Our exhibitions are supported
   by:

The wisdom of hindsight is a powerful thing, so the latest research into what recent graduates really think about their education, careers and choices makes fascinating reading.

In a study by the Chartered Institute of Personnel and Development (CIPD), 876 former students who graduated in 2000 or 2005 were questioned to find their opinions on a wide range of university and work-related topics.

Perhaps the most surprising finding was that a third of graduates think they studied the wrong course at university and think are paying for their mistake with money problems. Many say their high living costs and related debts are stopping them from buying a house, starting a family and saving for retirement even six years after they graduated.

The new survey – Graduates in the workplace – does a degree add value? – discovered that of those who graduated in 2005 and regretted their degree choice, most said if they had their time again they would have taken a more scientific or technical course, a business-based or a professional qualification.

Nearly all - about 90 per cent – of graduates considered happiness, a good work-life balance, career development, challenging work, good training and development, a good relationship with their manager and a positive company culture as very important to them.

There has been no significant change since 2000 in terms of the number of respondents starting work immediately after graduating – 31 per cent of 2005 graduates started work straight away, compared with 29 per cent of 2000 graduates. However, the number of graduates taking longer than six months to start a permanent job has risen from nine per cent to 14 per cent.

Women were more likely to state that lack of confidence and gender is holding them back in their career, and men who graduated in 2005 started on salaries which were, on average, 14 per cent higher than women. Average starting salaries for those who graduated in 2005 (£19,451) were just eight per cent higher than for those who graduated in 2000 (£18,016).

The survey discovered that within 12 months of graduating, 63 per cent were paying into a pension. But evidence of a gender gap emerged again, with only 57 per cent of women who graduated in 2005 saving for a pension compared to 70 per cent of men.
Despite the regrets from some, the overwhelming majority of respondents were positive about their time as a student – 90 per cent said they would go to university if they had their time again. Three-quarters said it had helped them in terms of communication skills, presentation skills, teamwork and confidence.

The poll also found two-thirds of those surveyed felt their university could have offered better career advice. More than half of respondents said more networking opportunities and contacts would have been helpful (55 per cent) and 47 per cent say they would have liked more help to get work experience during holidays.
Victoria Winkler, CIPD training adviser, said: ‘A combination of fierce competition for graduate jobs and graduates taking longer to find work appears to be having an impact on their views about their choice of degree.

‘The findings show that with reflection many graduates would study a subject that relates directly to business or that will better equip them with skills that are transferable into the workplace. However most graduates value their time at university, and would still go to university if they had their time again.’

The report found that those who started work in 2000 have since enjoyed rapid improvement in both real and relative earnings, seeing their salary increase by an average 55 per cent.

However, the survey showed said that despite rising incomes, house price inflation has made it difficult for many graduates to get a foot on the property ladder. The failure of many graduates to save for the future also means they are unlikely to fulfil their wish to retire early, says the CIPD study.

John Philpott, CIPD chief economist, said: ‘The increase in starting salaries over the last five years is well below the increase in both retail price inflation and average earnings during the same period.

‘A combination of the drop in starting salaries, slightly weaker labour market conditions and increased inflation makes it much more difficult for many new graduates to get a foot on the property ladder and to start saving for retirement.’

Companies Recruiting