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It has been more than a decade since the UK last saw such a slow-moving market for graduate jobs. Research by the Higher Education Careers Services Unit (HECSU) found that unemployment among university leavers has climbed by 44% in 2009, reaching its highest rate since 1996. In spite of these statistics, school leavers continue to show an interest in higher education. University applications for 2010 are already up on last year – by 11.6%. According to the Universities and Colleges Admissions Service (UCAS), 71,900 people applied by mid-October 2009, compared with 64,500 at the same stage of the entry cycle last year. “Strong competition” for university places Virginia Isaac, the acting head of UCAS, told BBC News it was too early to gauge whether the increase in applicants would be sustained throughout the entry process. “It does indicate, however, that in certain areas, once again, prospective students will be facing strong competition for places," she said. Whether universities will have the funding to meet this spike in demand still remains to be seen. Paul Marshall, the executive director of the 1994 Group of research-intensive universities, warns that higher education funding will have to reflect new student numbers, or the UK university experience might no longer be first-class. "Any further expansion must be fully funded so that universities can continue to develop the very best graduates and offer a world class academic experience,” he said. While there is no doubt the UK government will need to cut public spending across the board over the next few years to deal with record levels of national debt, it should take into account the value that graduates add to the economy. Degree holders go on to become highly skilled workers, thought leaders and captains of industry. Their input and talent is required to guide the UK out of recession. Are there any opportunities out there for graduates? While graduates face one of the toughest job markets in years, some industries – like investment banking – are still hiring. Interestingly enough, banking has been one of the worst hit sectors for graduate recruitment over the past year or so, with the number of entry-level positions on offer falling by 44% from 2007 to 2009. However, firms such as Credit Suisse, Morgan Stanley and Barclays Capital have announced intentions to bump up their graduate schemes for 2010. Unlike previous recessions, when the banks closed their campus recruitment programmes, financial institutions are continuing to invest in young talent. "We're not seeing the big black hole that happened when the crash came in the early nineties, when they had to start all over again," Fiona Sandford, head of careers at London School of Economics, told the Guardian. "They were much wiser this time around. They kept their presence on campus and they kept small internship classes going,” she added. Network Rail has also stepped up its recruitment drive recently. The company created twice as many graduate jobs in 2009 as it did last year, to prepare for the expansion of its rail network. The national rail operator has created hundreds of new positions for graduates across a wide range of disciplines, including engineering jobs, finance jobs and IT jobs. Network Rail’s head of resourcing Adrian Thomas said the company had an ambitious programme to deliver "a bigger and better railway" and required a talented workforce to achieve this. “We have hired terrific talent who will play their part in delivering multi million pound projects to revamp stations, build new track and improve Britain’s railways for everyone. It’s an exciting time to work at Network Rail and these graduates have a tremendous opportunity to be part of something that impacts on millions of people every day," he added. Graduate jobs – light at the end of the tunnel Commenting on the current graduate jobs market, HECSU chief executive, Mike Hill, urged graduates not to feel disheartened by the latest unemployment figures. “Many organisations continue to recruit and a degree will certainly remain valuable for many years to come,” he said. Susan Anderson, the CBI’s director of education and skills policy, agrees. “An average graduate will earn an additional £160,000 over their lifetime, compared to those without degrees. While opportunities in the recession are hard to come by, as we return to growth, graduate jobs will recover,” she told the Independent. With Careers and Jobs, you can view all the latest graduate jobs, browse UK jobs by sector, including engineering jobs, finance jobs and IT jobs, and keep up to date with the latest UK jobs news. You’ll also find expert career advice and help with CV writing to help land that dream job.
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