LAW FIRMS and investment banks are not running neck and neck as the most generous paymasters for graduate roles, a survey in the United Kingdom has revealed.
Across the board, graduate vacancies are set to increase for the fifth year running in spite of uncertainties regarding the UK’s current economic situation, research of the UK’s leading employers of graduates suggests.
The Association of Graduate Recruiters’ AGR Graduate Recruitment Survey 2008 (Winter Review), a survey of 217 of these organisations, revealed that the number of vacancies anticipated would increase by 16 per cent.
Salaries for graduates will also increase by roughly 2 per cent to a median of £24,000 ($52,000) across the sectors.
While investment banks and law firms are the most generous payers, the public sector has fallen to the bottom of the league table.
A third of employers pay graduates lump-sum payments at the start of their career, with the average being £2,000 ($4,300).
However, UK recruiters still envisage they will face difficulties in filling all vacancies, with 67 per cent anticipating challenges. Reasons for this include graduate perceptions of the business sector and their increasing selectiveness. For employers, not enough applicants with the right skills was the major issue.
“The findings of our survey will make encouraging reading for graduates entering the workforce this year, as the market appears to be as buoyant as it has been for the past five years,” said Carl Gilleard, AGR chief executive.
“However, the anticipated recruitment shortfall makes worrying reading, particularly in certain sectors, where recruiters fear they will not fill a significant number of the vacancies available.”