Business & administrative studies - an overview

• An overview
• Destinations
• Types of work
• Graduate salaries
• Contacts and resources

View destinations of specific subjects:

» An overview

Figures released by the Higher Education Statistics Agency (HESA) in April 2005 revealed that business and management studies was the most popular subject group for first degree students in 2003/04, with 12.5 % choosing to study in this academic area. In addition, the UK Graduate Careers Survey 2005 from High Fliers Research found that marketing and the banking industry were the most popular career areas favoured by final year respondents at 30 higher education institutions. These are interesting issues to reflect on for those considering studying for a course in the area of business and administrative studies. With the Association of Graduate Recruiters (AGR) reporting graduate vacancies increasing by over 11% in 2005 compared with the previous year, and accountancy, professional service firms and investment banks amongst those reporting the highest number of vacancies, those of you considering studying in this area should be in good spirits.

» Destinations

Figures from the Destinations of Leavers from Higher Education (DLHE) survey reveal that 78.2% of accountancy graduates were in employment or work and study six months after graduation in 2004. This figure rose very marginally to 79.1% for business & administrative studies graduates and 79.2% for marketing graduates. The figure for all degree subjects was 72% and this demonstrates a commodity which employers are keen to acquire. According to research published in April 2005, by the Centre for Economic and Business Research (CEBR), jobs in the financial services industry are expected to rise substantially in 2006, particularly in the City of London, where the numbers are predicted to reach the same level as at the height of the dot.com boom at the turn of the century.

Although graduates from the three subjects covered here were less likely than the ‘average graduate’ to have entered further study/training as a sole activity, those graduating from accountancy were almost three times more likely than the average graduate to be both working and studying.

» Types of work

The popularity of marketing as a graduate career has already been highlighted and the data for graduates entering this sector is quite revealing. Whereas an average of just 4.3% of 2004 graduates from all subjects entered marketing, sales and advertising positions, 10% of business & management studies graduates and 25.8% of marketing graduates went into these areas of work. In addition, 21.5% of 2004 business and management studies graduates entered commercial/industrial/public sector managerial positions compared with just 9.8% across all subjects. Perhaps unsurprisingly, 41.2% of accountancy graduates entered business and financial professional roles compared with just 7.2% across all subjects.

The AGR Graduate Recruitment Survey 2005: Summer Review revealed that the largest share of vacancies by types of occupation were in accountancy, representing almost a quarter (23.1%) of the total vacancies on offer amongst the 224 employers surveyed. This was followed by general management (with 15.4% of vacancies) and investment banking (8.8%).

» Graduate salaries

Analyses of graduate vacancies published on search job vacancies and reported in Graduate Market Trends reveal that in the year to April 2005, the average salaries for advertising, marketing and PR occupations, and for finance, insurance and pensions and actuarial work were £18,782 and £18,557 respectively, compared with £18,322 for all types of work. Higher figures were reported by the AGR. According to the AGR Graduate Recruitment Survey 2005, the median graduate starting salaries rose by 4.8% in 2005 to £22,000, compared with the salaries paid in 2004. The highest starting salaries were offered to graduates starting work in investment banking (£35,000) and consulting (£28,500).

The AGR research is based on information received from blue chip graduate recruiters, and thus, the salaries reported often tend to be high. In the interests of providing readers with a balanced view, it is worth noting the information on salary levels reported in the Destinations of Leavers from Higher Education (DLHE) survey, of which a total of 48% of respondents disclosed their salaries. According to this survey, full-time first-degree finance graduates from 2004 entering full-time employment earned, on average, £18,611 six months after graduation, compared with the average salary for all graduates at £17,029. Salaries for graduates from other subjects covered in this section of What Do Graduates Do? were lower at: £16,858 for business studies, £16,705 for marketing, £16,508 for management studies, and £15,916 for accounting.

» Contacts and resources

Publications

• Graduate Market Trends is published by the Higher Education Careers Services Unit (HECSU), the charity arm of Graduate Prospects.

Websites

Resources on this site

• Your degree in accountancy and finance
• Your degree in business studies
• Explore types of jobs - occupations especially relevant to business and finance graduates can be found under administration, sales, retail and buying, finance and management consultancy and insurance and pensions and actuarial work.

General links

• ACCA (Association of Chartered Certified Accountants)
• Business and Economic Gateway
• Chartered Institute of Management Accountants (CIMA)
• Chartered Institute of Marketing (CIM)
• Chartered Institute of Public Finance & Accountancy (CIPFA)
• Chartered Management Institute (CMI)
• Institute of Chartered Accountants in England and Wales (ICAEW)
• Institute of Chartered Accountants of Scotland (ICAS)
• ifs School of Finance

Publications

• Careers in Accountancy (7th Edition), Kogan Page, ISBN: 0749430486
• Q&A: Accountancy (2nd Edition), Trotman, ISNB: 0856606561
• Accountancy Uncovered (2003), Trotman, ISBN: 0856609005
• Getting into the City, Trotman, ISBN: 0856606839
• Careers in the City by Joanna Minett, Management Books 2000, ISBN: 1852523794