In thinking that this salary really isn’t anything to brag about

[WinterAx]

A good friend’s 23yo DD has just accepted a new job where she’ll be earning 31k. Since that time, I haven’t heard the last of it with regards to what a ‘high earner’ she will be now and how much more she’ll be earning than any of her peers. I’m being told she’ll no doubt be jetting off on lots of exotic holidays and buying a Range Rover and such like. Now don’t get me wrong, this is a good friend of mine and of course she’s a proud mother but... 31k... really? Is this really considered ‘high earner’ status these days?!

Admittedly we don’t live in a city so living costs aren’t high and I know she owns property already with her boyfriend who also earns a similar amount... but I’m just genuinely interested what sort of salary outside of the city is considered to be good these days? If you can genuinely be comfortable on that sort of wage I’m thinking of semi retiring!!!

I think that's pretty impressive for a 23 yo. But agree it's crass to bang on about it and it's not mega bucks.

I’m assuming that your friend and her partner if she has one have never earned much and so are easily impressed by 31K. A bit like parents that boast about their children being ‘clever’; you know it’s just because the parents are thick and are impressed because their child can read a few words

Urghh. What an unnecessarily snobbish, spiteful and ignorant thing to say.

It’s not bad at all for 23 and nonstudent debt!
Not sure what certifications she has - in Corp governance she may want to obtain a degree as a box ticking excercise or she may find she doesn’t rise as rapidly as her graduate peers.

Regardless of the wage, she’s to be congratulated for working hard on her professional certifications and setting herself up with a foot on the ladder. If she works hard and is smart she will likely have a good career. Good on her!

Ollivander84
I wish I earned that! (Emergency services worker)
^ This!! Can only dream of earning that. I would feel very wealthy!

www.gov.uk/government/uploads/system/uploads/attachment_data/file/293738/budget_2014_distributional_analysis.pdf

Pg 22 shows that for a single adult (of any age) she would be in approx the top 25% of earners of that household type (median of 8th decile is gonna be about 75%). Two people earning the same would put them a bit into the 15%. Obviously this will need to be reduced by wage growth so maybe top 30% and 20% if you're optimistic about average wage growth since 2015.

Sounds pretty high for a 23yr old!

Etymology23 yes, I earn roughly the same amount (maybe a bit more) but have 2 teenagers and it puts me into 5th decile

What IS corporate governance in a nutshell?

She sounds insufferable.

Corporate governance is effectively both the structure a company has but also the rules it follows, to ensure it is ethical, managed correctly, follows all legislation, and ensure itts honest and has integrity in its dealings. So from how it operates in the community, to how it manages irregularities, how it prevents them, what processes staff follow and how they are expected to behave. It’s a really wide umbrella that deals with both the structure and infrastructure.

Corporate governance is a system by which companies are directed and controlled. Good corporate governance makes sure all shareholders are given fair treatment. There is a Code of CG that listed companies are adhering to,so maybe the job in corporate governance is a some sort of compliance supervisor? (speculating here)

Thanks for the explanation. Sounds important but tedious.

It is very important and the code is rewritten pretty much after every financial crisis, trying to improve transparency between management and ownership in order to reduce risk of operations ,improve reporting and establish ethical approaches(safeguarding original investment, jobs, environment , list goes on)

Thanks everyone for your responses, very insightful! From what I understand, friend’s DD does a lot of work around information sharing, data protection, risks and that sort of thing. Apparently specialists in this area are few and far between...

Also, why do people think it's gross to discuss their salary? I hate the way it's supposed to be a huge secret what one earns, it totally lets businesses get away with shady practices like paying two people differently for the same role, and means people rarely realise when they're being devalued. One of the things I love about the NHS is its transparency. We all know what band a new nurse starts on and we can all look up that salary. My friends and I make a point of being pretty open about our incomes, right back from when I was on £12k and some of them on £24k. Who benefits from secrecy?

Yup yup yup

Who benefits from the secrecy.. .not the employees that is for sure.

It’s a good starting salary of course depends on profession. For example you can get trainee lawyers on much more than that aged 23 and when they qualify at age 25 then the minimum tends to be 40 can go all the way to 65 at some firms for NQs

If what she does is a niche skills set then fair play to her! Great career choice

I think people should talk about salaries more openly, actually.

I hate how often job adverts don't say the salary. Some don't even tell you the salary at interview Waste of everyone's time, that.

And companies that forbid employees from discussing salaries, and don't make payscales available, that's a ridiculous rule too.

I don't think it should be so taboo, to be honest. I think if people talked more openly about salaries, the gender pay gap would close.

I would consider myself flush if I earned that.

For a dinky (doubles income no kids yet) couple who are homeowners outside London with no student debt £62k annual household income is a luxury lifestyle.

It's approx 2k take home pay, which after rent / mortgage bills etc doesn't leave much!

GerrytheBerry
Except the OP has stated the friend's daughter has a partner warning the same and a small mortgage. So it is a lot in this case.

I think it's a decent salary - definitely not HUGE or something I think you could afford to go out and buy a Range Rover on (unless you spend a significant proportion of your salary on monthly repayments!) however it's good for a 23 year old.

If there's one thing I really hate though it's when people discuss and brag about earnings. Whether it's 31k or 130k I just find it really distasteful and a bit crass!

My son is 24 and earns just under £35000. No uni and no degree either but highly inteligent , yep i boast !!

In my first job everyone was working class and thought we were being paid mega money. Then a bankers kid joined and asked "how are you supposed to live on this salary?" High earner is all perspective.

Great salary for her age! She has done very well.

It's a good salary! She's reaching for the moon with a range rover and luxury holidays (maybe one of them if she budgets) but it's not bad at al.