Feeds

Jobs market bleak for grads as banking weakens

Serious dose of fries-with-that-itis

The essential guide to IT transformation

Graduates being spat out by the UK's sprawling Higher Education sector this year will face the first fall in the number of grad job vacancies since 2003.

There has been a 5.4 per cent fall in jobs for graduates since last year.

Graduates who do find jobs will find starting salaries have not increased from last year's average of £25,000 - jobs in banking and financial services are likely to pay less than last year. Those who are less lucky should consider any kind of paid work rather than travelling or returning to college.

The Association of Graduate Recruiters admitted that its previous surveys had got things badly wrong - last summer it predicted an 11.7 per cent rise in vacancies and expected a third of these jobs to come from banking and accountancy.

Carl Gilleard, chief exec of the AGR said: “Last summer our members predicted an optimistic growth in vacancies of over 11 per cent. Soon after that we saw a series of catastrophic events in the financial sector with serious consequences for many other sectors such as construction... The predicted rise in jobs in 2008 simply did not occur."

But Gilleard believes the situation now is better than it was during the dot-com crash.

He said: "The situation is certainly not as severe as it could be. We saw a sharper decrease in 2003, for example, when recruiters had a negative reaction to the dot.com crash. By and large, while no one doubts the seriousness of the current economic downturn, the picture for graduate recruitment, though worrying, could be bleaker. There are even some silver linings with growth predicted in the engineering and public sectors – both of which are likely to appeal to graduates seeking job security this year.”

A quarter of all graduate jobs are accountancy posts, 13 per cent are in financial services. But financial services firms have cut posts by 10.7 per cent, while investment banks (are there any left?) are cutting vacancies by 28 per cent.

The largest growth market is in fast moving consumer goods which expects growth of 12.9 per cent. Public sector jobs will grow three per cent, the survey predicts.

Two-thirds of employers said graduates who could not find work should look for temporary paid work rather than more qualifications - only 30 per cent of employers thought further study would help and 39.6 per cent thought a "year out" would be a good move.

The researchers talked to 245 graduate recruiters in November and December and again in January. More figures from the Association of Graduate Recruiters here.

Meanwhile the flood of actual redundancies continues - RBS and UBS are to lay off 2,000 staff each, News International staff will hear how many jobs are to go later today.

Figures from the Office of National Statistics show unemployment is now 6.3 per cent - up 1.1 per cent on a year ago. There are now 1.97m unemployed people in the UK- up 369,000 on last year. Of this total 1.18m are out of work men and 790,000 are unemployed women.®

Next gen security for virtualised datacentres

More from The Register

next story
BBC: We're going to slip CODING into kids' TV
Pureed-carrot-in-ice cream C++ surprise
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Twitter: La la la, we have not heard of any NUDE JLaw, Upton SELFIES
If there are any on our site it is not our fault as we are not a PUBLISHER
Facebook, Google and Instagram 'worse than drugs' says Miley Cyrus
Italian boffins agree with popette's theory that haters are the real wrecking balls
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?