New figures relating to the graduate job market were this week published, which will make interesting reading for new graduates. It was reported that, for all those final-year students on the brink of graduation, if they haven't already, grad job opportunities are set to rise by 2.6% this year. However, this is in line with the increasing numbers of applications for heavily-sought after graduate positions, with average applications for each job having risen to 83 in 2011 from 69 in 2010, and 49 in 2009. Clearly, then, competition for these jobs is going to be fiercer than ever, proving that obtaining that graduate role is still hard.
If you are lucky enough to bag such a role, though, a piece of good news is that starting salaries have risen, a survey of 200 employers has shown. Graduate rates of employment are higher than those of non-graduates, graduates' degrees opening the door to offers for higher paid jobs. Although the value of a degree is under constant scrutiny these days, it does still ring true that when you land a graduate job you have better prospects in terms of advancement and salary. The competition for these roles is leading graduates to apply for many more positions than in previous years, on the belief that the best bet is to fire out a load of CVs. A word of caution, though; employers can spot a mass-produced cover letter a mile off, so ensure that each application is tailored to the specific job you are applying for.
New graduates not only have their UK peers to compete with. Numbers of university students around the world are fast increasing, and it has been reported that China is set to outpace Europe and America in their numbers of graduates by 2020, significant numbers of which would be likely to head to the UK for better paid jobs. Although UK graduates are still widely valued by employers worldwide, competition for graduate jobs could yet become greater in the years to come.
Louise, GRB Journalist
