Cambridge tech salaries soar with demand for skilled workers
Demand for technology talent has sent salaries soaring in Cambridge, according to data by job search engine Adzuna and Tech Nation, the UK network for cutting edge entrepreneurs.
More than a quarter of available jobs in the Cambridge Cluster are tech roles; only Belfast matches this demand in number.
For hopefuls seeking to work for some of the Cluster’s world-class tech companies, remuneration has rocketed.
The median salary for digital tech roles within the UK is £39,000 but the average advertised salary for open IT positions in Cambridge is £51,225. In contrast, the average salary in the university city is £42,125.
Data scientists are in particular demand with vacancies across companies including Amazon, Microsoft, Premier IT and AstraZeneca.
This excludes massive forward demand from global tech giants committed to hiring big for their new Cambridge ventures; Apple, Huawei, Samsung, NVIDIA (via Arm) are just some of the heavyweights set to hire big – if they can source talent against a contorted trade and immigration backdrop where the UK is losing clout in Europe, the US and Asia through Brexit and cock-eyed economic policy.
Data scientists are some of the most highly-paid in Cambridge, with an average salary of £58,759 – an increase of 32.7 per cent from 2019. This reflects the wider landscape across tech clusters in the UK, with data being one of the most-sought after skills by employees across the country.
These healthy figures demonstrate the strength of the tech sector in Cambridge. With 86 startups and scaleups calling the region home, VC investment reached $612.9 million in 2019, up from $466.2m the year before.
The University of Cambridge alone has helped to produce more European companies and founders than any other UK university, including four European unicorns and seven semi-unicorn companies.
Whilst the successes of cyber security startup Darktrace, WorldPay and Cambridge Silicon Radio over recent years are well-known thanks to their billion-dollar valuations, all eyes are on the city’s potential unicorns including a growing number of biotech and pharmaceutical companies, such as Artios Pharma, Inivata, Crescendo Biologics and rare disease drug discovery platform Healx.
Digital Secretary Caroline Dinenage said: “As the UK looks to recover from the pandemic, the work of the world-class companies and talent in Cambridge will be crucial.
“The city has already produced 18 billion dollar 'unicorn' firms and it continues to punch well above its weight – creating new jobs and opportunities for people.”
Dr George Windsor, head of insights at Tech Nation added: “Cambridge is one of the most attractive cities in the UK for tech employees thanks to a mix of exceptional companies, increasing demand for talent, and high salaries.”
Dr Tim Guilliams, CEO of rare disease AI specialist Healx, said: “Cambridge is, and always has been, a hub of innovation. Being part of the Cambridge Cluster – Europe’s largest technology cluster – is a great privilege and gives us access to an incredible pool of mentors, employees and investors who want to support us in our mission of bringing novel therapies to rare disease patients across the globe.”