Careers in finance and banking are proving to be attractive to the future graduates of the class of 2011 in Britain, according to the latest figures. Graduate jobs in banking and finance are beginning to rise and, despite the stigma attached to the industry following condemnation by the public over employees' bonuses and the subsequent crackdown on pay, future graduates from the UK's top universities are taking an increased interest in such City careers. Intense recruitment events and tough graduate programmes are part and parcel of such decisions, as a young recruit of Bank of America Merrill Lynch explained at the company's first "speed banking" event: "You basically work 24/7," he stated. Despite this, the event drew large numbers of students hoping to attract the attention of recruiters.
Finance and banking is booming in terms of graduate vacancies. The number of vacancies is expected to rise by 10.4% this year from 2009-10, the Association of Graduate Recruiters has declared; this will be welcome news for those who aspire to a career in finance, while jobs in the public sector continue to fall and youth unemployment has reached a new high of 20%. Graduate vacancies in law have taken a recent hit, with an expected 3.5% reduction in vacancies at law firms this year; the firm Olswang LLP made the shock decision to cancel their 2011 graduate intake last month.The heightened presence of financial companies at university careers fairs demonstrates the growing amount of vacancies in the field, and students are growing in confidence at their banking job prospects as a consequence. 21 year old student Nicolo, who completed an internship with the bank Credit Suisse, has already found a graduate job with them and asserted that he had few worries of finding such a job: "I was sure I would get something if I worked hard enough," he said. Attendance at finance careers fairs has reached pre-recession levels again, demonstrating students' interest in careers that provide a good starting salary, vital in paying off heavy debts. Overall pay at banks last year was up from the previous year, despite the new bonus restrictions which have been brought in in the UK.Previously undesirable jobs in this field have become more popular to students in the wake of the financial crisis, despite their less-impressive wages; a sign that the worry over graduate recruitment has not yet completely eased in the minds of young aspiring finance professionals.
By Louise, GRB Journalist.
