Job Hunting in Business sector - Graduates be patient!


In the last couple of academic periods, Universities faced a substantial change - moneywise. A vast majority of the top UK ranked Universities have tripled their fees because Government decided to cut grants. Parents understand the desire, focus and commitment of their children to study thus, they send them to top Universities even though they cannot afford £20K per year - making student loans and some even sell their assets. During the academic period of 2011-12, a further issue came to surface, as far as capacity is concerned, Universities held more students than their actual vacancies. For instance, the University of Southampton carried exams in the halls of residence and indoor basketball courts. Is this the expected return to someone paying £10K for one year worth of fees?
Career Destination is a further issue - lately studying at University has become a fashion. Whatever students are studying; after completion of their bachelor degree they show ‘enthusiasm’ towards business sector - applying for ACA/ACCA training contracts. This makes it even more competitive for students who have already studied a relevant degree in the University. The lecture theaters for courses like Accounting and Economics are unbearable; they have 150 students each, compared to engineering courses which reach a maximum of 30. LinkedIn profiles show qualified ACCA accountants who have studied Law, Chemistry or Quantitative Survey.
Due to Euro Crisis; UK Universities have attracted many more European Citizens, even though fees are high. This has become subject to graduates being desperate to find a job and employers have driven salaries as low as minimum wage. Added to this, companies advertise a 5-week internship and at the end of the day they charge candidates massive amounts such as £600p/w just for a reference on their CV. How can it be possible for a graduate who was spending £20K per year, now earning only £17K? Graduates are considered lucky if they get into a job within 5 months after they graduate. It is unfair!
The times 100 Graduate Employers magazine have compared the change in graduate recruitment vacancies given in 2011 and 2012. Both years, around 17000 vacancies have been fulfilled. However, in sectors like accounting services, Investment Banking and Media, faced a decrease in more than 1000 vacancies. On the other hand, there was an increase in vacancies of Public sector, Engineering and Retailing. Overall there was a decrease of 130 vacancies.
Social networking, like ‘LinkedIn’ reflects the above mentioned issue. It is obvious that thousands of graduates are looking for jobs for long time. The alternative solution is to enrich their academic endorsement by studying postgraduates degrees - but they spend additional amounts close to £50K a year. Or they simply change sector and they don’t follow their dream career destination. People having graduated from biology studies now work in estate agencies and a few from business studies now are intermediaries-brokers to sell investment projects.
Vasilis Georgiou