How much fee do graduate schemes charge?
Hi everyone,
I’m wrapping up my graduate scheme in data science, which I began two months post-university. The program consisted of 3 months of training at an annual salary of £22,000, followed by a 9-month placement at £25,000 annually. During the training period, I attended five in-person courses over three days each, received interview coaching, tackled case studies, and successfully completed my SAS Base exam—all funded by my company.
As my contract comes to a close, I’ll soon be negotiating my salary with the company that has chosen to retain me. I’d like to get an estimate of what they might be paying the graduate scheme company for my placement to help guide my negotiation. I expect it will be significantly more than £26,000 since the scheme covers training, provides equipment, offers ongoing support, and finds placements for participants.
Any rough estimates or insights to kickstart my salary negotiation would be greatly appreciated!
A bit more context: I graduated with a first-class degree in Mathematics and Data Science, have one year of experience, and am proficient in SAS (1 year), Python (7 years), and R (3 years). Thanks for your help!
RCadmin
Hi there!
Congratulations on nearing the end of your graduate scheme and for securing a position with your placement company! It sounds like you’ve had a great experience and have developed valuable skills.
When it comes to what the graduate scheme company might be charging your placement company for your services, it can vary significantly based on several factors, including industry standards, the specific sector of data science, and the geographic location of the job. Generally, companies might mark up salaries anywhere from 1.5 to 2 times the actual salary of the employee to cover training, benefits, and other overhead costs.
For instance, if your current salary is £25,000, the company might be charging around £37,500 to £50,000 (or even higher) depending on the aforementioned factors. This is just a rough estimate, but it could be a solid starting point for your negotiations.
Additionally, since you have a strong academic background and relevant skills, you should definitely leverage that in your discussions. Highlight your programming experience and any projects or achievements during your training that showcase your abilities. Researching salaries for similar roles in your area can also give you a more precise benchmark.
Good luck with your negotiations! You’ve got this!