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Considering the uphill battle most graduates face when entering the job market these days, one has to wonder whether a university degree means as much as it used to. A few years ago, most of us believed that a degree would guarantee one’s CV a place at the top of the pile. Then the economy grew weaker and more young people found themselves out of work. In order to improve their employment prospects, they decided to get a tertiary qualification – pushing the number of students graduating from the UK’s universities up to record levels. With more degree-educated candidates seeking employment, the competition for graduate jobs in Britain has become fiercer than ever. All that studying for nothing Like many of her classmates, Cultural Studies graduate Jo Douglas initially believed her course would secure her a job after university. “I understood that my course was very well respected in the advertising industry and acted as a ‘foot in the door’ when it came to securing my all-important first job,” she said in an interview with the Scotsman. However, when she obtained her qualification and started sending her CV out, no-one offered her a graduate-level role. “I began to feel that all the years I had spent studying were for nothing, because I was looking at menial jobs to pay the bills. I am disheartened, depressed, disillusioned and very skint,” she said. It must be said that Ms. Douglas chose one of the most competitive career fields to get into. According to the latest UK Graduate Careers Survey, working in the media is the second most-popular destination for the “Class of 2009” — after teaching. Around 40,000 graduates applied to work in advertising, journalism, broadcasting or PR this year. However, very few employers actually offer formal graduate training schemes, reports BBC News. Graduates only earn £100,000 more overall Some analysts argue that even though university leavers may struggle to find jobs now, their degree will benefit them financially in the future. A few years ago, it was announced that graduates could expect to earn around £400,000 more in their lifetimes than those without a degree. New evidence contradicts this. Lord Browne, the chair of the review into UK university fees, told BBC News that that the average graduate only earns £100,000 more over their working life than an individual whose highest qualification is two or more A-levels. This figure projects increased earnings after taxation. While the financial advantages of a degree may not be as attractive as we once believed, Lord Browne has pointed out that there are other benefits. According to his research, graduates are more likely to live healthier lives and find more stable jobs than those who have lesser qualifications. Better than no degree We also have to consider whether a lack of a university education puts jobseekers at an even greater disadvantage in today’s competitive job market. Recruiters across Britain are seeing a greater number of highly educated candidates applying for each role. This gives employers free rein to be highly selective – and a lot of them are expecting more from their potential employees. Many employers now see a degree as a starting block. Candidates who don’t have the relevant qualifications are out of the race. All things considered: a university education may not guarantee you a job, but it does give you more than just a piece of paper. With Careers and Jobs, you can view all the latest graduate jobs, browse UK jobs by sector 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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