It is estimated that graduate salaries are going to be rising by around six percent in the near future, making the average salary for a graduate just over £26,000. This is good news for potential graduates, as is the fact that the job market seems to be stabilising for the first time in many years.
This information has come out of some research that has been conducted into over 200 graduate employers in the country. The survey showed that in the past three years graduate salaries have largely remained the same, however, it seems that next year the average salary is going to significantly increase.
Last year, the average number of graduates looking for a graduate job rose to its highest point in history, with around 83 applications for every single graduate job. This year the figure is reduced, however there are still over 70 applications for each position.
This is a six-month survey that is conducted by the Association of Graduate Recruiters or AGR. It is not all good news however, as the organisation expect that the number of graduate jobs are going to fall in the coming months, although this will only be by 0.5 percent, which is significantly lower than the original expectations.
The survey also showed that the quality of applications from graduates has been improving. The Chief Executive of AGR is Carl Gilleard and he is commented, “It is great to see that employers are once again investing more in their graduate talent. This is a significant rise and it’s going to be good news for students who are just graduating university now. Furthermore, for those who are going to be burdened with a greater debt from this academic year onwards they are sure to welcome the increase in salaries.
“This improvement in the financial situation for graduates is particularly good news when you consider the state of the Eurozone. It just goes to show that graduate employers are thinking long to the future, rather than just worrying about their finances in the short term. Businesses are looking very carefully about where they want to invest and it seems as if they have made a wise choice by choosing to invest in graduate schemes.”
Another study that is being conducted by High Fliers Research has countered the study by AGR as they have predicted that the number of graduate vacancies is going to once again increase this year. This is quite a surprising statement when you consider that many government departments as well as agencies are lowering the number of graduates they are taking in, by around 20 percent.
It is expected that a dramatic increase in the number of jobs available at investment banks and other professional services, such as accounting, are going to increase and prop up the drop of jobs in the public sector. The head of Universities U.K.’s Nicola Dandridge and she has commented, “The headlines in newspapers that graduates have been reading for many years have been dismal, and the news here from the studies is very encouraging.”