Average Economic Development Specialist Salary in United Kingdom for 2024
In this article, we will look at the average Economic Development Specialist salary for 2024 in United Kingdom and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!
The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.
All salary information is in the local currency, which is the British pound. To keep things simple, we are using the GBP currency code instead of the currency symbol £.
How Much Does an Economic Development Specialist Make in United Kingdom?
An Economic Development Specialist working in United Kingdom will typically earn around 115,600 GBP per year, and this can range from the lowest average salary of about 57,100 GBP to the highest average salary of 184,700 GBP.
These are average salaries for an Economic Development Specialist in United Kingdom and include benefits such as housing and transport. It's also possible for an Economic Development Specialist to earn more or less than the average salaries shown above.
Economic Development Specialist salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.
Distribution of Economic Development Specialist Salaries in United Kingdom
So we've looked at the average salaries an Economic Development Specialist will earn in United Kingdom. The next interesting data point is the distribution of salaries.
Salary ranges
We already know that an Economic Development Specialist can earn between 57,100 GBP and 184,700 GBP on average in United Kingdom. This is known as the range in statistics.
The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.
Median salary
The median salary for an Economic Development Specialist in United Kingdom is 118,900 GBP. This is the middle value in the distribution of salaries.
What this means is that approximately 50% of the population earn less than 118,900 GBP, and 50% of the population earn more than 118,900 GBP.
If you are earning more than the median salary, that's a good indicator that you are being paid well.
If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).
Percentiles
Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.
For the average Economic Development Specialist salary in United Kingdom, 25% of the population are earning less than 79,600 GBP while 75% of the population earn more than 79,600 GBP.
75% of the population earn less than 152,700 GBP, and 25% of the population earn more than 152,700 GBP.
Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.
The difference between a median and an average salary
The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.
- If your salary is higher than the average and the median salary, you are earning well compared to others.
- If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
- If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.
Economic Development Specialist Salary by Experience Level in United Kingdom
The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.
We have researched the average economic development specialist salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.
- 0 - 2 Years Experience. An Economic Development Specialist in United Kingdom that has less than two years of experience can expect to earn somewhere in the region of 66,100 GBP.
- 2 - 5 Years Experience. With two to five years of experience the average Economic Development Specialist salary would increase to 86,600 GBP.
- 5 - 10 Years Experience. From five to ten years of experience as an Economic Development Specialist, the average salary would be 121,800 GBP.
- 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 150,100 GBP.
- 15 - 20 Years Experience. An Economic Development Specialist with 15 to 20 years of experience can earn an average of 160,700 GBP.
- 20+ Years Experience. For an Economic Development Specialist with more than 20 years, the expected average salary increases to 171,300 GBP.
Average Salary by Experience Chart
| 0-2 Years |
66,100 GBP
|
|
| 2-5 Years | +29% |
86,600 GBP
|
| 5-10 Years | +38% |
121,800 GBP
|
| 10-15 Years | +24% |
150,100 GBP
|
| 15-20 Years | +7% |
160,700 GBP
|
| 20+ Years | +7% |
171,300 GBP
|
Economic Development Specialist Salary by Education Level in United Kingdom
As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?
In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.
The salary you can earn based on your education is very specific to both your location and the career path you choose.
In our research, we looked at the average salary for an Economic Development Specialist in United Kingdom based on the education level of the employees in order to find out whether a better education level would increase your salary.
-
Bachelor's Degree. An Economic Development Specialist in United Kingdom with a bachelor's degree education can earn an average salary of 78,700 GBP.
-
Master's Degree. An Economic Development Specialist in United Kingdom with a master's degree education can earn an average salary of 108,200 GBP.
-
PhD. An Economic Development Specialist in United Kingdom with a phd education can earn an average salary of 180,500 GBP.
