totally depends on the law firm. American firms pay the most, but Magic/silver circle firms also pay well; as do Banks or other major firms for in-house lawyers. Depending on the type of firm, you could be earning anything from 20K to over 100K at that age.

The OP has not mentioned the law at all. The OP has only made one post. You seem to have her mixed up with other posters.

City law (Magic circle or American law firms) are incredibly well paid but extremely competitive. Some firms pay £100,000 newly qualified.

Right, I’m 25 what are all your 23 year old kids doing I need to know 😂

Why wouldn't you? There are jobs paying that amount of money at that age. What job do they do? What qualifications do they have?

(The ones earning £60k+ I mean)

Degree plus LPC (1 year) plus 2 years training contract - so usually 24

or degree plus GDL (1 year) plus LPC (1 year) plus two years training

but some trainees in law firms are paid about £60k. I was in a non magic circle 15 years ago and paid £45k