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USA #1 🇺🇸
The way someone explained it to me was this: In the UK, and several European countries, salaries are less but people are taken care of via social programs vs Americans who get stuck with paying out of their salaries for thinks like medical insurance copays/premiums/deductibles, saving for retirement, paying off student debt etc. all while STILL paying 20%+ in taxes (depending on the state)
COL is lower on average across the US cities vs the UK to my knowledge. To match the purchasing power of a US entry level consultant salary in the Big 4, you need to reach M level in the UK more or less. Nevertheless, money is not such a big thing in Europe as in the US so people are not necessarily having a bad life due to having less of it.
USA numba 1
This is true across the board for the UK in almost every industry. Your labor market is not as competitive.
Haha, me neither. But just the sheer amount of low paid openings is overwhelming. I find UK employees being on par with rest of Europe in terms of skills, maybe with the exception of Switzerland where there are more $ but the bar is also higher.
Ex-pats want to work in London. Supply/demand.
NY tax is roughly 35% if that makes you feel better. Starting salary is $75 k.
Supply/demand as mentioned and also GDP/capita difference. The US is just a much richer country than the UK - not even comparable.
Working hours and less holiday days in the US.
*#1 in hours worked
*#1 in least time off
US consulting market very different to UK. And everyone in the US had all that debt from education...
#1 in student debt!
Student debt
US salaries (especially in NYC or SF) are typically 50-100% more for the same position than all other 1st world countries.
Primarily due to cost of living in US being higher; Healthcare is self-funded, food costs are higher, Pints are higher, Insurance is higher etc.
US is a very different environment to live in and work in vs Europe (UK specifically). Culturally (other than language) we’re very different.
UK is very self-deprecating for example everyone hates talking about work, values a long holiday etc. UK work just as hard, but do carve out some time for the rest life has to offer.
US is very patriotic, work is more a live blood of people’s personality (I.e. live to work, talk about it all the time, less time off).
Personally I think a self deprecating view of work is more productive - as you become more efficient and effective in outputs. Rather than working for works sake. But both have its advantages.
But also generally have the ability to charge a higher rate in US markets due to scale vs UK (bigger companies with higher customer base) and more of a value placed on consulting services (most UK firms think, well I could do this myself).
With bigger states (NY) paying more due to cost of living/taxes, than smaller states.
All of these points point to US having higher salaries.