Your interactive guide to the graduate jobs market.
AGR Graduate Report
There is no denying that graduates of 2010 are entering the toughest jobs market in years. With a record number of graduates and graduate vacancy cuts in many sectors, competition this year is going to be fierce.
However, graduates should stay focussed on the positives. Companies are still recruiting and the big graduate recruiters have, almost without exception, stuck by their graduate schemes. Very few programmes have been cut and our latest survey of graduate employers, published yesterday, showed that 51% or organisations expect to have more vacancies this year than they did in 2009.
The same survey showed that the big cuts predicted amid economic chaos last year have not materialised and that the number of graduate vacancies will fall by a modest 1.6% this year compared to 8.9% in 2010. So the situation is starting to level off.
It is true the news on salaries is less positive. For the first time in memory the average starting graduate salary is expected to stay at the same level (£25,000) for a second consecutive year. This comes at an unfortunate time for this year’s graduates who are faced with the daunting task of paying off three years of tuition fees.
The key to surviving and succeeding in the current market as a recent graduate is research.
Graduates must be aware of the state of the sector they are entering and what employers in that sector are looking for. Our research shows that the sectors which have traditionally been the biggest graduate recruiters are feeling optimistic about 2010.
Banking & financial services are predicting a 24.5% increase in graduate vacancies and investment banks and fund managers are set for a 16.2% rise.
Interestingly, the largest growth in graduate vacancies this year is expected in the oil industry (49.7%). On the other hand the third sector is expecting a cut of 49.2%. Even the public sector, traditionally the safest place to be in a recession, is cutting vacancies by 7.5% this year.
These statistics demonstrate how dynamic and changeable the situation is and why it is so important that graduates keep up the research and an open mind about their career options. For example, if you want to pursue a career area such as IT you are not necessarily limited to the IT sector; think laterally and explore what IT jobs are available at oil companies or in retail, for example.
We asked our members what advice they would give recent graduates who are struggling to find a job and the message came back loud and clear: make yourself more employable. The best way to do this, according to employers, is to take temporary employment, skills training or even unpaid work. All workplace experience is valuable, even if it is in a sector that you do not ultimately want to work in. Showing a willingness to work will always stand you in good stead.
Employers were more ambivalent about further educational development. The consensus seems to be that this really should not be an automatic fall-back position when the job search gets tough but should be an option only for those with a clear and focussed reason for doing so or serious academic aspirations. So while post-graduate study can be a valuable route it is vital to stay focussed and to be able to articulate your reasons for choosing it.
In summary, the class of 2010 may find the path to securing their dream job more challenging but good preparation and research will provide a vital head-start. Ambition, imagination and application should be every graduate’s watchwords in this year’s competitive marketplace.
Carl Gilleard is Chief Executive of the Association of Graduate Recruiters (AGR) www.agr.org.uk The AGR’s bi-annual survey is the definitive barometer of the graduate recruitment market.