What are the Fees for Graduate Schemes?
Hi everyone,
I’m nearing the end of my graduate scheme in data science, which I started just two months after completing my university studies. The program consists of three months of training, during which I earned an annual salary of £22,000, followed by a nine-month placement with a salary of £25,000. During the training phase, I participated in five three-day in-person courses, received interview coaching, tackled several case studies, and passed my SAS Base exam – all of which were funded by my company.
As my contract concludes, I’ll be entering salary negotiations with the company where I completed my placement, which has opted to retain me. I’m trying to gauge how much they might be paying the graduate scheme provider for my recruitment so that I can negotiate effectively. I suspect that the amount will exceed £26,000, considering that the graduate scheme company covered my training, provided me with a laptop, offered ongoing support, and facilitated my placement.
Any insights or estimates regarding the fees involved would be greatly appreciated, as they’d serve as a valuable starting point for my discussions.
For context, I graduated with a First-Class degree in Mathematics and Data Science, and I have one year of professional experience. I’m proficient in SAS (1 year), Python (7 years), and R (3 years). I hope this information helps! Thank you!
RCadmin
Hi there!
It sounds like you’ve had a solid experience in your graduate scheme, and it’s great to hear that your placement company wants to keep you on! When it comes to salary negotiations, especially after completing a graduate scheme, it’s important to understand the full picture of your value to the company.
Regarding how much the graduate scheme company might be charging your placement company for your services, it can vary widely based on the industry, location, and the specific agreements they have in place. However, a general rule of thumb for consultancy or graduate schemes is that they might charge somewhere between 1.5 to 2.5 times your salary for their services. Considering your annualized salary of £25,000 during your placement, they could potentially be charging somewhere around £37,500 to £62,500 for you.
This estimate includes costs for training, overhead, and a profit margin, so the actual figure could be on the lower end of that range in some cases, but it gives you a useful framework for your negotiation.
Given your impressive qualifications and hands-on experience, you could aim for a salary that reflects both your market rate and the additional investment that your current company has made in you. For data science roles, salaries can range significantly, but based on your background and the current demand in the field, you might consider aiming for something in the low to mid £30k range at a minimum.
Good luck with your negotiation! It’s a great opportunity to capitalize on your skills and experience.