Nearly 70 graduates for every job
Updated on 06 July 2010
The tough job market is still very much a reality, with 69 applicants fighting for every graduate vacancy, a new survey has shown.
Not only are less jobs becoming available, but the new graduates are also facing competition from last year’s crop who have still not managed to find work. Graduate vacancies fell by almost 7% this year.
The bi-annual survey, from the Association of Graduate Recruiters, found that on average there are 69 graduates for every job, up from an average of 49 applications per vacancy last year.
The association’s chief executive Carl Gilleard said: "Employers' earlier predictions for this year's recruitment season have turned out to be somewhat premature in their optimism and today's findings suggest that the recovery is going to be slower than previously thought.”
Universities Minister David Willetts said the job market was challenging for new graduates, but a degree was still a good investment for graduates long-term.
"We are committed to making it easier for current graduates to find work. That is why I have just asked all universities to provide statements on employability for their students," he said.
Tough criteria
As a result of the surge in demand, employers are insisting that students meet stricter criteria than ever for the diminishing pool of jobs.
Almost eight in 10 employers want at least a 2:1 degree minimum, up from 66.7% last year. Employers are also now looking to work experience as a way to differentiate between applicants – with 33.5% looking for relevant work experience this year, compared to just 15.2% in 2009.
Almost 7% of recruiters are also looking for graduates from specific universities, up from 2.5% last year.
Mr Gilleard said: "It is hardly surprising then that the number of employers asking for a 2.1 degree has shot up by 11 percentage points. However, while this approach does aid the sifting process it can rule out promising candidates with the right work skills unnecessarily. We are encouraging our members to look beyond the degree classification when narrowing down the field of candidates to manageable proportions."
Good news?
However there is some good news – some sectors are performing better than others.
Banking and financial services, insurance, consulting and business services, construction and accountancy firms are all predicting they will have more vacancies this year.
But investment banking, the public sector, law, engineering, retail, telecommunications, IT and large consumer firms are all predicting decreases.
Salaries have also been frozen, with the average salary of new graduates stuck at £25,000 – the same as in 2008.
The survey is based on responses by 199 member firms, including Cadbury, Marks & Spencer, JP Morgan and Vodafone.
