Recent Graduate? Good News as Graduate Unemployment Has Biggest Fall in 15 Years

Recent Graduate? Good News as Graduate Unemployment Has Biggest Fall in 15 Years

Great news for Graduates as the UK Job Market sees the biggest fall in unemployment figures for full and part time graduates in the last 15 years, according to the charity the Higher Education Careers Services Unit.

The report surveyed 256,350 UK-domiciled, full and part time first degree graduates six month after they had left university and determined whether they were in employment or not. The research revealed that the employment rate for graduates had jumped to 75.6% in 2014, compared with 73.6% from 2013. In addition to that 12.6% had continued with further study or training.

Interestingly, the report published in collaboration with the Association of Graduate Careers Advisory Services, further identified that the prospects for graduates going into some of the more severely recession-hit sectors have improved significantly in the last year. This includes science, technology,engineering, mathematics and building management subjects, all of which experienced higher employment and lower unemployment rates.

Finance and Accounting:

finance and accountingIn the area of ‘Finance and Accounting’  the proportion of finance and accountancy graduates who were working and studying decreased from 14.2% in 2011/12 to 12% in 2012/13. However, 12% is still more than double the proportion of graduates from all subjects (5.6%). This is often due to the nature of accountancy and finance related professions which require graduates to under take further professional qualifications.

Nearly half of these graduates who were in employment in the UK (47.5%) were in a job
related to their degree as business, HR and finance professionals. With top occupations
including:

  • Chartered and certified accountants (19.9%),
  • Book-keepers, payroll managers and wages clerks (7.9%),
  • Finance and investment analysts and advisers (7.7%)

Dr Charlie Ball

Dr Ball, deputy director of research at HECSU, predicts that these positive results are set to continue throughout the UK in the months ahead.

“There are significant increases in employment across all sectors and the turn in fortune is spreading beyond the South East with graduates in cities such as Birmingham and Manchester doing particularly well,” said Dr Ball,

“If you are located away from the major cities and are yet to feel the upturn, there’s a good chance it will reach you in the months to come, assuming there are no further shocks to the economy – although there are no absolute guarantees.”

 

This report coupled with the earlier results published by the ONS (Office for National Statistics) which showed that the UK’s youth unemployment rate (16 to 24 year olds) dropped to 16.6% in July, is promising news for graduates and students still at university.

Are you a recent graduate looking for the first steps in your career? Get in touch with one of our expert recruiters at Kennedypearce to help you: Contact Us.

 

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