Base pay versus total pay for a first job
Base pay is the salary your contract guarantees. Total pay adds bonuses, sign-on payments and equity, some of which you may never receive. For a first job, compare what is guaranteed first.
- Ask every employer to split year one into guaranteed and variable amounts.
- A bonus only counts if the contract fixes it. Otherwise treat it as zero when comparing.
- Equity in a listed company is close to cash. Equity in a private company may be worth nothing.
- Graduate and intern pay is mostly standardised. A competing offer is the main thing that moves it.
The parts of a package
| Part | What it is | How safe it is |
|---|---|---|
| Base | Monthly or yearly salary | Guaranteed by contract |
| Fixed extra month | A thirteenth month written into the contract | Guaranteed if written |
| Performance bonus | A target percentage or number of months | Depends on you and the company |
| Sign-on | One payment when you join | Often repayable if you leave early |
| Listed equity | Shares that vest over years | Real, but tied to staying and to the share price |
| Private equity or options | A stake in an unlisted company | May never turn into money |
What candidates got wrong most often
- Mixing units. Employers quote monthly pay in some markets and yearly pay in others. Candidates compared one against the other.
- Counting the bonus. Some employers were reported to pay no bonus in weak years except to top performers. A target is not a promise.
- Believing headline totals. Very high graduate totals quoted online were disputed by people inside those companies, who said the figure included equity that most juniors do not receive.
- Ignoring vesting. Equity that vests mostly in later years only pays out if you stay.
How different employer types pay
These patterns were described by candidates, not published by employers. Large banks and public agencies run standard graduate packages with little room to negotiate. Public-sector packages were described as a lower base topped up by several bonus months. Large technology firms pay a higher base and add listed equity. Startups pay more in cash than in shares that can be sold, and the shares are hard to value. Trading firms pay the highest graduate cash.
Treat these as starting assumptions and confirm each one against the offer letter.
Can a graduate negotiate?
Sometimes, within a band. Hiring-side members said large employers set graduate pay in advance, so salary is not discussed until the offer, and movement is small. Intern offers were described as identical across a cohort. The one thing that reliably created room was a competing offer, and some employers asked to see it.
Candidates also reported being told that a sign-on bonus was not available when peers had received one. Knowing what others were offered is the only defence against that.
Questions to ask before you sign
- What is my guaranteed pay in the first twelve months?
- Is the bonus written into the contract, and what did the team receive last year?
- If I leave within a year, what do I repay?
- What is the vesting schedule, and can the shares be sold?
- What insurance, leave, allowances, equipment, remote days and training budget come with the role?
Why there are no salary numbers here
forge holds only 180 individual pay figures in this dataset, too few to publish salary benchmarks. The patterns above describe how packages are built, not what any employer pays today.
Related guides
Frequently asked questions
What is the difference between base pay and total compensation?
Base pay is the salary guaranteed in your contract. Total compensation adds bonuses, sign-on payments and equity, which may be variable or conditional.
Should I choose a higher base or a higher total?
Compare the guaranteed amounts first. A higher total built on a discretionary bonus or unlisted equity can be worth less than a lower offer with a higher base.
Is startup equity worth anything to a graduate?
It can be, but candidates were advised to value unlisted equity at close to zero when comparing offers, because it may never become sellable.
Can graduates negotiate salary?
Only a little at most large employers, where graduate pay is set in advance. A competing offer is the main thing that helps.
Is intern pay negotiable?
Rarely. Candidates reported that interns in the same cohort receive the same offer.
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