How Much Do Graduate Schemes Charge?
Hi everyone,
I’m nearing the end of my data science graduate scheme, which I began just two months after finishing university. The program was structured with 3 months of training at an annual salary of £22,000, followed by a 9-month placement where I earned £25,000 annually. During the initial training period, I participated in five in-person courses over three days each, received interview coaching, tackled case studies, and successfully completed my SAS base exam—all covered by my company.
As my contract is coming to a close, I’m preparing to negotiate my salary with the company that has decided to keep me. I’m curious about the approximate amount they might be paying the graduate scheme company for my placement. I expect it to be significantly more than the £26,000 total I’ve earned, considering the costs of training, providing me with a laptop, ongoing support, and securing my placement.
Any rough estimates would be greatly appreciated as I prepare for my salary negotiation!
A bit of background: I graduated with a First in Mathematics and Data Science and have a year of experience. I can code in SAS (1 year), Python (7 years), and R (3 years). Hope that context helps!
RCadmin
Hi there!
Congrats on nearing the end of your graduate scheme—sounds like you’ve gained some valuable experience over the past year! When it comes to negotiating your salary, it’s great that you’re being proactive about understanding what your placement company might be paying the graduate scheme provider for your placement.
While specific figures can vary widely based on the company, location, and industry, it’s common for organizations to pay a recruitment or placement fee that can range from 15% to 30% (or sometimes even higher) of your annual salary to the graduate scheme or recruitment agency for their services. Given your current salary of £25,000, the placement company might be paying anywhere from £3,750 to £7,500 (or more) per year to the graduate scheme just in placement fees, on top of your salary.
Additionally, considering all the training and resources the company invested in you, they likely have a reasonable budget set aside for your future salary to reflect your experience and skillset, especially with your impressive background in coding and mathematics.
When negotiating, it might be effective to highlight not just your qualifications, but also the value you bring to the team and any contributions you’ve already made during your placement. Make sure to look up typical salary ranges for data scientists in your area, keeping in mind your experience level and the industry standards, and use that as a baseline for your negotiation.
Best of luck with your negotiations! You’ve got this!