My salary over the years…
I started my career in 2015 with a starting salary of £24,000. Now in 2024, I am reflecting on how much I have managed to climb up the greasy poll!
I have recently accepted a new job offer which has blown all of my expectations out of the park. I remember when I first graduated that I expected I might make £50,000 at some point but that may be the peak (say at 50 years old). I cannot believe how things have panned out so far!
I can only find other records on the HMRC website that go back as far as the 2019 to 2020 year. So I will share these with you along with the new salary that I have just accepted. I hope it can be useful for those of you who are starting in your career to show you what may be possible. So here we go!
My salary for each year is shown below based on my taxable income from the HMRC website. I have also included the increase on the previous year in brackets:
2019 to 2020: £41,821.88
2020 to 2021: £52,131.76 (+24.65%)
2021 to 2022: £57,127.79 (+9.58%)
2022 to 2023: £67,843.97 (+18.76%)
I am unsure how accurate this really is since the amounts are my “taxable” income. So you would expect that any pension contributions would not be included here.
Now I realise I have been incredibly fortunate to be able to have such a jump in salary throughout the years and most other people may not be as fortunate. I believe this is due to the skills shortage in the industry I am working in.
My salary for 2023 to 2024 is around £75,000 with the potential for up to a 10% bonus and approximately £4,000 car allowance.
The salary that I have just recently accepted is £90,000 with the potential for up to a 35% bonus. I have no idea how I have achieved this. I am sure I will have to work extremely hard but my plan is to try and bank a lot of the cash such that I accelerate my FI ambitions. I am incredibly grateful that I have been given this opportunity so I want to make the most of it.
If you compare this package which is up to £121,500 per year, this is a 406.25% increase on my first salary within 9 years!
Let me know in the comments how your salary has increased over the years.
