Your degree...what next? : Job market

What is happening to the graduate labour market?

Despite reports of lower numbers of graduate jobs due to the economic recession and a more competitive labour market for everyone, employers are still hiring graduates. There are key things you should know and can do to help in the hiring process.

More than ever, graduates need to be ‘employable’. Demonstrating employability means you need to give evidence of skills and knowledge appropriate to your chosen career. In the current labour market, you should consider the following advice:

• Don’t only look at large companies with traditional graduate schemes (which may only recruit a small number of graduates). Consider other related professions and employers, small and medium sized enterprises (SMEs) or setting up your own business;
• Remember to plan for the possibility of doing a number of careers during your lifetime - jobs and skill requirements change;
• Apply for 'non-graduate' jobs or for shorter fixed-term work (which has become increasingly common) as a way of getting your career started and getting your foot in the door with employers;
• Consider paid placements or internships, found through such organisations as the Graduate Talent Pool, in order to gain employability skills;
• Research further training, including specific professional courses or postgraduate study, as a way of increasing skills in a career area or changing your career path.

Graduate destinations

Graduate destination statistics and trends vary based on many factors, including the course studied, geographical area or employment sector. For a general insight into graduate destinations, see what do graduates do?. Your university careers services should also be able to provide information on destinations of graduates from your own course.

Broad statistics show that, despite a growing number of graduates and the volatility of the current job market, the graduate unemployment rate remained at just 6.5% for those completing courses in 2008 (Higher Education Statistics Agency, 2009). This includes students who were not in graduate jobs, but nonetheless highlights the employability of graduates.

Research demonstrates that graduate employment increases with experience. The following statistics relate to students in 2008 who graduated three and a half years earlier (Higher Education Statistics Agency, 2009):

• only 2.6% of leavers were assumed to be unemployed;
• of all UK-domiciled leavers in employment, 81% were working in occupations classed as ‘graduate occupations’;
• the median salary of UK-domiciled full-time leavers in full-time employment was £24,500.

The type of degree studied may also impact graduate destinations. Vocational degrees (e.g. accounting, engineering, nursing and social work) may provide you with professional accreditation for entry into your chosen profession. That said, non-vocational degrees open many doors, and most graduate jobs do not require a degree in a specific subject.