The Winter Review from The AGR Graduate Recruitment Survey 2004, is based on research conducted for the AGR by High Fliers Research with 215 graduate employers during December 2003. The survey has been developed to provide employers with the very latest market information on:
- Graduate salary levels for 2003-04 and 2002-03 recruiting seasons.
- Vacancy levels for graduates starting work in 2004 and 2003.
- Graduate recruitment marketing used by AGR employers during the 2003-04 and 2002-03 recruitment rounds.
Graduate Vacancies
After two consecutive years of reduced vacancies for graduates, AGR employers predict an increase in vacancies for 2004:
- Graduate vacancies are expected to rise by 11.9% in 2004, compared to the numbers actually recruited by employers in 2003.
- The largest number of vacancies in 2004 are likely to be in accountancy or professional services firms, engineering or industrial companies, retailers, investment banks or in the public sector.
- By business function or career areas within organisations, the most graduate jobs are in chartered accountancy, general management, investment banking, retail management, IT and law. Together, these six areas account for half of all graduate vacancies.
- The smallest number of vacancies in 2004 are for graduate positions in marketing and human resources, both of which remain extremely popular with student and graduate applicants.
Graduate starting salaries are continuing to rise and AGR employers are expecting to pay increases above the 'cost-of-living' for new graduates starting work in 2004:
- Graduate starting salaries are expected to increase by 3.9% in 2004, compared to the salary rates actually paid in 2003. The predicted median graduate starting salary for 2004 is £21,100.
- The highest starting salaries in 2004 are being offered by investment banks, consulting firms, law firms, oil companies, commercial/retails banks, and fast-moving consumer goods companies.
- Regionally, median salaries are expected to be highest in London and the south east of England, with the lowest rates paid in Wales and the north east of England.
- By business function or career areas with organisations, the highest starting salaries in 2004 are set to be for graduate positions in investment banking, consulting, solicitors or barristers, actuarial work, marketing and IT. The lowest are for positions in retailing and purchasing.
- Just a quarter of employers plan to offer new graduates an initial bonus this year.
AGR employers' spending on graduate recruitment marketing activities have been profiled for 2003-04 and 2002-03 recruitment seasons:
- AGR employers spent a median amount of £15,000 in 2004 on their individual graduate recruitment brochures, with a further £12,000 for their graduate recruitment website.
- Graduate recruitment advertising in careers publications and other paper-based titles accounted for a median of £17,000 in 2004. A median of £9,000 was spent on online promotions such as commercial websites and email services.
- Recruiters who attended graduate careers fairs and on-campus presentations spent medians of £7,500 and £4,000 respectively.
- Employers' total spend on graduate recruitment marketing in 2004 was a median of £48,000 down 10.3% on budgets in 2003.
- The median 'marketing spend per graduate vacancy' was £1,500 in 2004
