Graduate jobs in the City rise 42%

Good news for grads eyeing up the Square Mile - financial services firms are planning to recruit a lot more graduates than last year.

by Rachel Savage
Last Updated: 02 Jun 2014

Youth unemployment is one of those stories that, along with banks behaving badly, has just kept running throughout the financial crisis and its aftermath. However, for all those finalists wondering whether ongoing exams or the probable unemployment awaiting them afterwards is worse, there is, finally, some good news.
 
Companies are planning to increase the number of graduates they take on by 18%, led by financial services firms, which are expecting to hike up recruitment 42%. The manufacturing and services industries, meanwhile, are looking to expand their pool of new hires by 22%, according to research firm Incomes Data Services.
 
That marks a pretty big turnaround from last year, when employers took on just 4.3% more graduates than in 2012 and financial firms scaled back hiring by 3%.
 
However, the job market is still brutally competitive for those fresh out of uni – there were 60 applicants for every vacancy last year, up from 49 in 2011, according to IDS. Moreover, wages are staying firmly put, with 65% of companies planning to freeze starting salaries this year up from 57% last year.
 
Grads needn’t feel too glum about their prospects though, as the report comes hot on the heels of data released last week by jobs site Adzuna, which showed graduate vacancies up 37% from April 2013.
 
Moreover, almost nine out of 10 employers still had vacancies for 2014, according to a survey by the Association of Graduate Recruiters. Unsurprisingly, given luminaries such as Sir James Dyson harping on about it, IT and electrical engineers had the largest percentage of vacancies, with 26% and 23% jobs respectively still unfilled.
 
It’s still a dog-eat-dog world out there for grads, then, but a tad less rabid for now.

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