UK GRADUATE SURVEY 2006
I feel that careers preparation should look at the long term and believe that schools should give students (and their parents) the maximum amount of information to help in the decision process. This includes informing them on the implication of degree choice and the particular strengths (and weaknesses) of various universities. There is a huge amount of information on this area (perhaps too much) but a useful report that can be missed is the ‘UK Graduate Careers Survey’ which has been produced since 1995. The latest report dealing with the 2006 graduates has just come out and gives some fascinating insights into the last crop of graduates. It only deals with selected pre 92 universities and thus it IS NOT an overview of the sector as a whole. However independent schools will primarily be sending students to the universities used and thus it is relevant to you.
The universities used are Aston, Bath, Belfast (Queens), Birmingham, Bristol, Cambridge, Cardiff, Dublin (Trinity), Durham, Edinburgh, Exeter, Glasgow, Imperial College, Kings College, Lancaster, Leeds, Liverpool, LSE, Loughborough, Manchester, Newcastle, Nottingham, Oxford, Reading, Sheffield, Southampton, St Andrews, Strathclyde, UCL, Warwick and York and in total 16,452 final year students were surveyed out of a total population of 83,250 (20%). Notable absentees include Essex, Leicester, UEA, Royal Holloway, Surrey, Queen Mary College, Dundee, Swansea, Goldsmiths, Kent and Sussex.
PLANS FOR AFTER UNIVERSITY
The figures show that 40% of graduates were planning to join the graduate job market after their degree which is the largest figure since 2001. The other 60% are divided between further study, travel, temporary work and not sure, with further study at 25% being the highest.
The LSE had the highest proportion (68%) planning to go into graduate employment followed by Aston, Strathclyde, Imperial, Bath & Belfast (Queens), all over 50%. The lowest was Dublin (28%) followed by St Andrews, Leeds, Cambridge, Birmingham & Exeter, all under 35%.
JOB APPLICATIONS
The group of 2006 were in general more optimistic than previous years with 20% thinking that there were ‘Plenty of jobs for finalists leaving university this year’ up from 17% in 2005. However 61% thought that ‘There are some graduate jobs, but not enough for everyone leaving university this summer’ and 19% thought ‘There are only limited graduate jobs available for those leaving university this summer’. The reality is that the number of graduates has grown by 65% during the past decade whilst graduate level vacancies have grown by a little over 10%. However this is looking at the whole university and graduate market and our attention is just on the more elite end of the market in terms of institutions. There is no doubt though, that competition for jobs in popular areas such as the City is intense and only the very best (and best prepared) will succeed, whilst in certain areas such as the NHS there has been a huge drop in current vacancies due to well publicised financial constraints.
There were significant changes from the previous years figures with Accountancy, Actuarial Work and the Armed Forces showing major increases whilst the police (down 42%), Civil Service, Law and Sales showed major decreases. The chart for graduates intended career destinations is:
CAREER % of Finalists
Media 12.4
Teaching 11.9
Investment Banking 11.1
Marketing 11
Accountancy 10.8
Consulting 10.3
Science, R & D 9.8
Charity or Voluntary Work 8.6
Civil Service 8.5
Engineering 7.5
Law 6.6
Human Resources 6.2
General Management 5.3
IT 5.2
Finance 5
Sales 4.9
Retailing 3.9
Armed Forces 3.1
Buying or Purchasing 2.6
Property 2.4
Police 2.1
Actuarial Work 1.9
Transport or Logistics 1.7
In choosing employers, the starting salary, work content, quality of training & development programmes, location and the ability to use the degree subject studied were by far the most important stated reasons.
In terms of salaries there were huge variations on what graduates expected to earn. The top 10 were:
UNIVERSITY Expected
LSE £26,700
Oxford £25,000
Imperial £24,500
Warwick £22,600
UCL £22,400
Bath £21,400
Bristol £21,400
Durham £21,100
Nottingham £21,000
St Andrews £20,800
The bottom ten in terms of expectations were:
UNIVERSITY Expected
Cardiff £17,700
Strathclyde £17,800
Liverpool £18,200
Lancaster £18,200
Glasgow £18,200
Sheffield £18,600
Newcastle £18,700
Belfast (Queens) £18,700
Southampton £19,100
Leeds £19,100
In terms of location 40% said they intended to work in London.
STUDENT LIFE
The level of satisfaction was huge with 91% agreeing with the statement ‘I’ve enjoyed being at university and would recommend it to others’ and over 80% believed that going to their university would help them secure a good job. However just 10% felt that ‘Being at university has prepared me well for the working world’.
In terms of student debt there was little change on the previous four years with an average debt of £10,400 (£10,100 in 2003) but the level of debt varied hugely with Imperial College being the highest at £13,800 followed by LSE, Bath, UCL and Liverpool. The lowest debt was at Dublin at £5,000, followed by Strathclyde, Glasgow, Belfast and St Andrews. Perhaps surprisingly 20% said they would leave with no debts with nearly 50% of students at Imperial College saying this and one third at UCL and LSE.
Please note that these students did not have the increased tuition fees to pay and thus you should add around £9,000 to a typical three year English degree for current school students. When asked if the increased fees would have put them off going to university 38% said it would with 41% from state schools. However this has not been seen in the 2007 UCAS applications which show a major increase to English Universities and a minimal increase to Scottish and Welsh. Also note that Scottish students have a different fees regime, whilst there are no fees in Ireland and far more Scottish, Irish and Welsh students live at home than their English counterparts.
CONCLUSIONS
This is a survey and thus is not what happens in reality or the prospects for the graduates 5-10 years after graduation. However I feel it does contain some very interesting information that can help schools in giving advice to pupils and parents, particularly in the sixth form.
My main conclusions are that students at the elite end of the university spectrum enjoy university and feel it has been a good investment. Students at universities that major in science and business areas seem the most optimistic in terms of jobs and salaries (a separate survey showed that arts graduates have the least optimism in terms of jobs/salaries after graduation). However students feel they are not being well prepared for the working world by their university with only 10% being satisfied with this area.