Average Salary by Education Chart
| Bachelor's Degree |
78,700 GBP
|
|
| Master's Degree | +38% |
108,200 GBP
|
| PhD | +64% |
180,500 GBP
|
How Much is a Master's Degree or MBA Program?
The approximate cost of a master's degree or post-graduate program like an MBA in United Kingdom is around 29,600 to 88,700 GBP and takes two years to complete.
As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.
It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.
Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.
Economic Development Specialist Salary Compared by Gender
In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.
In United Kingdom, a male economic development specialist will earn an average of 118,900 GBP, while a female economic development specialist will earn around 114,900 GBP.
This means that a male economic development specialist earns approximately 3% more than a female economic development specialist for performing the same job.
Average Salary by Gender Chart in United Kingdom
| Male |
118,900 GBP
|
|
| Female | -3% |
114,900 GBP
|
Economic Development Specialist Average Pay Raise in United Kingdom
In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.
From our research, we can see that the average pay raise for an Economic Development Specialist in United Kingdom is around 13% every 16 months.
The national average pay raise across all professions and industries in United Kingdom is around 9% every 15 months.
In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.
To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:
Annual Increase = ( Increase Rate ÷ Months ) × 12
So for this example, it would be:
Annual Increase = ( 13 ÷ 16 ) × 12 = 10%
What this means is that an Economic Development Specialist in United Kingdom can expect to receive an average pay raise of around 10% every 12 months.
Annual Pay Raise by Industry in United Kingdom for 2024
In the chart below, you can see the average annual pay raise percentages for each of the major industries in United Kingdom.
You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.
| Banking |
3%
|
|
| Energy |
6%
|
|
| Information Technology |
9%
|
|
| Healthcare |
3%
|
|
| Travel |
6%
|
|
| Construction |
9%
|
|
| Education |
3%
|
Economic Development Specialist Bonus and Incentive Rates in United Kingdom
Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.
Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.
An Economic Development Specialist is a moderate bonus based job, with 60% of employees reporting at least one bonus in the last 12 months.
40% reported that they had not received any bonuses in the previous 12 months.
For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 3% to 6%.
| Received Bonus |
60%
|
|
| No Bonus |
40%
|
What are the Types of Bonus?
There are a number of difference types of bonus you can receive in a job. Including:
- Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
- Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
- Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
- Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.
Government vs Private Sector Salaries
Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.
Public sector employees in United Kingdom earn approximately 7% more than private sector employees in the same role.
| Public Sector |
72,700 GBP
|
|
| Private Sector | -7% |
68,200 GBP
|
Salaries for Jobs Similar to an Economic Development Specialist
In the table below, we have salary information for jobs that are similar to an Economic Development Specialist in United Kingdom.
Salary Comparison by City
If you want to compare salaries with different cities in United Kingdom, you can use the links below to explore the data for each specific city we have researched.
Salary Comparison by State
The table below includes links to the average salary for each state in United Kingdom.
Link To or Reference This Page
We spend a lot of time collecting, cleaning, merging, and formatting the data that is shown on the site to be as useful to you as possible.
If you found the data or information on this page useful in your research, please use the tool below to properly cite or reference World Salaries as the source. We appreciate your support!
-
<a href="https://worldsalaries.com/average-economic-development-specialist-salary-in-united-kingdom/">Average Economic Development Specialist Salary in United Kingdom for 2024</a>
-
"Average Economic Development Specialist Salary in United Kingdom for 2024". World Salaries. Accessed on April 19, 2024. https://worldsalaries.com/average-economic-development-specialist-salary-in-united-kingdom/.
-
"Average Economic Development Specialist Salary in United Kingdom for 2024". World Salaries, https://worldsalaries.com/average-economic-development-specialist-salary-in-united-kingdom/. Accessed 19 April, 2024
-
Average Economic Development Specialist Salary in United Kingdom for 2024. World Salaries. Retrieved from https://worldsalaries.com/average-economic-development-specialist-salary-in-united-kingdom/.