A study has today revealed that the number of graduate job applications reached an unprecedented high in 2010-11. The figure of applications is up a third from the
previous year to a colossal 343,000.
The study, conducted by High Fliers Research, has revealed that a record 37% of finalists began the incessant job application process as early as September and October 2010. Overall, 59% of the finalists involved in the study scrambled for those elusive 'Grad Scheme' places by March 2011, just in time to settle into the lengthy and internationally dreaded 'finals' period. The average number of applications per finalist increased from 5.7 to 6.8 this year, with students at Imperial College London typically applying for more than 10 graduate roles each.
The High Fliers survey, which encompasses the views of 17,851 students from 30 UK universities, has revealed that the average 'Class of 2011' graduate is expecting a starting salary of ??22,600. However, according to this research, this year's graduates are not content to settle for this figure for long; the average participant
admitted to expecting to be earning ??39,000 within 5 years. One sixth of contributors to the research revealed that they expect to be earning, somewhere in the region of, ??100,000 by the tender age of 30. Which sectors are these determined candidates heading for? Investment banking tops the results as the most popular career choice for the 2011 graduate, with other popular options including media, teaching and marketing.
The survey additionally unearthed the following figures: a further 25% of this year's graduates plan to embark on postgraduate study; 8% anticipate undertaking temporary or voluntary work; 13% have got 'the travelling bug' (potentially from Julia Roberts' infamous blockbuster 'Eat, Pray, Love') and are currently mapping out their desired destinations; and 14% of finalists remain undecided as to what to do after graduating from university.
It may come as little surprise to many, that the number of graduate job hunters with an interest in working for the Government, or elsewhere in the public sector, has dropped by one-fifth; perhaps a reflection of the widespread implementation of cost-cutting measures across the public sector by the coalition. This research comes ahead of the release of official employment figures on Wednesday. With official statistics expected to show little sign of improvement in the jobs market, and the despondent British unemployment rate of 7.8% forecast to remain flat, it is therefore hardly shocking that, when faced with such dismal statistics, fretful finalists are apprehensively applying in excess.
Martin Birchall, Managing Director of High Fliers Research, said: "Although students' confidence in the graduate employment market is definitely improving, there still isn't anything like enough entry-level jobs for this year's university leavers, which means that tens of thousands of well-qualified graduates from the class of 2011 may well find themselves without work this autumn."
One must question the productiveness of such unremitting applying; can the graduates in question have sufficiently researched and considered the job they are applying for if they are applying for multiple positions within a very short space of time? Furthermore, are they wasting both, their own, and the company's time by applying for jobs in a market which simply doesn?????t have enough graduate positions to go around?
With 14% of this year's finalists admitting that they are unsure as to what they want to do, it seems implausible that others amongst them, can not only have decided on one potential career path, but 10. It seems to me that the term 'eager-beaver' has never been more appropriate.
Elise, GRB Journalist
