About 77 per cent of the UK university graduates say that their education has prepared them well for work, according to research from Accenture. But their optimism contrasts with the experience of 2013 and 2014 graduates, 60 per cent of whom consider themselves underemployed or working in a job that does not require a degree.
The Accenture Strategy 2015 UK University Graduate Employment Survey polled 1,000 students graduating in 2015, and 1,000 who graduated in 2013 and 2014, to compare the perceptions of students preparing to enter the job market with the reality experienced by recent graduates in work. It revealed the potential for a disappointing start to working life for those leaving university.
Approximately three-quarters (72 per cent) of this year’s graduates expect to find full-time work, but only 58 per cent of 2013 and 2014 grads have been able to do so.
Eighty percent of this year’s university leavers say they considered the availability of jobs in their intended field before selecting their degree course. Yet, although 67 per cent expect to work in their chosen field, only 55 per cent of 2013 and 2014 graduates have been able to do so full time.
In a bid to secure relevant work, 71 per cent of this year’s graduates have participated in an internship or apprenticeship during university, compared to just 65 per cent of previous year graduates.
Expectations of employer-sponsored learning and development opportunities are high. About 84 per cent of 2015 graduates expect to receive formal training in their first job. Yet only 72 per cent of 2013 and 2014 graduates reported that their employer provided such opportunities.
“This year’s graduates are highly resourceful in making themselves relevant to employers,” said Payal Vasudeva, managing director, Accenture Strategy in a satement. “They expect good work opportunities and employer provided training, but many remain underemployed and dissatisfied with their work situation. As a result, a large number aim to return to university or college to position themselves for better jobs.”
High value on employer culture
Organisational culture continues to be important, as majority (59 per cent) of the 2015 class say that they would prefer to work at a company with a positive social atmosphere and receive a lower salary, than receive higher pay at a company that is less fun. Fifty two percent would accept a lower salary if a company displays a commitment to environmental or social impact.
Aside from salary and benefits, interesting and challenging work was the top factor in choosing an employer (52 per cent), followed by opportunities for rapid advancement (32 per cent) and innovative work environment (30 per cent).
Struggle for financial security
Graduate salaries may continue to disappoint, according to the research. Only 16 per cent of this year’s graduates say that they expect to earn £19,000 a year or less in their first job, while 25 per cent of 2013 and 2014 graduates had an income in that range.
Limited independence is likely to be a consequence of modest salaries, as 74 per cent expect to graduate with student loan debts. While 31 per cent of this year’s graduates expect their parents or family to pay their rent and living expenses, a far higher 54 per cent of those who left university in the previous two years had to rely on parents and family to cover such costs.
Read the whole report here .