Graduate salaries continue to rise

ëGood grades, work experience and initiative are key to graduate employmentí, claims CSU chief executive.

Graduate salaries rose by three percent to an average of 18,021 across all locations during the year to September 2001, compared to the previous year, indicating that competition between employers to secure the brightest prospects is still rife.

According to the latest Graduate Market Trends report from CSU, the higher education Careers Services Unit, Scotland, still offers the highest average graduate salary of 19,461, and enjoys the second highest increase in vacancies, which are up by 14.1 percent. Other buoyant areas as far as vacancies are concerned include Wales, up 16.4 percent, albeit from a small base, and the North West up 9.3 percent.

Across all locations, vacancies have dropped by 25 percent with the South East, London and East Midlands showing above average falls of 31.5 percent, 27.5 percent and 31.8 percent respectively. But, according to Mike Hill, chief executive of CSU, these figures should be considered alongside the all time low 5.5 percent unemployment of graduates in their first six months following graduation:
ìProspects for graduates still look good; salaries are strong and the opportunities are still there, but students must be prepared to give that little bit extra to secure a job,î he said.

ìEmployers will inevitably choose those graduates who bring good grades, business nous and enterprise.î

The highest graduate salaries are found in management consultancy, IT and human resources positions at 20,033, 19,121 and 18,413 respectively. The highest salary growth of more than 11 percent was seen in information services and scientific services.

Looking specifically at industry sectors as opposed to type of work undertaken, management consultancy offers the highest average salaries at 19,513 followed by employers in engineering products and finance at just under 19,400. The services industries recorded the largest salary growth of 8.8 percent, and whilst the retail sector saw a drop in vacancies of over sixty percent, average salaries grew by 8.9 percent.

The greatest number of vacancies during the period was in finance, which accounted for 17.1 percent of the total; followed by engineering and technology with 16.6 percent; IT at 13.3 percent; and buying, selling and retailing with 10.5 percent.

With the exception of engineering and technology, however, all these sectors have shown a significant decrease in vacancies with graduate vacancies in finance dropping by 10.7 percent; IT by a quarter, 25.4 percent; and buying, selling and retailing by 48 percent. Graduate vacancies in publishing, media and performing arts decreased by well over a half, 54.7 percent.

ìGraduates have enjoyed unprecedented career opportunities and salary levels in recent years and, as things stand at the moment, a degree in any subject will still open doors. More than half, 55.7 percent, of graduate vacancies are open to graduates from any discipline,î said Hill.

Graduates in ëany computer related subjectí, are in greatest demand with vacancies specifying this discipline accounting for four percent of jobs advertised. This is followed by electronic engineering at 3.7 percent and computer studies at 3.4 percent.

ìUnemployment amongst graduates remains at its lowest level ever, and most students are guaranteed a job on graduation. Clearly this unemployment figure will increase in the short term and graduates with relevant work experience who can demonstrate initiative and, of course, achieve good grades, will have the edge when it comes to job applications,î concluded Hill.

CSU, the higher education Careers Services Unit, works in partnership with AGCAS to maximise the opportunities and support available to all school leavers and students. The CSU service includes over 800 different career guides, graduate marketplace reports and the Prospects Series of recruitment and postgraduate course directories and magazines, career planning software, web and online options to enhance the careers advice provided in higher education careers services. All information is accessible on www.prospects.ac.uk.

www.prospects.ac.uk