If you’re given the job title of ‘manager’, you’ll usually be expected to support, encourage and mentor other employees, as well as be held accountable for situations that arise within the company. While it can be a rewarding position to be in, it can also be challenging at times.
In an ideal world, taking on extra responsibility should mean being rewarded with better company benefits and a pay rise. If you get promoted to management level you’ll want to make sure you’re paid accordingly – but you might be wondering what the average salary for a manager is.
In this article, we’ll help you work out how much you can expect to be paid depending on where you work, the industry you’re in and what level of management you’re at.
A manager working in the finance sector can expect to be paid somewhere in the region of £70,000 per year, with the average Chief Executive Officer of a FTSE 100 company getting an annual salary of £3.6 million.
Data from GlassDoor reveals that the lowest annual wage for a manager in the UK is about £24,000 and the highest is more than £86,000.
Read on to find out more about how much managers get paid.
The average salary for a manager
As previously mentioned, a manager’s salary depends on the industry they work in, the company they work for, where in the UK they are based and what type of manager they are.
To give an indication of what you could expect to be paid, though, it might be helpful to know that the national average salary for a manager is just over £40,000 per year.
How do different industries compare?
What you’re paid largely depends on the industry you work in. Based on information from recruitment websites like Reed, Indeed and GlassDoor, here’s what you can expect to be paid as a manager, according to the type of work you do:
|Financial services||Lloyd’s Bank||£55,000|
|Financial services||Barclay’s Bank||£50,000|
|Retail||Marks & Spencer||£30,000|
Where a manager is based can also have an impact on their salary
What a manager is paid also comes down to where in the UK they work.
You might expect the average salary for managers in London to be higher than it is in the rest of the country, but some of the following areas have reported good manager salaries too.
Kent is one of the best places for English managers to work, with salaries of £80,000 in Snodland and up to £85,875 in Westerham. Those working in Lincolnshire get good salaries too, with managers in Mablethorpe being paid £130,681.
Managers in Fishguard can make between £163,000 and £165,000, those working in Treharris get paid £135,850 on average and Amlwch managers can make up to £85,083 per year.
Some of the best management salaries in Scotland start at £75,000 – which is how much managers in Biggar can make – going up to £96,500 in Girvan and £118,950 in Gourock.
Maghera is a place that rewards its managers well, paying them as much as £90,000 per annum.
What types of manager are there?
The three main types of manager are: Top managers, middle managers and first-line managers.
Top-level managers are responsible for the long-term success of the company. They’re in charge of making the decisions that affect the business as a whole, such as brand and product line changes, mergers and acquisitions and financial investments.
Top managers usually have job titles like Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Marketing Officer (CMO), Chief Operations Officer (COO), Chief Technology Officer (CTO) and Chief Compliance Officer (CCO).
In large organisations, vice presidents and division heads can also be part of the top management team.
A CEO of a FTSE 100 company can expect to receive a salary of £3.6 million per year.
Middle managers work underneath top-level managers and usually have one or two levels of manager below them.
Their main role is to turn broad strategic plans from the top-level management team into operational blueprints for first-line managers, but they may also be expected to support and encourage other employees within the company.
Middle managers often have job titles like Director, Chief Supervisor and Department Head, and are paid an average annual salary of £47,000.
First-line managers are the first port of call for most employees working within the organisation.
They’re responsible for ensuring that the business’ plans and objectives are implemented effectively and because they’re the first to see any problems that might arise with the operation of the business, it’s important they keep up regular communication with middle management.
First-line managers can be called assistant managers, office managers, shift managers, section chiefs and foremen.
On average, a first-line manager in the UK is paid nearly £29,500 per year.
How do you become a manager?
You can become a manager by taking an entry-level position and working your way up, or you can study a managerial course at university and apply for a management position once you’re fully qualified.
What skills do you need to be a manager?
You may have all the necessary qualifications, experience and training to succeed in a management position, but there are some personal qualities that will really help you shine in your role.
A good manager will usually have the following character traits:
- Leadership skills
- People skills
- Good communication skills
- Confident at public speaking
- Comfortable addressing senior colleagues
- The ability to delegate, but also recognise when to step in
- Passionate about what they do
- The ability to see the bigger picture
A manager’s salary can vary greatly, depending on the type of work they do, the industry they’re in and what level of management they’re at.
The highest-paid managers tend to work in the financial services industry and some of the UK’s best-paid managers work in places like Fishguard in Wales and Kent in England.
A CEO of a FTSE 100 company can make £3.6 million per year, however, the national average salary for a manager is just over £40,000 per year.